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Boscola Bulletin

Next Week: Applications Being Accepted for $225 Million Grant Program for Small Businesses Impacted by COVID-19

I am happy to inform you that applications for the $225 million statewide grant program to support small businesses that were impacted by the COVID-19 public health crisis and subsequent business closure order will be accepted beginning June 30, 2020. 

The focus of this program is to provide direct support to impacted businesses throughout the Commonwealth to cover operating expenses during the shutdown and the transition to reopening.

The funding was developed in partnership with state lawmakers and allocated through the recently enacted state budget, which included $2.6 billion in federal stimulus funds through the Coronavirus Aid, Relief, and Economic Security (CARES) Act, of which $225 million was earmarked for relief for small businesses.

The Department of Community and Economic Development (DCED) will distribute the funds to the Community Development Financial Institutions (CDFIs), which will then administer the funding in the form of grants. The PA CDFI Network is a group of 17 PA-based community development financial institutions that primarily provide financing options for small businesses. 

The CDFI Network that is administering the program has created an informational website for prospective applicants. 

While the application period has not yet opened for businesses, the site includes information on eligibility, grant amounts, prioritization, information and other good information to help answer any questions you are receiving.

The site is available at https://pabusinessgrants.com.

Please see lenders below.

Northampton County Only:
Enterprise Center Capital

Bucks, Carbon, Lehigh, Monroe, and Northampton County:
Rising Tide
Community First Fund

Statewide:
Reinvestment Fund

Download Factsheet

Download Factsheet

Eligible businesses will be able to use the grants to cover operating expenses during the shutdown and transition to re-opening, and for technical assistance including training and guidance for business owners as they stabilize and relaunch their businesses.

The funds will be available through three programs:

  • $100 million for the Main Street Business Revitalization Program for small businesses that experienced loss as a result of the governor’s March 19, 2020 order relating to the closure of all non-life-sustaining businesses and have or will incur costs to adapt to new business operations related to COVID-19;
  • $100 million for the Historically Disadvantaged Business Revitalization Program for small businesses that experienced loss as a result of the business closure order, have or will incur costs to adapt to new business operations related to COVID-19, and in which socially and economically disadvantaged individuals own at least a 51 percent interest and also control management and daily business operations.
  • $25 million for the Loan Payment Deferment and Loss Reserve Program, which will allow the CDFIs the opportunity to offer forbearance and payment relief for existing portfolio businesses that are struggling due to the impact of COVID, as well as shore up the financial position of the CDFIs that are experiencing significant increased defaults in their existing loan portfolios.
Small businesses in the Lehigh Valley are the ones whom carried the burden the economic impacts locally of this pandemic - their recovery, and the recovery of communities across the commonwealth, is imperative and this grant program is a tremendous first step in being able to provide economic opportunities to those affected by COVID-19 and assist in our local recovery.

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Offices of State Senator Lisa M. Boscola

www.senatorboscola.com

BETHLEHEM OFFICE
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