Ben Franklin News

SBA Funds Now Available to PA Companies

The U.S. Small Business Administration (SBA) granted Gov. Tom Wolf’s request for a disaster declaration throughout the Commonwealth. Pennsylvania businesses economically affected by COVID-19 are now eligible for SBA Economic Injury Disaster Loans and may apply through the SBA loan portal.

Small businesses unable to secure a loan elsewhere are eligible to apply for credit of up to $2 million at a 3.75% interest rate and nonprofit organizations at 2.75% for up to 30 years (all individually negotiated). Loans are for operating capital such as payroll and fixed debts that cannot be paid due to the impact of COVID-19. For more specific information, contact your local SBA office.