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Philly and PIDC Launches a $9 Million Grant Relief Fund for Small Businesses

Natalie Klyashtorny : Mar 24, 2020 9:00:00 AM

Legal Alerts
Philly and PIDC Launches a $9 Million Grant Relief Fund for Small Businesses
Philly & PIDC launch $9 Million Small Business Fund. - Nochumson P.C.
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The fund is a $9 million-plus grant and zero-interest loan program to support businesses located in the City which are financially struggling due to the economic downturn caused by Covid-19.

Relief Fund Programs

The fund consists of the following three (3) programs:

Relief Program Eligibility Amount Available Application Documents
Microenterprise Grant Annual revenue under $500,000 $5,000 grant – Signed tax return to confirm annual revenue.
– A description of the impact of Covid-19 on your business, and your recovery plan.
Small Biz Grant Annual revenue between $500,000 and $3 million Up to $25,000 grant – Signed tax return to confirm annual revenue.
– 2019 Financial Statements.
– Verification of cash flow needs.
– Proof of insurance.
– A description of the impact of Covid-19 on your business, and your recovery plan.
Small Biz Zero-Interest Loan Annual revenue between $3 million and $5 million $25,000 – $100,000 loan – Signed tax return to confirm annual revenue.
– 2019 Financial Statements.
– Verification of cash flow needs.
– Proof of insurance.
– A description of the impact of Covid-19 on your business, and your recovery plan.
– No collateral requirements.

How to Apply

Businesses can apply for fund assistance at www.phila.gov/COVID-19-business-relief.

There is one application for all three (3) tiers of the fund, and it is available in English, Spanish and Chinese.

Once final application materials are received, the decision and disbursement process is expected to take about two (2) weeks, according to the City.

As applications will be reviewed on a rolling basis, businesses should submit an application for the fund as soon as possible.

Need Assistance?

If you need assistance completing the application or have any other questions about the fund, please feel free to contact us via email and an attorney from Nochumson P.C. will immediately reach out to you to schedule a free consultation.

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