How many SBA disaster loans have been approved for Pennsylvania, New Jersey, and Delaware – NBC10 Philadelphia
Only 1,600 companies in Pennsylvania, New Jersey and Delaware have received economic disaster loans (EIDLs) worth more than $ 320 million, according to data released by the U.S. Small Business Administration Tuesday.
A much larger number – 52,000 businesses in those three states – participated in a connected program that offered cash advances worth nearly $ 225 million to help them weather the coronavirus pandemic that sparked a global economic shutdown, the Philadelphia Business Journal Reports.
The $ 10 billion EIDL program is intended to help small businesses and nonprofits replace short-term lost income by enabling them to meet urgent non-salary expenses and prepare to rebuild their operations. Small businesses began applying to EIDL on March 16 for loans up to a limit of $ 2 million, if needed, as well as an immediate emergency cash advance of $ 10,000.
In total, EIDL made 26,919 loans for a total of $ 5.56 billion. More than a quarter ($ 1.49 billion) went to California businesses, which also got three times as many loans (6,820) as the second highest state, Florida (2,098). New Jersey ranked No. 8 with 808 loans and Pennsylvania 11th with 700. Firms in Garden State took in a total of $ 164 million, while their Pennsylvania counterparts took in $ 138 million. Tiny Delaware has seen 78 companies obtain loans with a combined value of $ 17.6 million.