Pennsylvania COVID-19 Small Business Assistance Grant Program Reopens
By Colin McEvoy on August 10, 2020
The window has closed for a federal loan program for businesses affected by the coronavirus pandemic. But the window for another has only just reopened.
The Paycheck Protection Program (PPP), a federal loan program which had been extended from its original June 30 deadline, is no longer accepting PPP applications as of Aug. 8.
However, the state has announced the Pennsylvania COVID-19 Small Business Assistance grant program is offering a second and final round of grant awards. The application window reopened today and will remain open for 15 business days, closing on Aug. 28.
The program offers grants ranging from $5,000 to $50,000 to small businesses that have been economically impacted by COVID-19. Eligible applicants not awarded in the first round do not need to reapply, and will be automatically rolled into the next round for consideration.
After the first round of funding, $96 million in state grants were awarded to 4,993 small businesses in Pennsylvania, with about 51% of the funds being awarded to historically disadvantaged businesses, according to Pennsylvania Gov. Tom Wolf.
“As we continue to address this public health crisis, it’s critical that we also focus on our state’s economic recovery and supporting our small businesses across the state, which continue to be impacted by our necessary mitigation efforts,” Wolf said. “This funding will go a long way to help small businesses, including historically disadvantaged businesses, at a time when they need it most.”
Visit here for more information about the Pennsylvania COVID-19 Small Business Assistance grant program.
LVEDC has been providing regional companies and stakeholders with information about PPP and the Pennsylvania COVID-19 Small Business, as well as other financing programs, in part through the organization’s dedicated COVID-19 resources page.
That page, which LVEDC updates frequently as resources available to businesses becomes available, can be found at lehighvalley.org/covid19. Information about emergency financing programs can also be found at lehighvalley.org/financing.
The COVID-19 Relief Statewide Small Business Assistance grants may be used to cover operating expenses during the shutdown and transition to re-opening, and for technical assistance including training and guidance for business owners as they stabilize and relaunch their businesses.
The $225 million grant program is funded with a portion of the $2.6 billion in federal stimulus funds through the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
“The COVID-19 pandemic unexpectedly affected small businesses across the commonwealth, an unfortunate circumstance that could not have been predicted or prepared for,” said Dennis Davin, Secretary of the Pennsylvania Department of Community and Economic Development.
“However, through the collective action of the Wolf Administration, the General Assembly, and the Pennsylvania Community Development Financial Institutions Network, Pennsylvania’s hardest hit and most at-risk businesses will be able to access the funding they need to shore up their resources and regain sound financial footing as we move into recovery,” Davin said.
In addition to keeping Lehigh Valley businesses informed about available resources and financing programs, LVEDC previously submitted 26 loan applications on behalf of Lehigh Valley companies to the Pennsylvania Industrial Development Authority’s COVID-19 Working Capital Access Program. The loan requests totaled $2.3 million in loan financing.
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