Pittsburgh Review

Governor Tom Wolf announced that the U.S. Small Business Administration (SBA) approved a recent request to make financial aid available to residents of Allegheny County following a devastating apartment complex fire in Penn Hills Township on Jan. 22.

According to Gov. Wolf, the low-interest loans are designed to help affected residents bounce back from a tragic apartment fire that saw several families lose all of their possessions. “Thankfully there was no loss of life in this fire, but dozens of residents in this apartment building still suffered devastating losses. Low-interests loan will help replace what was lost and get them back on their feet more quickly,” he said.

Low-interest loans of up to $200,000 are available to homeowners and renters to repair or replace damaged or destroyed real estate, and SBA regulations also permit 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. Economic Injury Disaster Loans are also available and 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, whether or not the business sustained physical damage from the storm.

The SBA offers long-term repayment options to keep payments affordable, with terms 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 SBA will open a Disaster Loan Outreach Center (DLOC) in Allegheny County to provide in-person assistance for those wishing to apply. However, businesses and individuals may immediately obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing DisasterCustomerService@sba.gov.