MIFFLINBURG – Rep. David Rowe (R-Snyder/Union) announced today that small business owners and non-profits in the 85th District can apply for low-interest loans made available for all 67 counties in Pennsylvania through the U.S. Small Business Administration.
“I’m very grateful for the swift action being taken by the SBA and the federal government to provide loans to our small businesses and non-profits so that they can take care of their employees,” said Rowe. “Thank you also to Congressman Fred Keller who joined a letter from the entire PA Congressional delegation urging the SBA to approve these loans.”
“I welcome this federal aid; however, I urge my colleagues in the state Legislature to move quickly to pass the bill authored by myself and Rep. Frank Ryan which would provide additional relief on the state level by letting business owners and taxpayers keep more of their hard-earned money,” continued Rowe.
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
Businesses may obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing impaired), or by emailing firstname.lastname@example.org.
Loan applications can also be downloaded at www.sba.gov/disaster. Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at https://disasterloan.sba.gov/ela. Completed applications should be returned to the local Disaster Loan Outreach Center (DLOC) or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to return economic injury disaster loan applications is Dec. 21.
Representative David Rowe
Pennsylvania House of Representatives