Gov. Tom Wolf is reminding businesses in Berks, Chester, Lancaster, Lebanon, Lehigh, Montgomery, and Schuylkill counties impacted by Tropical Depression Ida that applications for U.S. Small Business Administration working capital loans are due July 6.
The disaster loan program is available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations affected by the remnants of Tropical Depression Ida on Sept. 1-3, 2021.
“We know that the recovery from a historic storm like Ida has extended well beyond the days and weeks after the storm passed, waters receded and debris removed,” Gov. Wolf said.
“Businesses impacted by the storm still qualify for federal aid and I urge those businesses in affected counties to apply today for this critical support.”
These federal Economic Injury Disaster Loans (EIDLs) are for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage.
Loan amounts can be up to $2 million with interest rates of 2.855% for small businesses and 2% for private nonprofit organizations, with terms up to 30 years.
Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s/ and should apply under SBA declaration # 17216.