The U.S. Small Business Administration (SBA) has approved a request from Gov. Tom Wolf to make financial aid available to residents and businesses affected by flooding earlier this month in Lower Bucks.
The SBA will open a Disaster Loan Outreach Center beginning Monday, Aug. 2, at the Lower Bucks Government Services Center, 7321 New Falls Road, Levittown, to provide in-person assistance to those who wish to apply for a low-interest loan through the SBA Disaster Loan Programs.
Homeowners, renters and businesses impacted by the July 12 flooding in Bristol Borough, Bristol Township and Bensalem Township may be eligible.
“I’m grateful for all the work the Pennsylvania Emergency Management Agency and Gov. Wolf have done to help secure this money,” said Bucks County Commissioner Bob Harvie. “These SBA loans, combined with the help of non-profits and county aid, will help people get back on their feet.”
Loans of up to $200,000 are available to homeowners and renters to repair or replace damaged or destroyed real estate. SBA regulations also permit loans up to $40,000 to repair or replace damaged personal property, including vehicles.
Businesses and nonprofits can borrow up to $2 million to restore damaged or destroyed buildings, inventory, equipment and other physical losses. Economic Injury Disaster Loans are also available and 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, whether or not the business sustained physical damage from the storm.
SBA Center Tentative Hours of Operation: Monday, Aug. 2: Noon – 6 p.m.Tuesday – Friday, Aug. 3: Aug. 6: 9 a.m. – 6 p.m.Saturday, Aug. 7: 10 a.m. – 2 p.m.Sunday, Aug. 8: CLOSEDMonday – Wednesday, Aug. 9 – Aug. 11: 9 a.m. – 6 p.m. Thursday, Aug. 12: 9 a.m. to 4 p.m.
The SBA offers long-term repayment options to keep payments affordable, with terms up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
“The devastation caused by this flooding will linger in the minds of survivors for years to come,” Wolf said. “But it is our hope that these low-interest loans provide much-needed assistance in helping people get back to normal as quickly as possible.”
Businesses and individuals may immediately obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing [email protected]
Loan applications also can be downloaded at sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The SBA has created a number of fact sheets to help applicants understand the SBA loan process:
The filing deadline to return applications for physical property damage is Sept. 27, 2021. The deadline to return economic injury disaster loan applications is April 29, 2022.
Media Contact: James O’Malley, 215-348-6414, [email protected]