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In this Update:
Small Business Loan Process – NOW OPEN
As announced last week, $60 million in low-interest loans to Pennsylvania’s small businesses impacted by the COVID-19 public health emergency is being made available through the Pennsylvania Industrial Development Authority (PIDA). Program guidelines are available and applications are now being accepted for the COVID-19 Working Capital Access (CWCA) Program, administered by the Pennsylvania Industrial Development Authority (PIDA). As you are aware, the program will provide critical working capital financing to small businesses located within the Commonwealth that are adversely impacted by the COVID-19 outbreak. Loans of up to $100,000 are available for small businesses with 100 or fewer full-time employees to use as working capital. In addition to a low interest rate, there will be no application fees, and the terms will include no payments and no interest during the first year of the loan. Funding for the program was made possible by the Commonwealth Financing Authority (CFA) transferring $40 million in to PIDA. That money has been combined with existing funds in PIDA’s Small Business First Program. All CWCA loan applications must be submitted through the Certified Economic Development Organization (CEDO) where their business is located. For those in the 31st District, click the links below, otherwise, visit DCED’s website here to find your CEDO. Free Webinars for Small Businesses Navigating Impacts of COVID-19
The new loan program created by CFA and PIDA to support small businesses is not the only financial resource for businesses affected by the COVID-19 public health emergency. The U.S. Small Business Administration (SBA) is also offering loans to businesses and non-profits during this unprecedented time in our nation’s history. Additional information on the SBA loan program is available by contacting the disaster assistance customer service center by calling 1-800-659-2955 (TTY: 1-800-877-8339) or e-mailing disastercustomerservice@sba.gov. Several organizations are offering free webinars to help small businesses through this time. Below are some current webinars that I am aware of. The SBDC has several webinars – be sure to check their calendar for additional events. Several organizations are offering free webinars to help small businesses through this time. Below are some current webinars that I am aware of. The SBDC has several webinars – be sure to check their calendar for additional events. SBA Emergency Loan Webinar: Process for applying and FAQ’s Navigating COVID-19: Resources and Relief for Small Businesses 2020 Coronavirus and Small Business Next Steps and Best Practices Webinar Prepared York |
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