The U.S. Small Business Administration (SBA) has announced that Economic Injury Disaster Loans (EIDLs) are available in Pennsylvania for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations affected by drought from April 7 through Oct. 3, 2022.
The loan amount can be up to $2 million with interest rates of 2.94 percent for small businesses and 1.875 percent for private nonprofit organizations, with terms up to 30 years. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloanassistance.sba.gov/ela/s/ and should apply under SBA declaration # 17740.
