Gov. Tom Wolf requests assistance for businesses damaged during Philadelphia unrest
PHILADELPHIA (WPVI) -- Governor Tom Wolf has requested assistance from the U.S. Small Business Administration for businesses and nonprofits damaged during the riots that followed protests in Philadelphia earlier this year.
"The pandemic already created significant financial hardship for businesses across the commonwealth," Wolf said Friday. "The additional financial damage from these incidents in Philadelphia only added to the problem, which is why these low-interest loans are so desperately needed."
The loans, of up to $200,000, are available to homeowners to repair or replace damaged or destroyed real estate.
According to a news release, 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.
Terms are determined on a case-by-case basis, based upon each borrower's ability to repay.
Details on how to apply will be established once the governor's request is granted.
