Pennsylvania small businesses can apply for up to $2 million in SBA coronavirus relief loans.
Pennsylvania small businesses can now apply for coronavirus relief loans from the Small Business Administration (SBA). Businesses facing losses as the pandemic spreads can apply for low-interest loans to pay bills or make payroll.
Several Pennsylvania counties had been previously approved because they bordered a state that had been declared eligible. But the SBA has now declared the entire state eligible to apply.
That statewide designation is the result of a recent change in policy the SBA put in place specifically for dealing with the coronavirus outbreak. The relaxed policy allows governors to seek statewide eligibility for coronavirus loans rather than for individual counties.
This relaxed policy could also help mitigate confusion over how to apply for the loans.
Pennsylvania small businesses that have experienced losses can apply for up to $2 million with interest rates of 2.75% for nonprofits and 3.75% for small businesses. Repayment plans can be as long as 30 years.
Pennsylvania joins a growing list of approved states and counties for coronavirus relief loans.
The SBA said that small businesses can apply for the loans directly on their website at www.sba.gov/disaster. Business owners can call the disaster customer service center at 800-659-2955, or email [email protected]. The deaf and hearing impaired may call 800-877-8339.
Editor’s Note: Neither Workest or Zenefits is affiliated with the Small Business Administration (SBA) or a lending organization. This article is intended for informational purposes only.