The Small Business Administration (SBA) in the United States encouraged Pennsylvania businesses to apply for working capital loans before the deadline of 10 June.
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.
The information on loans disaster and application forms may also be obtained by calling the customer service center of the SBA at 800-659-2955 or by sending an email to [email protected] 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.