Time's ticking for flood-hit Northeast Pennsylvania residents as Governor Josh Shapiro sounds the alarm on the looming deadline to nab low-interest loans. Those battered by the September floods last year have until this coming Monday, March 25, to apply for a financial lifeline courtesy of the U.S. Small Business Administration (SBA). There’s a scramble to meet the cut-off, with the Pennsylvania Emergency Management Agency (PEMA) pushing for an extension, but no word yet back from the SBA.
"The flooding in Northeastern PA was devastating – that's why I directed PEMA to use every available resource to help Pennsylvania residents and businesses impacted by this disaster," Shapiro was quoted in a statement. Despite the growing sense of urgency, the Governor stands behind his commitment to aid Pennsylvanians to recover and rebuild, pointing to the federal government's low-interest loans as a critical resource for those in need.
Under the SBA's Disaster Loan program, storm-struck locals could see loans of up to $500,000 to patch up or completely rebuild their homes. Renters aren't left out of the equation either, with possible loans maxing out at $100,000 to sort out personal property damages. And it's not just about the physical – businesses and private non-profits, which felt the storm's sting, may be eligible for loans up to $2 million to fill in the gaps not picked up by insurance. This info comes straight from the horse's mouth via Shapiro's reminder on the PEMA's site.
Meanwhile, small businesses and agriculture cooperatives still reeling from the deluge could apply for a financial crutch through the SBA Economic Injury Disaster Loan (EIDL) – if they're situated within the disaster-zoned counties. This is part of a broader push to keep local economies afloat after a disaster that left many on shaky ground. But as Monday's deadline approaches, it's crunch time for affected parties to get their applications in and secure the funds that could very well be their ticket to turning over a new leaf in the wake of the floods.
