The Pennsylvania Dept. of Community and Economic Development (DCED) knows that small businesses have been hit hard by the COVID-19 pandemic. DCED and Governor Wolf have worked to make sure that federal and state resources are available for the business community.
The U.S. Small Business Administration (SBA) and their Economic Injury Disaster Loans offer up to $2 million in assistance to help overcome the temporary loss of revenue small businesses are currently facing. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of this disaster’s impact. For more information call 1-800-659-2955 (or 1-800-877-8339 for the hearing impaired) or email disastercustomerservice@sba.gov.
The SBA is also offering the Paycheck Protection Program (PPP). This loan is designed to provide a direct incentive for small businesses to keep their workers on the payroll during this pandemic. Eligible businesses are those with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization, or 501(c)(19) veterans organizations affected by COVID-19. Applications for PPP will be available through June 20, 2020, and those eligible can apply starting April 3, 2020 through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.
The Pennsylvania Industrial Development Authority (PIDA) is also offering low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs for the development of industrial parks and multi-tenant facilities. Loan applications are packaged and underwritten by a network of certified economic development organizations (CEDOs) that partner with PIDA to administer the program. Applicants can call 717-783-5046 or click here to find a certified economic development organization.
