Mike spent years as an attorney in private practice helping individuals and corporations navigate their real estate and business problems, and most recently, 11 years as general counsel of one of Pennsylvania’s...Read More by Author
COVID-19 Relief Statewide Small Business Assistance Grant Program Reopened
The Pennsylvania Department of Economic and Community Development yesterday reopened the Small Business Assistance Program with another $225MM of Federal stimulus funds under the CARES Act. The Program provides small businesses with grants ranging between $5,000 and $50,000. Businesses MUST APPLY before the deadline of AUGUST 28, 2020.
Grants are intended to cover:
- Operating expenses during the shutdown and transition period to re-opening.
- Technical assistance, including training and guidance, for business owners as they stabilize and relaunch their businesses.
- Debt payment relief of CDFI Pennsylvania borrowers.
- Loan loss reserves for CDFI’s.
Eligible businesses must:
- Be physically located, certified to do business, and generate at least 51% of their revenue in Pennsylvania.
- Have annual revenue of $1MM or less prior to the impact of COVID-19.
- Have 25 or fewer full time equivalent employees prior to February 15, 2020.
- Have been in operation on February 15, 2020, and if required, have paid income taxes to the state and federal governments, as reported on individual or business tax returns.
- Use the grant to cover COVID-19 related costs and expenses.
- Not have received another grant during the period.
- Be structured as C-corporations, S-corporations, limited liability corporations, sole proprietors, independent contractors or self-employed individuals.
Businesses can apply through the state’s application portal at https://pabusinessgrants.com/pick-a-cdfi/
The program is NOT first come first serve, and certain disadvantaged businesses will have priority over others. Loan proceeds. cannot cover costs that are covered by existing loans that the business may have either through the Paycheck Protection Act, SBA Economic Injury Disaster loan or other federal funding. The maximum potential grant award is based on a business’ annual revenue.
For more information, or for assistance with your application, please feel free to contact a member of our COVID-19 task force below.
This alert is intended for general informational purposes only, and you are urged to consult your own attorney concerning your situation and specific legal questions you have. We are fully operational during this pandemic and stand ready to assist as you navigate this ongoing and developing COVID-19 situation.