On December 7, 2018 Administrator, Linda McMahon made loans available for Pennsylvania businesses and residents affected by flooding on August 10-15, 2018. Those affected can apply for a low-interest disaster loan from the U/S/ Small Business Administration.
The disaster declaration requested by Governor Tom Wolf, covers Bradford, Columbia, Delaware, Northumberland, Schuylkill, and Susquehanna counties and the adjacent counties of Berks, Carbon, Chester, Dauphin, Lackawanna, Lebanon, Lehigh, Luzerne, Lycoming, Montgomery, Montour, Perry, Philadelphia, Snyder, Sullivan, Tioga, Union, Wayne and Wyoming in Pennsylvania.
The U.S. Small Business Administration (SBA) will have Customer Service Representatives available at the Disaster Loan Outreach Centers to answer questions about the disaster loan program and help individuals complete their applications.
The Schuylkill Country center is located at the following location at the indicated times:
Port Carbon Borough Municipal Building
301 First Street, P.O. Box 71
Port Carbon, PA 17965
Opens: Thursday, December 13 at 11 a.m.
Hours: Monday-Friday, 9 a.m. – 6 p.m.
Saturday, 10 a.m. – 2 p.m.
Closed: Sunday, December 16
Closing: Thursday, December 20
The center is only open for one week to meet face to face with those affected. If you are unable to go to the center during this week, the customer service team can be reached at 1-800-659-2955, or by emailing firstname.lastname@example.org
Here are some program highlights:
· The deadline to apply for physical damage loans is February 11, 2019.
· Loans for homeowners and renters are as low as 2% with a term up to 30 years.
· Loans for businesses are as low as 3.675% with a term up to 30 years.
· Loans for churches and other private, nonprofits are 2.5%, with a term up to 30 years.
· Loans are directly from the federal government—the rate and term will not change.
· If offered a loan, you have 60 days to decide, and can decline it or accept a partial amount. If you decline, you have six months to change your mind and reapply.
· Individuals and businesses can borrow up to $25,000 without a lien on their property (no collateral).
· SBA is deferring the first payment due on Hurricane Michael disaster loans for 11 months, so that businesses and residents can make repairs and replacements before payments begin.
· Farm-related business owners and non-farm related businesses should apply for SBA disaster loans for their physical damages and working capital losses. The deadline for working capital loan applications is September 11, 2019.
· Owners of rental properties may apply for a business loan.
· Online applications: DisasterLoan.sba.gov or call: 800-659-2955
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