ATLANTA – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in Pennsylvania of the Jan. 29 deadline to apply for federal disaster loans to offset economic losses caused by flooding that occurred April 11-12, 2024.
The disaster declaration includes Allegheny County as the primary county, as well as the adjacent counties of Armstrong, Beaver, Butler, Washington and Westmoreland.
Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries, and PNPs that suffered 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. They may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.
“Working capital loans from the SBA are essential to eligible small businesses affected by the incident,” said Francisco Sánchez, Jr., associate administrator for the Office of Disaster Recovery and Resilience at the SBA. “These loans help sustain local economies when a disaster occurs.”
Loan amount can be up to $2 million with interest rates of 4% for small businesses and 3.25% for PNPs, with terms of up to 30 years. The SBA determines eligibility and sets loan amount and terms based on each applicant’s financial condition. Interest does not begin to accrue, and monthly payments are not due, until twelve months from the date of the initial disbursement.
SBA’s Disaster Loan Program funding was replenished via the American Relief Act, 2025, which was signed into law on Dec. 21, 2024. The SBA acted immediately and, within six hours of the Act being signed into law, issued more than 21,000 outstanding commitment letters (loan offers). The SBA will continue to issue new loan offers and ensure survivors quickly understand their loan options.
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 Jan. 29, 2025.
###
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.