Image

6:42 AM / Saturday July 11, 2020

20 Mar 2020

Gov. Wolf: Economic Injury Disaster Loans Available to Small Businesses and Non-Profits Facing Losses Related to COVID-19

  • Facebook
  • Twitter
March 20, 2020 Category: Coronavirus, Health, Local Posted by:

Governor Tom Wolf today announced the availability of low-interest loans for small businesses and eligible non-profits in all 67 counties in Pennsylvania through the U.S. Small Business Administration (SBA).

“We are incredibly grateful that the SBA recognized the urgency of this situation and granted our request so quickly,” said Gov. Wolf. “I encourage our businesses and non-profits to look at the SBA resources available to them and take advantage of this opportunity for financial assistance during this time of uncertainty.

“Thank you also to members of our congressional delegation, including Representatives Glenn Thompson, Chrissy Houlahan, and John Joyce for their assistance in expediting our request.”

SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. 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.

Image

The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. 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 may obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing impaired), or by e-mailing [email protected].

Loan applications can also be downloaded at www.sba.gov/disaster. Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at https://disasterloan.sba.gov/ela. Completed applications should be returned to the local DLOC or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to return economic injury disaster loan applications is Dec. 21, 2020.

  • Facebook
  • Twitter

Leave a Comment

Recent News

Health

Virus, Floyd death merge in brutal blow to Black well-being

July 10, 2020

Tweet Share Pin Email Terrence Nichols, 44, in Chicago after a COVID-19 infection. Nichols has recovered physically...

Go With The-Flo

LeBron James is in a contract to buy 3rd mansion in Beverly Hills for $39 million

July 10, 2020

Tweet Share Pin Email ABOVE PHOTO: LeBron James  (Photo: Kathy Hutchins / Shutterstock) By Flo Anthony According...

Sun Report

Justices rule states can bind presidential electors’ votes

July 10, 2020

Tweet Share Pin Email By Mark Sherman ASSOCIATED PRESS  WASHINGTON — The Supreme Court ruled unanimously Monday...

Commentary

The Cultural Coach: Looking at the White way of life

July 10, 2020

Tweet Share Pin Email By Linda S. Wallace Q: If African Americans, Latinos and Asian Americans have...

Seniors

Engage virtually: Tips for keeping older adults connected

July 10, 2020

Tweet Share Pin Email Family Features Connection and a sense of community can be critical to well-being...

Horoscopes

SUNscopes for the week of July 12

July 10, 2020

Tweet Share Pin Email All Signs: Pluto, Jupiter and Saturn are still lined up in Capricorn, the...

The Philadelphia Sunday Sun Staff