Businesses and the whole community have felt the impact of the COVID-19 pandemic in some way. Due to this, $225 million has been allocated for the Covid-19 Relief Statewide Small Business Grants Program through the Community Development Financial Institutions. The state budget’s Coronavirus Aid, Relief, and Economic Security Act (CARES) includes a total of $2.6 billion in federal stimulus funds. However, if you can no longer continue your business operations due to your financial liabilities, you may consult with a professional for a Debt restructuring advice.
Applications for the first round of funding will start on June 30th, 2020. The first round will stay open for 10 days. COVID-19 Relief Statewide Small Business Grants Program guidelines and additional details are now available here: https://dced.pa.gov/programs/covid-19-relief-statewide-small-business-assistance/
Funds will be distributed to the Pennsylvania CDFI Network, and administered in the following form:
- Grants to cover operating expenses for the duration of the shutdown and the transition period to re-opening
- Grants to cover technical assistance, including training and guidance, for business owners as they stabilize and relaunch their businesses
- Debt payment relief for CDFI Pennsylvania borrowers
- Loan loss reserves for CDFIs
The funds will be distributed in three ways:
- $100 million – Main Street Business Revitalization Program
- $100 million- Historically Disadvantaged Business Revitalization Program
- $25 million – Loan payment deferment and loss reserve
Eligibility: All businesses must apply through an eligible CDFI and meet the program requirements which, at a minimum, include:
- The business was in operation on February 15, 2020 and if required paid income taxes to the state and federal government, as reported on individual or business tax returns
- COVID-19 has had an adverse economic impact and makes this grant request necessary to support the ongoing operations of the applicant
- The grant will be used to cover COVID-19 related costs
- During the period beginning on June 1, 2020 and ending on December 31, 2020, the applicant has not and will not receive another grant under this state program
Deadline: The application window for the first round of funding is expected to open on June 30th and remain open for 10 business days.
More program information can be found here.
Eligible businesses must apply through an eligible CDFI.
Updated CDFI list based on Counties:
- Community First Fund https://communityfirstfund.
org/contacts/ (Counties Served: Adams, Berks, Chester, Cumberland, Dauphin, Delaware, Franklin, Lancaster, Lebanon, Lehigh, Montgomery, Northampton, Perry, Philadelphia, York) - Reinvestment Fund https://www.reinvestment.com/
contact/ (Counties Served: All Counties) - PIDC Community Capital https://www.pidcphila.com/
contact-us/ (Counties Served: Philadelphia) - Impact Loan Fund http://www.impactservices.org/ (Counties Served: Montgomery, Philadelphia)
- Beech Capital https://beechcompanies.com/
contact (Counties Served: Bucks, Chester, Dauphin, Delaware, Erie, Montgomery, Philadelphia, York) - West Philadelphia Financial Services Institution https://wpfsi.com/contact-us/ (Counties Served: Bucks, Chester, Delaware, Montgomery, Philadelphia)
- Enterprise Center Capital https://www.
theenterprisecenter.com/ (Counties Served: Berks, Bucks, Chester, Cumberland, Dauphin, Delaware, Montgomery, Northampton, Philadelphia) - Neighborhood Progress Fund https://npfp.org/contact/ (Counties Served: Chester, Delaware, Montgomery, Philadelphia)
- Entrepreneur Works https://www.
myentrepreneurworks.org/ (Counties Served: Bucks, Chester, Delaware, Montgomery, Philadelphia) - Women’s Opportunities Resource Center http://worc-pa.com/contact.php (Counties Served: Bucks, Chester, Delaware, Montgomery, Philadelphia, Sullivan, Susquehanna, Wyoming)
- United Bank https://www.ubphila.com/
contact-us.aspx (Counties Served: Bucks, Chester, Delaware, Montgomery, Philadelphia)
