SCRANTON, PA – U.S. Senator Bob Casey (D-PA) today spoke with small business owners from Luzerne, Wyoming, Susquehanna and Bradford Counties for a disaster recovery update and to detail legislation he introduced to lower interest rates on Small Business Administration (SBA) loans to help businesses to recover and rehire workers.
“Small business owners are eager to reopen and rehire their workers, which is why I am pushing SBA to lower interest rates on loans to ensure the recovery process is not needlessly burdensome,” said Senator Casey. “The impending first snowstorm of the season is a stark reminder that fast delivery of disaster aid is imperative to helping small businesses and communities recover.”
Senator Casey’s Small Business Disaster Assistance Act of 2011 will:
- Lower SBA disaster relief loan interest rates for small businesses to 1 percent for businesses who do not have credit available elsewhere;
- Lower SBA disaster relief loan interest rates for small businesses to 3 percent for businesses who have credit available elsewhere; and
- Retroactively apply to all SBA loans made to small businesses since the beginning of Hurricane Irene.
Senator Casey first called on SBA to lower interest rates on disaster recovery loans in the immediate aftermath of the flooding caused by Tropical Storm Lee and Hurricane Irene, and he pushed the issue in a phone call with SBA Administrator Karen Mills.
Earlier this week, Senator Casey called on FEMA to speed up delivery of storm aid to Pennsylvania because the upcoming winter storm season could imperil critical recovery projects.