Governor Wolf has recently announced the availability of $225 million in funding for new grant programs to help Pennsylvania small businesses that are struggling to survive through COVID-19. The recently enacted state budget includes $2.6 billion in federal stimulus funds through the Coronavirus Aid, Relief, and Economic Security Act (CARES). The Department of Community and Economic Development (DCED) will distribute the funding to the Pennsylvania CDFI Network, which will then administer the funding in the form two grant programs:
- $100 million for the Main Street Business Revitalization Program for small businesses that experienced loss as a result of the Governor’s March 19, 2020 order relating to the closure of all non-life-sustaining businesses and have or will incur costs to adapt to new business operations related to COVID-19;
- $100 million for the Historically Disadvantaged Business Revitalization Program for small businesses that experienced loss as a result of the business closure order, have or will incur costs to adapt to new business operations related to COVID-19, and in which socially and economically disadvantaged individuals own at least a 51 percent interest and also control management and daily business operations.
Small businesses with 25 or fewer employees are eligible to apply for grants up to $50,000. Additionally, $25 million in funds have been set aside for the Loan Payment Deferment and Loss Reserve Program, which will allow the CDFIs the opportunity to offer forbearance and payment relief for existing portfolio businesses that are struggling due to the impact of COVID. For additional information on these programs or if you are interested in applying please contact the Public Affairs Group.
