Civil unrest affected Montco owners can get loans
MONTGOMERY COUNTY, PA – The United States Small Business Administration has approved a request by Governor Tom Wolf to declare a disaster in Philadelphia after civil unrest from May 30 to June 8 caused millions of dollars in damage.
Homeowners, tenants and businesses affected by the unrest in Philadelphia, as well as Bucks, Delaware and Montgomery counties, may be eligible for low-interest disaster loans through the Mortgage Loan Programs. disaster relief from the SBA. Potential applicants can contact the SBA for more information and start the application process from Monday.
Low interest loans of up to $ 200,000 are available to homeowners to repair or replace damaged or destroyed real estate. SBA regulations allow loans of up to $ 40,000 to repair or replace damaged personal property, including vehicles.
Businesses and nonprofits can borrow up to $ 2 million as a physical disaster loan to restore damaged or destroyed buildings, inventory, equipment and assets. Economic disaster loans can also be used to pay off fixed debts, payroll, accounts payable, and other bills that cannot be paid due to the impact of the disaster.
“We are grateful to the SBA for accepting that this financial assistance is vital to repair or replace a property,” Governor Wolf said. “These low interest loans will go a long way in helping businesses turn around.”
SBA offers long-term repayment options, with terms of up to a maximum of 30 years.
In line with health precautions for COVID-19, the SBA will not establish a physical disaster loan awareness center, but will conduct outreach activities virtually with webinars, Skype calls, phone support and step-by-step assistance. step for requests.