Yesterday, Gov. Tom Wolf called on the US Small Business Administration (SBA) to grant a disaster declaration to Philadelphia to provide low-interest loan assistance to homeowners, businesses, and organizations with purpose. nonprofit eligible after numerous arson attacks due to civil unrest that caused millions of dollars in damages from May 30 to June 8.
“The pandemic has already created significant financial hardship for Commonwealth businesses,” Governor Wolf said. “The additional financial damage caused by these incidents in Philadelphia has only made the problem worse, which is why these low interest loans are so desperately needed.”
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.
SBA offers long-term repayment options to keep payments affordable, up to a maximum of 30 years. The conditions are determined on a case-by-case basis, depending on the repayment capacity of each borrower.
The application process will be facilitated online. Details on how to apply, as well as application deadlines, will be established once the governor’s application is accepted.