The U.S. Small Business Administration (SBA) encourages businesses in Pennsylvania to apply for working capital loans before the June 10 deadline.
The disaster loan program is available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations affected by the remnants of Hurricane Ida from Aug. 31 through Sept. 5, 2021.
These federal Economic Injury Disaster Loans (EIDL) are for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage.
Loan amounts can be up to $2 million with interest rates of 2.855 percent for small businesses and 2 percent for private nonprofit organizations, with terms up to 30 years.
Loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s and should apply under SBA declaration # 17166.
Disaster loan information and application forms can also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 or sending an email to DisasterCustomerService@sba.gov. Loan applications can also be downloaded from sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
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