Wolf seeks disaster loans for small businesses, nonprofits
Gov. Tom Wolf on Wednesday asked the U.S. Small Business Administration for an SBA disaster declaration to provide SBA Economic Injury Disaster Loans to help businesses and eligible non-profits throughout Pennsylvania.
“The impact of financial losses related to COVID-19 will be felt for years,” Wolf said. “But these low-interest loans can help bridge the gap between economic losses now and economic recovery in the future.”
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and to help small businesses overcome a temporary loss of revenue. These loans may be used to pay fixed debts, payroll, accounts payable and other bills.
The interest rate is 3.75% for small businesses without credit available elsewhere, and 2.75% for nonprofits. Businesses with credit available elsewhere are not eligible.