Wolf Looks To Make Loans Available For Philly Arson Victims

Philadelphia PA

07 August, 2020

10:33 AM

Description

PHILADELPHIA — Gov. Tom Wolf is requesting a disaster declaration in Philadelphia after numerous arson fires due to civil unrest caused millions of dollars in damages during unrest in late May and early June. Wolf Thursday requested the U.S. Small Business Administration (SBA) grant the declaration in Philadelphia to provide assistance in the form of low-interest loans for homeowners, businesses and eligible non-profits. Low-interest loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. SBA regulations 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 as a Physical Disaster Loan to restore damaged or destroyed buildings, inventory, equipment and assets. Economic Injury Disaster Loans 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. SBA offers long-term repayment options in order to keep payments affordable, 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 application process will be facilitated online. Details on how to apply, as well as application deadlines, will be established once the governor's request is granted.