Disaster Aid Approved for Victims of Montgomery County Fire in Pennsylvania

Governor Tom Corbett announced that the U.S. Small Business Administration approved his request to declare Montgomery County a disaster area after a devastating fire in Cheltenham Township destroyed dozens of homes in a 55-unit condominium complex earlier this month.

Small Business Administration (SBA) officials, along with local and state officials, conducted damage assessments at the site. The governor used the damage assessment results to support his assistance request to the SBA.

“The effects of a house fire are felt long after the fire is put out,” Corbett said. “We are grateful that the Small Business Administration granted our request for assistance for those affected by this fire.”

According to Pennsylvania Emergency Management Agency Director Glenn Cannon, the damage from the fire exceeds the SBA criteria of at least 25 homes and/or businesses with uninsured losses of 40 percent or more of their estimated fair market value.

Low-interest loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. SBA regulations permit loans up to $40,000 to repair or replace personal property. Businesses and nonprofits can borrow up to $2 million to restore damaged or destroyed buildings, inventory, equipment and assets. Loan amounts and terms are set by the SBA and are based on each applicant’s financial qualifications.

The filing deadline to return applications for physical property damage is Dec. 17, 2012. The deadline to return economic injury applications is July 18, 2013.

Source: Pennsylvania Office of the Governor