Governor Tom Wolf today announced the availability of low-interest loans for small businesses and qualifying nonprofits in all 67 counties of Pennsylvania through the US Small Business Administration (SBA).
“We are incredibly grateful that the SBA has recognized the urgency of this situation and acceded to our request so quickly,” Governor Wolf said. “I encourage our businesses and nonprofits to review the SBA resources available to them and take advantage of this financial support opportunity in these uncertain times.
“Thank you also to the members of our congressional delegation, including Reps Glenn Thompson, Chrissy Houlahan and John Joyce for their help in speeding up our request.”
SBA Economic Disaster Loans offer up to $ 2 million in aid and can provide vital economic support to small businesses to help them overcome the temporary loss of income they experience. These loans can be used to pay off fixed debts, salaries, accounts payable, and other bills that cannot be paid due to the impact of the disaster.
The interest rate is 3.75% for small businesses with no 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 to keep payments affordable, up to a maximum of 30 years. The conditions are determined on a case-by-case basis, depending on the repayment capacity of each borrower.
Businesses can obtain information and loan requests by calling the SBA Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing impaired), or by sending an email to [email protected] address.
Loan applications can also be downloaded from www.sba.gov/disaster. Applicants can apply online using the Electronic Loan Application (ELA) through the SBA’s secure website at https://disasterloan.sba.gov/ela. Completed applications should be returned to the local DLOC or mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline for returning economic disaster loan applications is December 21, 2020.