Responding to COVID-19 in Pennsylvania

The U.S. Small Business Administration (SBA) has implemented its disaster declaration for Pennsylvania so small businesses and private non-profits statewide can access SBA Economic Injury Disaster Loans to help alleviate economic injury caused by the coronavirus (COVID-19). The 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. The loans also are available to small agricultural cooperatives and small aquaculture businesses. Applicants may apply online using the Electronic Loan Application via SBA’s secure website at https://disasterloan.sba.gov/ela.