PEMA, FEMA Encourage Residents To Promptly Return SBA Applications
Release Date: May 3, 2005
Release Number: 1587-022
» More Information on Pennsylvania Severe Storms and Flooding
HARRISBURG, Pa. -- Pennsylvania residents who have registered for disaster assistance and received a loan application from the U.S. Small Business Administration (SBA) are encouraged to complete and return it to the SBA as soon as possible.
Many who register for assistance with FEMA will receive an SBA loan application in the mail after registering. Low-interest disaster loans from the SBA are the federal government’s primary form of long-term recovery financing and completion of the application is a required step in obtaining disaster assistance.
“If the SBA determines that a homeowner or renter cannot afford a loan, the individual will automatically be referred to the state administered Other Needs Assistance program,” said State Coordinating Officer Adrian R. King Jr. “This program is available only to individuals and families, not businesses and is intended to help meet essential needs not met by any other form of assistance, including SBA disaster loans.”
Disaster victims in the declared counties of Bradford, Bucks, Columbia, Luzerne, Monroe, Northampton, Pike, Susquehanna, Wayne and Wyoming may request a low-interest loan to assist with uninsured or otherwise uncompensated disaster losses. Homeowners may borrow up to $200,000 to repair damages to a primary residence. Additionally, homeowners and individuals may borrow $40,000 to repair or replace disaster damaged personal property such as furniture and appliances. Businesses of all sizes and nonprofit organizations may borrow up to $1.5 million to repair or replace assets damaged in the April flooding. Actual loan amounts and terms are determined by the SBA and are based on each applicant’s financial condition.
“When an applicant is referred to the SBA, that part of the process needs to be completed before other aid options are considered,” said Federal Coordinating Officer Tom Davies. “Filling out an SBA application does not guarantee that an applicant will be approved for a loan, nor does it mean they must accept a loan.”
Applicants who have questions about the SBA disaster loan program can call 1-800-659-2955 or visit the SBA website at www.sba.gov/disaster.
FEMA prepares the nation for all hazards and manages federal response and recovery efforts following any national incident. FEMA also initiates mitigation activities, trains first responders, works with state and local emergency managers, and manages the National Flood Insurance Program and the U.S. Fire Administration. FEMA became part of the U.S. Department of Homeland Security on March 1, 2003.
Last Modified: Tuesday, 03-May-2005 15:26:42