We all know that soil properties are variable, so keep that in mind when reading this. Due to the depositional characteristics of loess, the strength properties will vary greatly. The grain size of loess is coarsest near the source. I do a lot of work in the loess hills of Iowa/Nebraska. In this area, the Missouri River valley was the source, so the first bluffs off the river consist of the coarsest material (primarily silty clay or clayey silt). Moving farther from the source, the loess becomes more clayey (smaller particles travel farther in the wind.) Therefore, identifying your source may give you some insight into the materials you will have, and their strength properties. For long-term conditions, we'll usually use phi of 28 degrees for silty loess materials, and phi of 26 degrees for more clayey materials. Cohesion will vary considerably.
The most critical problem with loess, as already discussed, is collapse (hydro collapse). Because they are wind-deposited, loess soils will usually have a low dry density and high void ratio. There are many rules of thumb to use in evaluating collapse potential. The easiest rule of thumb is dry unit weight - if the dry unit weight is less than 85 pcf, you are likely looking at some collapse potential (unless you are already below the water table). Dry unit weights down to about 72 pcf are pretty common in this area. If you have collapse potential, then take a hard look at potential sources of moisture and leakage.
Considering a sewage storage tank, I would be looking at providing 2-3 feet of compacted cohesive material beneath the tank, and anywhere you might have leaks, if you have determined that collapse could be a problem. This will provide a low-permeability zone and help protect your collapse-sensitive materials.
Notes for sampling loess: Loess is very sensitive to disturbance. SPT won't tell you much - get some Shelby tubes. Use 3" tubes, and only do 1-foot pushes. Dry loess will compress a lot when pushing a tube if you are not careful, which will throw your density through the roof.
Hope this helps...