HARRISBURG, Pa. (WHTM) — Governor Tom Wolf requested that the U.S. Small Business Administration (SBA) implement a disaster declaration so businesses and non-profits can access SBA Economic Injury Disaster Loans in all 67 counties in the state.
The SBA anticipates the request will be approved within 24 to 48 hours.
If the request is approved, SBA’s Economic Injury Disaster 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 loans offer up to $2 million in assistance for each affected small business. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
Businesses can start to fill out the forms now online in anticipation of the SBA’s approval at disasterloan.sba.gov/ela.
To prepare for the online application, businesses are also encouraged to review the SBA Disaster Business Loan Application forms here.
For more information and updates visit sba.gov.