HARRISBURG, Pa. (WKBN) – Starting Tuesday, small businesses in Pennsylvania will be able to apply for grants to offset revenue lost during the COVID-19 pandemic and shutdown.
“In unprecedented times, like those we are currently facing, collaboration is imperative to getting help to those who need it most, as quickly and effectively as possible,” said Gov. Tom Wolf. “This joint effort between my administration, the legislature and The Pennsylvania CDFI Network will provide critical assistance to Pennsylvania’s small businesses, putting them on better financial footing as they begin to reopen.”
The COVID-19 Relief Statewide Small Business Assistance program will provide $225 million in grants, ranging from $5,000 to $50,000 for eligible small businesses.
Eligible businesses can start applying on Tuesday here.
The first application window will stay open for 10 days, and applications after 10 days will be considered for future rounds of funding.
Applications will be prioritized and selected for funding based on the program’s criteria.
The funds will be available through three 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 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% interest and also control management and daily business operations.
- $25 million 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, as well as shore up the financial position of the CDFIs that are experiencing significantly increased defaults in their existing loan portfolios.
For more information, visit the Pennsylvania Department of Community and Economic Development’s website.