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Deadline approaches to apply for Hurricane Ida disaster loans
Paula Wolf//May 16, 2022
The U.S. Small Business Administration is reminding businesses in Pennsylvania that were affected by the remnants of Hurricane Ida from Aug. 31 to Sept. 5 of last year to apply for working capital loans before the June 10 deadline.
The federal Economic Injury Disaster Loan program is available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and private nonprofit organizations, an SBA release said.
The loans, not intended to replace lost sales or profits, are for working capital needs caused by the disaster and are available even if the business did not sustain physical damage. Loan amounts range up to $2 million with interest rates of 2.855% for small businesses and 2% for private nonprofits, with terms up to 30 years.
In Pennsylvania, the disaster declaration covers the counties of Adams, Bedford, Berks, Blair, Bucks, Cambria, Carbon, Chester, Cumberland, Dauphin, Delaware, Fulton, Huntingdon, Lancaster, Lehigh, Monroe, Montgomery, Northampton, Philadelphia, Somerset and York.
Also falling under the declaration are New Castle County, Delaware; Allegany, Baltimore, Carroll, Cecil and Harford counties in Maryland; and Burlington, Camden, Gloucester, Hunterdon, Mercer and Warren counties in New Jersey.
Business owners may apply online, under SBA declaration No. 17166, using the electronic loan application form at DisasterLoanAssistance.sba.gov/ela/s. Information and application forms can also be obtained by calling the SBA at 800-659-2955.
Paula Wolf is a freelance writer.
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