Information updated as of June 30, 2020.
The application process to receive grants for small businesses opens today, June 30, 2020.
The first application window will remain open for ten days. Applications will continue to be accepted after 10 business days but will be considered for future rounds of funding, as this is not a first-come, first-served program. Applications will be prioritized and selected for funding based on the program criteria.
The Department of Community and Economic Development (DCED) will distribute the funds to the Community Development Financial Institutions (CDFIs), which will then administer the funding in the form of grants.
On Tuesday, June 8th, Pennsylvania Governor, Tom Wolf, announced a $225 million grant program to assist small businesses in their recovery from COVID-19.
The money will be distributed by the Department of Community and Economic Affairs through community development financial institutions (“CDFI”) such as credit unions and non-profit loan funds. The money can be used to cover operating expenses, train employees or pay debt as businesses transition to reopening.
The funds are available through three programs:
- $100 million through the Main Street Business Revitalization Program for small businesses that experienced losses as a result of the Governor’s COVID-19-related order to close all non-life-sustaining businesses and have or will incur reopening costs
- $100 million through the Historically Disadvantaged Business Revitalization Program for small businesses who experienced losses as a result of the business closure order, and in which socially and economically disadvantaged individuals own at least a 51 percent interest and control management and daily business operations
- $25 million through the Loan Payment Deferment and Loss Reserve Program for CDFIs to increase their loan reserves as a result of the impact of increased loan defaults on existing loans
More Information can be found on the Department of Community and Economic Development’s website at https://dced.pa.gov/programs/covid-19-relief-statewide-small-business-assistance/.
We’re here to help. To discuss COVID-19’s effect on your business, contact your HBK advisor.
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