Pennsylvania recently announced a brand new $225 million dollar grant program for the state designed to assist small businesses that have been hurt by COVID-19 and the business closure order. The program funds were part of the package of federal stimulus funds Pennsylvania received through the Coronavirus Aid, Relief, and Economic Security Act (CARES).
On June 11th, the Department of Community and Economic Development (DCED) published further details about the grants:
-Funds will be administered through the Pennsylvania Community Development Financial Institutions (CDFIs) (a list of CDFIs can be found here). All businesses must apply through an eligible CDFI.
-The $225M will be split between $100M to the Main Street Business Revitalization Program, $100M to the Historically Disadvantaged Business Revitalization Program, and $25M to loan payment deferment and loss reserve.
-Funds will be distributed in the form of grants to cover operating expenses, grants for technical assistance for business owners, debt payment relief for CDFI PA borrowers, and loan loss reserves for CDFIs.
More information about the program can be found on the DCED website here. Applications are expected to open later in June. Given how rapidly prior state economic assistance monies have been distributed, getting your application in early is highly recommended.
