HARRISBURG (WTAJ) — Governor Wolf requested Wednesday that the U.S. Small Business Administration (SBA) use a disaster declaration to provide assistance in the form of SBA Economic Injury Disaster Loans for businesses and eligible non-profits in every county in Pennsylvania.
“The impact of financial losses related to COVID-19 will be felt for years to come,” said Gov. Wolf. “But these low-interest loans can help bridge the gap between economic losses now and economic recovery in the future.”
The SBA Economic Injury Disaster Loans can offer up to $2 million in assistance to provide economic support to small businesses to help overcome the loss of revenue they are experiencing due to the coronavirus outbreak, according to a release from Wolf.
The interest rate is 3.75% for small businesses without credit available elsewhere. Businesses with credit available elsewhere are not eligible. Non-profits get a special interest rate of 2.75%.
The press release states loans are offered by SBA with long-term repayment options, determined on a case-by-case basis based on ability to repay.
If Wolf’s request is granted, details will be released at that time.
Read Gov. Wolf’s letter to the U.S. Small Business Administration.