Gov. Tom Wolf recently announced the availability of low-interest loans for small businesses and eligible nonprofit organizations in all 67 counties in Pennsylvania through the U.S. Small Business Administration (SBA). Pennsylvania businesses and nonprofits are encouraged to look at the SBA resources available to them and take advantage of this opportunity for financial assistance during this time of uncertainty.
SBA's Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. These loans may be used to pay fixed debts, payroll, accounts payable, and other bills that cannot be paid because of the disaster's impact.
The interest rate is 3.75% for small businesses without credit available elsewhere. Businesses with credit available elsewhere are not eligible. The interest rate for nonprofits is 2.75%.
SBA offers loans with long-term repayments, up to a maximum of 30 years, in order to keep payments affordable. Terms are determined case-by-case and are based upon each borrower's ability to repay.
Businesses may obtain information and loan applications by calling the SBA's Customer Service Center at 800-659-2955 or 800-877-8339 for the hearing impaired or by emailing disastercustomerservice@sba.gov. Loan applications can also be downloaded at http://www.sba.gov/disaster.
People may apply online using the Electronic Loan Application (ELA) via the SBA's secure website at https://disasterloan.sba.gov/ela. Information for submitting completed applications using other methods, such as by mail, is available at https://disasterloan.sba.gov/ela. The deadline to return Economic Injury Disaster Loan applications is Monday, Dec. 21.
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