Deadline to Apply for Physical Damage Loans Approaching in Pennsylvania

ATLANTA - The U.S. Small Business Administration (SBA) is reminding businesses, private nonprofit organizations, homeowners and renters in Pennsylvania affected by an apartment complex fire at the 7400 Roosevelt Apartments in Philadelphia, on July 11, to apply for physical damage disaster loans by Sept. 20 deadline.

The declaration covers Philadelphia County and the adjacent counties of Bucks, Delaware and Montgomery in Pennsylvania, and Burlington, Camden and Gloucester in New Jersey.

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.

SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize future disaster damage. Approved loans may qualify for a loan amount increase of up to 20 percent of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage.

"The opportunity to include measures to help prevent future damage from occurring is a significant benefit of SBA's disaster loan program, said Francisco Sánchez, Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration.  "I encourage everyone to consult their contractors and emergency management mitigation specialists for ideas and apply for an SBA disaster loan increase for funding." 

Interest rates can be as low as 4% for businesses, 3.25% for private nonprofit organizations and
2.688% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. The SBA sets loan amounts and terms based on each applicant's financial condition.

Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA's Customer Service Center at (800) 6592955 or email [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The filing deadline to return applications for physical property damage is Sept. 20, 2024. The deadline to return economic injury applications is April 22, 2025.

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About the U.S. Small Business Administration  

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.