The new COVID-19 Relief Statewide Small Business Assistance Program plans to begin accepting applications for the first round of funding on June 30th, 2020. The first round will stay open for 10 days. The funds for COVID-19 impacted businesses can be used to cover operating expenses for the duration of the shutdown and transition period to reopening. Funds can also be used towards technical assistance, including training and guidance, for business owners as they stabilize and relaunch their businesses. Funds will be administered and must be applied for through a qualified Community Development Finance Institution (CDFI).
Please note, this program will not be administered on a first come first served basis, all applications will be reviewed in the initial 10-day period prior to making awards. The program will then reopen for at least two further rounds.
Program information can be found here, including a list of participating CDFI’s and coverage areas. Please see below for further information on the opening announcement, including required materials that can be prepared for the application.
The Pennsylvania Department of Community and Economic Development is about to open a new $225 million program for businesses impacted by COVID-19. Here’s what you need to know:
- The first round of applications will open on June 30th and remain open for 10 business days. This program is not first come first serve; CDFIs will review all applications received in that 10-day period before making awards. The program will reopen for at least 2 more rounds.
- To qualify, businesses must have under $1 million in annual revenue, 25 or fewer full-time employees, and be compliant on state and federal taxes or on a payment plan.
- Priority will be given to businesses owned by people of color, located in low-to-moderate-income neighborhoods, or in industries especially hard-hit by the pandemic. This includes healthcare, childcare, personal care (barbershops, salons, etc.), and restaurants.
- To apply, you will need a copy of your most recent federal tax return (2018 or 2019), a recent bank statement, and either your business license, a professional license, or your articles of incorporation. You should also have a sense of how much revenue you’ve lost during COVID-19 as compared to this time last year. If you’re hoping to apply in the first round, start gathering these documents now in order to avoid delays.
