The U.S. Small Business Administration is making disaster assistance loans available to businesses impacted by COVID-19 after receiving several appeals for help from lawmakers Wednesday.
Up to $2 million in assistance is available at 3.75% interest for businesses without credit available elsewhere, and at 2.75% interest for nonprofits. Loans terms can span up to 30 years.
“We are incredibly grateful that the SBA recognized the urgency of this situation and granted our request so quickly,” said Gov. Tom Wolf. “I encourage our businesses and non-profits to look at the SBA resources available to them and take advantage of this opportunity for financial assistance during this time of uncertainty.”
“While we have to prioritize the health and safety of our citizens, we also must recognize the devastating impact mitigation efforts are having on small businesses across our region and the Commonwealth,” said state Rep. Clint Owlett (R-68). “Business owners and their employees are being hit hard financially by reductions in operations or complete closures. We need to do all we can to help these employers to survive economically and be able to recover enough to bring their employees back on the payroll as soon as feasible.”
The deadline for applications is Dec. 21.