Information about SBA COVID-19 Related loans

Date: March 17, 2020

For your information from federal sources

NFIB is monitoring the potential availability of state and federal low-interest lows to small businesses struggling under the burdens of the COVID-19 emergency. We will keep you updated on all information as it becomes available. Below is current information related to the work of the Small Business Administration and the SBD loans mentioned by the Trump Administration.

What SBA can do:

  • Economic Injury Disaster Loan (EDIL): low-interest disaster recovery loans to small business that have been severely impacted by COVID-19. Note that these are business loans – not financial bailouts and not grants – but they are offered at a very low rate of interest.
  • SBA can assist businesses with counseling and navigating their own preparedness plans.

The process:

  • The PA Dept of Community and Economic Development (DCED) is collecting information from small businesses throughout the state who are willing to complete a worksheet reporting their estimated adverse economic impact. This portion may be completed today.
  • SBA is currently working with PA DCED and PEMA to assist with Pennsylvania’s EDIL Declaration.
  • Once Governor Wolf makes the request, and it is approved by SBA Administrator Jovita Carranza, Pennsylvania’s small businesses can begin applying for the disaster loans from SBA. Estimated to happen before the end of the week. 
  • Information about how to apply will be updated on SBA.gov/disaster.
  • Loans offer up to $2 million in assistance to help business overcome the temporary loss of revenue.

The SBA portal is not currently open, but it will be once the declaration is approved.

Questions may be directed to SBA regional offices. Here is a link where you can search for SBA regional offices by zip code: https://www.sba.gov/local-assistance

 

 

Related Content: Small Business News | Pennsylvania

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