SBA Disaster Assistance Available to PA Small Business impacted by the Coronavirus (COVID-19)
SBA Disaster Assistance Available to Pennsylvania For Small Businesses Economically Impacted by the Coronavirus (COVID-19)
PENNSYLVANIA – The U.S. Small Business Administration (SBA) offers low-interest federal disaster working capital loans to Pennsylvania small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). SBA acted under authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act recently signed by the President, following a request received from Gov. Tom Wolf March 18, 2020. The disaster declaration makes SBA Economic Injury Disaster Loans (EIDL) assistance available in the entire Commonwealth.
“SBA is strongly committed to providing the most effective and customer-focused response possible to assist Pennsylvania small businesses with federal disaster loans. We will be swift in our efforts to help these small businesses recover from the financial impacts of COVID-19,” said Administrator Carranza. “SBA Customer Service Representatives will be available to answer questions about SBA’s Economic Injury Disaster Loan program and explain the application process.”
Eligibility is based on the financial impact of the COVID-19. The interest rate is 3.75% for small businesses, and 2.75% for private non-profit organizations. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.
“Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” said SBA Mid-Atlantic Regional Administrator Steve Bulger, who oversees SBA programs and services in Pennsylvania, Delaware, West Virginia, Virginia, Maryland and Washington, D.C. “Small businesses, private nonprofit organizations of any size, small agricultural cooperatives and aquaculture enterprises financially impacted as a direct result of COVID-19 since Jan. 31, 2020, may qualify for (EIDL) of up to $2M to help meet financial obligations which could have been met had the disaster not occurred. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.”
“The SBA's mission is to empower small businesses start and grow – particularly during times of disaster and economic emergency. This Economic Injury Disaster Loan declaration adds a powerful tool to help small businesses during the current national emergency,” said SBA Eastern Pennsylvania District Director Steven Dixel. “Our top priority is to ensure Eastern Pennsylvania’s small businesses can continue to provide needed products and services, driving the economic prosperity of our Pennsylvanian communities. My agency recognizes that small businesses are the drivers of innovation and competitiveness, and the key to continued growth and prosperity for our nation. Ensuring they have the opportunity to recover following this national emergency is of paramount importance.”
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email email@example.com for more information on SBA disaster assistance. Individuals who are deaf or hard-of-hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing & Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for an EIDL is Dec. 19, 2020. For more information about COVID-19, please visit: Coronavirus.gov. For information about SBA resources and services, visit: SBA.gov/coronavirus. Regional Administrator Bulger and District Director Dixel are available for interviews.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
SBA Eastern Pennsylvania District Office
660 American Avenue, Suite 301
King of Prussia, PA 19406