Pennsylvania Gov. Tom Wolf has asked the U.S. Small Business Administration to implement an SBA disaster declaration so businesses and nonprofits in the state can access SBA Economic Injury Disaster Loans in all 67 counties.
The SBA said it anticipates the request will be approved within 24 to 48 hours. The loans can be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the impact of the coronavirus. The loans offer up to $2 million in assistance for each affected small business.
The interest rate is 3.75% for small businesses and 2.75% for nonprofits and can be paid off over as long as 30 years.
Businesses can start to fill out the forms now in anticipation of approval here.