26 Mar Governor Wolf Announced That Funding Is Available to Help Small Businesses Impacted by COVID-19
Excerpt Source: Governor.PA.gov
The Commonwealth Financing Authority (CFA) recently authorized the transfer of $40 million to the Small Business First Fund for CWCA. PIDA authorized making $60 million available to provide loans of $100,000 or less to for-profit businesses with 100 or fewer full-time employees. Funds are expected to become available this week.
…Eligible costs include working capital, which for purposes of this program is considered capital used by a small business for operations, excluding fixed assets and production machinery and equipment.
Any eligible working capital cost, as defined above, incurred by the eligible business enterprise three months prior to submission of the loan application will count as an eligible cost toward either the loan amount or, if applicable, the matching investment requirement. Retail / service enterprises are able to incur eligible working capital costs up to six months prior to submission of the loan application.
All loan applications must be submitted through a Certified Economic Development Organization (CEDO). For the list of CEDO’s operating within Pennsylvania, click here.
Businesses seeking guidance from DCED can also contact its customer service resource account ra-dcedcs@pa.gov. For the most up-to-date information on COVID-19, Pennsylvanians should follow governor.pa.gov and doh.pa.gov.