Governor Tom Wolf on Wednesday put in a request to the U.S. Small Business Administration to implement an SBA disaster declaration in order to provide assistance to small businesses and non-profits in Pennsylvania that are being impacted by the Covid-19 pandemic.
The money would come from the SBA’s Economic Injury Disaster Loans, which offer up to $2 million in assistance and can provide economic support to small businesses to help overcome the temporary loss of business. The low-interest loans can be used to pay fixed debts, payroll, accounts payable, and other bills that can’t be paid. Small businesses without credit available would have an interest rate of 3.75 percent while non-profits would have an interest rate of 2.75 percent, and the loans would offer a long-term repayment plan.
The Governor’s letter to the U.S. Small Business Administration can be found by clicking below.
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