The U.S. Small Business Administration (SBA) is reminding private nonprofit organizations in Pennsylvania of the approaching deadline to apply for federal disaster loans. These loans aim to mitigate economic losses resulting from Tropical Storm Debby, which occurred on August 9-10, 2024. The application deadline is set for August 8.
The SBA's Economic Injury Disaster Loan (EIDL) program offers assistance to eligible PNPs that provide non-critical governmental services and have experienced financial setbacks due to the storm. Examples of such organizations include food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, stated: “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery.” He added that these loans play a vital role in supporting local economies following disasters.
Loans can reach up to $2 million with interest rates as low as 3.25% and terms extending up to 30 years. Interest does not accrue until one year after the first loan disbursement. Loan amounts and terms are determined based on each applicant’s financial situation.
Eligible applicants can apply online at sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 for more information on disaster assistance options.