The U.S. Small Business Administration (SBA) is encouraging Pennsylvania businesses 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 August 31 through August 5. September 2021.
These Federal Economic Disaster Loans (EIDLs) are for working capital needs caused by the disaster and are available even if the business has not suffered any physical damage.
Loan amounts can be up to $2 million with interest rates of 2.855% for small businesses and 2% for private nonprofits, with terms up to 30 years.
Loans can be used to pay fixed debts, salaries, accounts payable and other bills that could have been paid had the disaster not occurred. Loans are not intended to replace lost sales or profits.
Applicants can apply online using the Electronic Loan Application (ELA) through the SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s and should apply under SBA statement #17166.
Disaster loan information and application forms can also be obtained by calling the SBA Customer Service Center at 800-659-2955 or emailing DisasterCustomerService@sba.gov. Loan applications can also be downloaded from sba.gov/disaster. Completed applications should be mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.