COVID-19: Financial Resources Available

Chamber News

Last update 8/4/20, 8:30 a.m.

Federal:

  • The Economic Injury Disaster Loan is administered by the U.S. Small Business Association (SBA) offers low-interest federal disaster working capital loans to Pennsylvania small businesses suffering substantial economic injury as a result of COVID-19.
    • These loans can be used to cover expenses still incurred during the shutdown period. Eligibility is based on the financial impact of the COVID-19. The interest rate is 3.75% for small businesses, and 2.75% for private non-profit organizations. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship. Find more information on SBA Disaster Loan Assistance Programs here.
    • In addition, in response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
    • The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this    loan advance will not have to be repaid.
    • NOTE:  Businesses must apply for this loan directly with the SBA for this program. 

View our CARES Act Loan Comparison Chart

State:

Local:

  • The City of Scranton is currently accepting applications for loans through its Small Business Relief Program.
  • Reach out to your local lending institution to discuss options as it pertains to your financing needs.
  • The Chamber’s small business lending affiliate MetroAction has small business loan programs available to assist small businesses during this time. Contact lkenny@metroaction.org for more information.
  • NEPA Alliance and the Chamber are working in partnership to serve as a resource to all of the small businesses in our community. Our teams will work together to answer questions and complete loan documentation for COVID disaster-related assistance. NEPA Alliance also has 11 small business loan programs that are available to assist small businesses during this time.
  • The SBDC at the University of Scranton is available to assist. Business consultants will be available via phone and real-time video conferencing on multiple platforms. Any business needing assistance can email sbdc@scranton.edu to get started.
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