SBA Relief Still Available to Pennsylvania Businesses, Private Nonprofits Affected by the Hotel Hampton Fire

WASHINGTON -The U.S. Small Business Administration is reminding eligible businesses and private nonprofit organizations in Pennsylvania of the Dec. 4 deadline to apply for low-interest federal disaster loans to offset losses caused by the Hotel Hampton Fire occurring Feb. 20.

The declaration covers the Pennsylvania counties of Bucks, Carbon, Lehigh, Monroe, and Northampton, as well as the New Jersey county of Warren, which are eligible for Economic Injury Disaster Loans from SBA.

The SBA's Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, and private nonprofits - including faith-based organizations - impacted by financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

EIDLs are for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills which could not be paid due to the disaster.

"SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery," said Chris Stallings, Associate Administrator of the Office of Disaster Recovery at SBA. "These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster."

The loan amount can be up to $2 million with interest rates are as low as 4% for businesses and 3.625% for private nonprofits, with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA determines eligibility and sets loan amounts and terms based on each applicant's financial condition.

To apply online, visit sba.gov/disaster. Applicants may also call the National Support Network Center at (866) SBA-HELP or email [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The deadline to return economic injury applications is Dec. 4. However, after the deadline has passed, there is a 60-day grace period in which SBA will accept applications.

###

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.