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Gov. submits request for disaster loans

Gov. Tom Wolf requested that the U.S. Small Business Administration (SBA) implement an SBA disaster declaration so these businesses and non-profits can access SBA Economic Injury Disaster Loans in all 67 counties in the state.

The SBA anticipates the request will be approved within 24 to 48 hours. Once the request is approved, SEDA-Council of Governments (SEDA-COG) will send out the information to media and post it on their website (www.seda-cog.org), Facebook, Twitter, and LinkedIn pages.

SBA’s Economic Injury Disaster 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. The loans offer up to $2 million in assistance for each affected small business. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The interest rate is 3.75% for small businesses. 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 can start to fill out the forms now online in anticipation of the SBA’s approval at https://disasterloan.sba.gov/ela. To prepare for the online application, businesses are also encouraged to review the SBA Disaster Business Loan Application forms at https://disasterloan.sba.gov/ela/Information/PaperForms.

For more information and updates, please sign up for emails at https://public.govdelivery.com Up-to-date information on Current Declared Disasters is available at https://disasterloan.sba.gov/ela/Declarations/Index

SEDA-Council of Governments (SEDA-COG) can help direct and offer guidance to central Pennsylvania businesses. Please contact Doug Wilburn, director of Business Finance, at 570-524-4491 or dwilburn@seda-cog.org.

Businesses may also contact their local county resources, as well as the Pennsylvania Department of Community and Economic Development’s Pennsylvania Business One-Stop Shop at business.dced@pa.gov or call 1-833-722-6778, option 0.

These SBA loans now have relaxed criteria as part of the Trump Administration’s aggressive, whole-of-government efforts to combat the coronavirus outbreak (COVID-19) and minimize economic disruption to the nation’s 30 million small businesses.

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