Gov. Wolf Asks Feds For Small Business And Non-Profit Loan Help

Loans may be used to pay fixed debts, payroll, accounts payable and other bills.

Andrew Limberg
March 18, 2020 - 2:20 pm
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Photo By: Commonwealth Media Services

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HARRISBURG (Newsradio 1020 KDKA) - Pennsylvania Governor Tom Wolf requested Wednesday that the U.S. Small Business Administration implement an SBA disaster declaration to provide assistance for businesses and eligible non-profits with help during the coronavirus outbreak.

The SBA’s Economic Injury Disaster Loans would offer up to $2 million in help to businesses experiencing a temporary loss of revenue due to COVID-19.

Loans may be used to pay fixed debts, payroll, accounts payable and other bills.

The application process will be online, once Wolf’s request is granted.

“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.”

Interest rates for businesses without other credit available will be 3.75 percent.

Non-profits interest rates will be 2.7 percent.

SBA loans can be also be repaid over a long period of time, up to 30 years, to help keep payments low.

Wolf also announced he is working with the PA State Legislature to make sure state funding can be available to small businesses as well.

More information can be found here.

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