Applications Under The COVID-19 Relief Statewide Small Business Assistance Program Due By August 28th
Written by: Clementa Amazan
From now through August 28, 2020, the second and final round of funding through the COVID-19 Relief Statewide Small Business Assistance program is accepting applications for relief.
The COVID-19 Relief Statewide Small Business Assistance program provides grants ranging from $5,000 to $50,000 to small businesses that have been economically impacted by COVID-19.
The COVID-19 Relief Statewide Small Business Assistance program was developed in partnership with state lawmakers and allocated through the state budget, which included $2.6 billion in federal stimulus funds through the Coronavirus Aid, Relief, and Economic Security Act CARES Act. Within this allocation, the Pennsylvania Department of Community and Economic Development (DCED) has been apportioned $225 million for COVID-19 relief to small businesses.
DCED has partnered with a network of Pennsylvania Community Development Financial Institutions (CDFI) to distribute the grant funds.
Currently, the CDFIs are dispersing the funds to 3 programs: $100 million for the Historically Disadvantaged Business Revitalization Program, $100 million for the Main Street Business Revitalization Program, and $25 million for the Loan Payment Deferment and Loss Reserve Program.
All businesses must apply through an eligible CDFI and meet the following requirements:
- Be physically located, certified to do business, and generate at least 51% of their revenues in Pennsylvania.
- Have annual revenue of $1 million or less prior to the impact of COVID-19.
- Have 25 or fewer full-time equivalent employees prior to February 15, 2020.
- The business was in operation on February 15, 2020, and, if required, paid income taxes to the state and federal government, as reported on individual or business tax returns.
- COVID-19 has had an adverse economic impact and makes this grant request necessary to support the ongoing operations of the applicant.
- The grant will be used to cover COVID-19 related costs.
- During the period beginning on June 1, 2020, and ending on December 31, 2020, the applicant has not and will not receive another grant under this state program.
Eligible applicants who were not awarded in the first round do not need to reapply and will be rolled into the second round for consideration.
More information about the COVID-19 Relief Statewide Small Business Assistance program is available on DCED’s website.
If you have any question or require assistance with any legal matter as a result of the pandemic, we are offering consultations at no cost. To learn more, please visit http://covid19.nochumson.com/. We look forward to helping you and your business.