Montco Property Owners Impacted By Civil Unrest Can Get Loans

MONTGOMERY COUNTY, PA — The U.S. Small Business Administration has approved a request from Gov. Tom Wolf to declare a disaster in Philadelphia after civil unrest from May 30 to June 8 caused millions of dollars in damages.

Homeowners, renters and businesses impacted by the unrest in Philadelphia, as well as Bucks, Delaware and Montgomery counties, may be eligible for low-interest disaster loans through the SBA Disaster Loan Programs. Potential applicants can contact SBA for more information and begin the application process at starting Monday.

Low-interest loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. SBA regulations permit loans 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 Injury Disaster Loans may also be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.

“We’re grateful the SBA agreed that this financial assistance is vital to repair or replace property,” said Gov. Wolf. “These low-interest loans will go a long way in helping businesses to recover.”

SBA offers long-term repayment options, with terms up to a maximum of 30 years.

In accordance with health precautions for COVID-19, the SBA will not establish a physical Disaster Loan Outreach Center but will conduct outreach virtually with webinars, skype calls, phone assistance and step-by-step application assistance.

A Virtual Disaster Loan Outreach Center can been viewed at: https://disasterloanassistance.sba.gov/

Hours are Monday through Friday starting Aug. 10 from 8 a.m. – 5 p.m.

You can also email FOCE-Help@sba.gov or call (202) 803-3307.

This article originally appeared on the Norristown Patch