LVEDC Monitoring, Gathering Economic Data in Response to Coronavirus
By Colin McEvoy on March 17, 2020
The Lehigh Valley Economic Development Corporation (LVEDC) is actively monitoring the latest information on the coronavirus disease (COVID-19), and will be working to gather and provide economic data for the region as this global pandemic unfolds.
We are currently creating a survey for regional companies to develop an understanding of the effect the virus and mitigation efforts have had on their businesses.
This will provide LVEDC valuable intelligence about the Lehigh Valley economy. Any company interested in taking the survey or learning more can contact George Lewis, LVEDC Vice President of Marketing and Communications, at [email protected].
The Pennsylvania Department of Community & Economic Development (DCED) offers working capital loans that could be of assistance to businesses impacted by COVID-19. Wolf said resources and information will be posted on this website as they become available.
Additionally, the U.S. Small Business Administration (SBA) will work directly with state governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by COVID-19.
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
The SBA announced Tuesday revised criteria for state and territories seeking an economic injury declaration related to COVID-19.
This includes a faster, easier qualification process for states seeking SBA Disaster Assistance. Under the revised criteria, states or territories are only required to certify that at least five small businesses within the state/territory have suffered substantial economic injury, regardless of where those businesses are located.
The SBA also announced expanded, statewide access to SBA Disaster Assistance Loans for small businesses. Under the revised criteria, disaster assistance loans will be available statewide following an economic injury declaration. This will apply to current and future disaster assistance declarations related to the coronavirus.
“We’re very encouraged that banks and financial institutions are responding to the President’s efforts to mobilize an unprecedented public-private response to the Coronavirus (COVID-19) outbreak,” said SBA Administrator Jovita Carranzoa.
“As a result, most small businesses that need credit during these uncertain times will be able to obtain it,” Carranza said. “However, our goal is to ensure that credit is available to any and all small businesses that need credit but are unable to access it on reasonable terms through traditional lending channels.”
Visit LVEDC’s COVID-19 resources and information website at lehighvalley.org/covid19
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