September 17, 2021

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Mortgage News

SBA is helping Pennsylvania get back in business

US Small Business Administration

For the past 16 months, Pennsylvania’s 1.1 million small businesses have focused on surviving, persevering, and turning to sustain themselves while keeping their 2.5 million employees safe and healthy.

Our small Pennsylvania businesses are vital to our economy and our workforce. They make up 99.6% of all businesses in the state and employ 46.2% of the state’s total private workforce.

The Small Business Administration’s response to the pandemic has been productive, and the SBA Eastern Pennsylvania District Office has helped manage much-needed emergency capital programs, including the Economic Injury Disaster Loan, Paycheck Protection Program, Restaurant Revitalization Fund, and Shuttered Venue Operators Grant.

More:Heritage Rail Trail: Economic Alliance Helps York County Corporations Connect with Half a Million Users

More:OP-ED: The Rise of an Outdoor Economy in York County

YCEA has produced a promotional video highlighting its five trail towns along the Heritage Rail Trail.

While these programs provide vital funding during the pandemic, it is important to know that SBA continues to offer improvements in our traditional SBA loan programs for new, sustaining and expanding businesses as we start to turn the corner and get back to normal. For loans approved by September 30, 2021, our:

  • Upfront guarantee fees for all 7 (a) loans, including Community Advantage, are zero
  • SBA Express Maximum Loan (term loan and lines of credit) to be increased to $ 1 million; and
  • Microloan terms are extended to up to eight years