The U.S. Small Business Administration (SBA) is encouraging businesses and private nonprofit organizations in Pennsylvania to apply for economic damage assistance due to the flash flooding and severe storms that struck Berks County on July 9, 2023. The deadline to apply is June 28, 2024. This disaster declaration includes Berks County and the adjacent counties of Chester, Lancaster, Lebanon, Lehigh, Montgomery, and Schuylkill.
The SBA provides Economic Injury Disaster Loans (EIDL) to help cover working capital needs caused by the disaster. These loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations. Importantly, this assistance is available whether or not the business suffered physical property damage.
Eligible businesses and organizations can apply for loans up to $2 million, with interest rates set at 4% for small businesses and 2.375% for private nonprofit organizations. The loan terms can extend up to 30 years, with loan amounts and terms determined by the applicant’s financial condition. Additionally, interest does not accrue, and payments are not due until twelve months after the first loan disbursement.
Eligibility criteria include the size of the applicant, type of activity, and financial resources. These working capital loans can be used to cover fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. However, these loans are not meant to replace lost sales or profits.
Applications can be submitted online, and additional disaster assistance information is available at SBA.gov/disaster. For further assistance, applicants can contact the SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov. For individuals who are deaf, hard of hearing, or have a speech disability, telecommunications relay services can be accessed by dialing 7-1-1.
Completed loan applications must be submitted to the SBA by June 28, 2024.
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