|
|
|
SBA Offers Disaster Relief to Pennsylvania Businesses, Private Nonprofits and Residents Affected by Hotel Hampton Fire Low interest disaster loans now available
WASHINGTON – The U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans for Pennsylvania businesses, private nonprofits, and residents affected by the Hotel Hampton fire occurring Feb. 20. The SBA issued a disaster declaration in response to a request received from Gov. Josh Shapiro on March 3.
The declaration covers the Pennsylvania counties of Bucks, Carbon, Lehigh, Monroe, Northampton and New Jersey county of Warren which are eligible for both physical damage loans and Economic Injury Disaster Loans (EIDLs) from the SBA.
Businesses and private nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.
Applicants may also be eligible for a loan increase of up to 20% of their physical damage, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.
“When disasters strike, SBA’s Disaster Loan Outreach Centers play a vital role in helping small businesses and their communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “At these centers, SBA specialists assist business owners and residents with disaster loan applications and provide information on the full range of recovery programs available.”
The declaration covers the Pennsylvania counties of Bucks, Carbon, Lehigh, Monroe, Northampton and New Jersey county of Warren which are eligible for both physical damage loans and Economic Injury Disaster Loans (EIDLs) from the SBA.
Businesses and private nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.
Applicants may also be eligible for a loan increase of up to 20% of their physical damage, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.
“When disasters strike, SBA’s Disaster Loan Outreach Centers play a vital role in helping small businesses and their communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “At these centers, SBA specialists assist business owners and residents with disaster loan applications and provide information on the full range of recovery programs available.”
