Pennsylvania has secured an extension from the U.S. Small Business Administration (SBA) for survivors of the devastating flooding on September 9, 2023, to apply for financial assistance for physical damages. The Pennsylvania Emergency Management Agency (PEMA) requested an extension to the March 25, 2024, deadline.
The new deadline to return physical damage disaster loan applications is Wednesday, April 24, 2024. The Friday, October 25, 2024, deadline to return economic injury disaster loan (EIDL) applications remains unchanged.
The SBA’s Disaster Loan program provides low-interest loans for homeowners, renters, private non-profits, and businesses located in disaster declared counties who sustained damages from flooding. The SBA can provide up to $500,000 for homeowners to replace or repair their primary residences and up to $100,000 for homeowners and renters to replace or repair personal property. Businesses and most private non-profits may apply for up to $2 million to cover disaster losses not fully covered by insurance.
Additionally, small businesses, small agricultural cooperatives, and most private nonprofit organizations located in the declared disaster area that have suffered substantial economic injury may be eligible for an SBA Economic Injury Disaster Loan (EIDL).
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Categories: Pennsylvania, Business