Senator Vincent Hughes Office 4/15/2020 – Small businesses are the backbone of our local and state economies, so it is important our business owners have access to all of the relevant resources during the coronavirus COVID-19 pandemic.
The Coronavirus Aid, Relief, And Economic Security (CARES) Act provides more than $375 billion in relief for small businesses. One such initiative is the Paycheck Protection Program, a guaranteed loan program from the Small Business Administration (SBA), which helps small businesses cover payroll during the crisis. The other is Economic Injury Disaster Loans (EIDL) from the SBA. You can learn more about the federal relief programs here.
The Pennsylvania Industrial Development Authority had authorized $60 million in loans for small businesses, but those funds were quickly allocated. Senator Hughes and his colleagues in the Pennsylvania Senate Democratic Caucus are working to find additional means to provide relief to small businesses across the state.
The city of Philadelphia immediately launched a relief program in the early stages of the pandemic response, and the resources were quickly tapped. A microbusiness loan for businesses with less than $500,000 in annual revenue is still available through the Philadelphia COVID-19 Small Business Relief Fund through midnight April 15. You can apply here.
Here are some other Philadelphia related financial assistance programs or resources from various organizations:
- The Philadelphia Industrial Development Corporation
- Entrepreneur Works
- The Enterprise Center Capital Corporation COVID-19 Loan Fund
- Grow Philadelphia Small Business COVID-19 Resilience Fund
- The West Philadelphia Financial Services Institution loans
- Philadelphia Emergency Fund for Stabilization of Early Education
- KIVA loans
- The Finata Emergency Loan
- Women’s Opportunities Resource Center
Business owners should be prepared to provide proper documentation when applying loans including:
- Inventory documents (delivery slips, etc.)
- Details on laid off or furloughed staff
- Debt service payments
- Mortgage/lease and utility payments
- Workers’ Compensation claims
- Signed tax return
- Financial statements
Local chambers of commerce have provided lists of important resources:
- Chamber of Commerce for Greater Philadelphia
- African American Chamber of Commerce
- Greater Philadelphia Hispanic Chamber of Commerce
- Asian American Chamber of Commerce of Greater Philadelphia
There are other useful resources available and Senator Hughes wants to connect small business owners to those opportunities so that they stand a fighting chance during the pandemic. Visit senatorhughes.com for more information on the coronavirus response in Pennsylvania or call the district office at 215.879.7777.
Remember, you can do your part to stop the spread of the virus by staying home!