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COVID-19: Small Business Links & Resources
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- Novel Coronavirus (COVID-19)
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Valuable Resources for Small Businesses
Our teams have been fielding many questions from our PPP clients about next steps toward securing loan forgiveness. At this time, the SBA has not provided banks with the specific stipulations needed for businesses to meet forgiveness requirements of these loans.
Please rest assured that we share your sense of urgency for answers. You want to know if your loan will be forgiven and to what extent. We want to provide you with the guidance, reassurance and tools to confidently make that determination on time.
As soon as we receive answers from the SBA, we will communicate them to you. We will share next steps and any action required to move forward. Until then, we’re asking that you remain patient and trust that we will uphold our commitment to take care of you and your business.
C&N will continue updating this page as information related to COVID-19 changes, but the following sites will be useful for maintaining your awareness of the latest events as well.
COVID-19 Relief Grants Available to Small Businesses in PA
Small businesses in Pennsylvania are now able to apply for grants to offset revenue lost during the COVID-19 pandemic and shutdown. 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. 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-19, 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 here.
PA DEPT OF COMMUNITY & ECONOMIC DEVELOPMENT WORKING CAPITAL ACCESS PROGRAM
U.S. DEPARTMENT OF THE TREASURY
SBA: SMALL BUSINESS GUIDANCE LOAN RESOURCES
Hosted by The Penn State Small Business Development Center (SBDC), Clarion SBDC and North Central, covering the following topics:
- SBDC availability and resources
- SBA Disaster Loan Assistance program and process
- Working with local banks to discuss aid and relief
- Tax implications resulting from business impact
- Legal implications for employment claims, insurance policies, and contract liabilities
- Pennsylvania Industrial Development Authority (PIDA) funding opportunities