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Low-interest loans available for victims of August 5 floods in western Pennsylvania

By on August 20, 2022 0

Residents and business owners in nine western Pennsylvania counties whose property was damaged by the Aug. 5 flood can apply for low-interest loans from the federal government, l ‘State.

Flood victims in Westmoreland, Fayette, Allegheny, Armstrong, Butler, Indiana, Somerset, Washington and Cambria counties have been eligible for loans since the US Small Business Administration approved Governor Wolf’s request to put financial assistance to the available to people affected by the floods.

Low-interest loans of up to $200,000 are available to homeowners and tenants to repair or replace damaged or destroyed real estate.

SBA regulations also 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 to restore damaged or destroyed buildings, inventory, equipment and other physical losses, the state said.

Businesses may be able to obtain loans to pay fixed debts, payroll, accounts payable and other bills that cannot be paid due to the impact of the disaster. This money is available to a business even if it has not suffered flood damage, the SBA said. Borrowers have the option of spreading the repayment over 30 years.

SBA Office at Saint Vincent College

The SBA will open a Disaster Loan Awareness Center in Room 1B of the Fred Rogers Center at Saint Vincent College near Latrobe. The outreach center will be open from 9 a.m. to 6 p.m. Monday to Friday, with the exception of August 24, when it will be open from 11 a.m. to 6 p.m., and September 2, when it will be open on the last day. from 9 a.m. to 4 p.m. It will be open from 10 a.m. to 2 p.m. on August 27 and closed on August 28.

Those seeking information can obtain information and loan applications by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard of hearing) or by emailing at [email protected]

Loan applications can be downloaded at sba.gov/disaster. Completed applications should be mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to apply for a property damage loan is October 18, while the deadline to apply for an economic disaster loan is May 19, 2023.

Joe Napsha is a staff writer for Tribune-Review. You can contact Joe by email at [email protected] or via Twitter .