Applications Under The COVID-19 Relief Statewide Small Business Assistance Program Due By August 28th

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.

Program Overview

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.

Funding and Administration

The 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.

CDFI Funding Streams

Currently, the CDFIs are dispersing the funds to three programs:

• $100 million for the Historically Disadvantaged Business Revitalization Program
• $100 million for the Main Street Business Revitalization Program
• $25 million for the Loan Payment Deferment and Loss Reserve Program

Eligibility Requirements

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.
• Be in operation on February 15, 2020, and, if required, have paid state and federal income taxes.
• Demonstrate that COVID-19 has had an adverse economic impact and that this grant is necessary to support ongoing operations.
• Use the grant to cover COVID-19–related costs.
• Not have received another grant under this program between June 1 and December 31, 2020.

Next Steps

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 is available on DCED’s website.

Need Assistance?

If you have any questions 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 https://nochumson.com/. We look forward to helping you and your business.