ATLANTA – The U.S. Small Business Administration is reminding small businesses in Pennsylvania affected by the explosion at the R.M. Palmer Company Factory building on March 24, 2023, that the deadline is March 28 to apply for working capital disaster loans. Small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and private nonprofit organizations with economic losses from the incident should apply.
The declaration includes Berks County and the adjacent counties of Chester, Lancaster, Lebanon, Lehigh, Montgomery and Schuylkill in Pennsylvania.
These federal Economic Injury Disaster Loans (EIDLs) are for working capital needs caused by the disaster.
Loan amount can be up to $2 million with interest rates of 4% for small businesses and 2.375% for private nonprofit organizations, with terms of up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. 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 and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 6592955 or email disastercustomerservice@sba.gov 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 filing deadline to return economic injury applications is March 28, 2024.
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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, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, 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.