Coronavirus
Stay Informed.  Get the Facts.

 

Program List

Department of Community and Economic Development Resources Page

This is the main portal for the DCED’s COVID-specific response. From here you can access information concerning whether or not your business is classified as nonessential or essential, contact information for Pennsylvania’s various departments assigned to assist you during this situation, as well as direction toward some of the DCED’s loan and funding programs designed to stabilize businesses when faced with events such as these.

U.S. Small Business Association Resources Page

This is the main portal for the U.S. SBA’s COVID-specific response. Similarly to the DCED, the U.S. SBA has compiled an inventory of the various means by which they normally assist small businesses, but which can now also be used in a COVID-specific context, as well as plentiful guidance as to how your business should response to this situation.

The Institute For Entrepreneurial Excellence Resources Page

This is another portal for a multitude of programs and funding sources put together by the University of Pittsburgh’s abovelisted institute. Many of the opportunities listed herein are also presented on this page, but like those belonging to the DCED and U.S. SBA will be consistently updated with further resources. To name a few that are not already listed below, there are the innovative crowdfunded loans through Honeycomb Credit and Bridgeway Capital‘s now COVID-targeted loan program that also benefits nonprofit organizations.

The U.S. Chamber of Commerce Coronavirus Emergency Loan Program

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses.

Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.

The administration soon will release more details including the list of lenders offering loans under the program. In the meantime, the U.S. Chamber of Commerce has issued this guide to help small businesses and self-employed individuals prepare to file for a loan.

Small Business Paycheck Protection Program

The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors— are eligible. Businesses with more than 500 employees are eligible in certain industries.

COVID-19 Working Capital Access (CWCA) Program (DCED)

The COVID-19 Working Capital Access (CWCA) Program is administered by the Pennsylvania Industrial Development Authority (PIDA) and provides critical working capital financing to small businesses located within the Commonwealth that are adversely impacted by the COVID-19 outbreak.

It is used primarily for 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.

You are eligible if you meet the following criteria:

An eligible small business enterprise is a for-profit corporation, limited liability company, partnership, proprietorship or other legal business entity located in the Commonwealth of Pennsylvania and having 100 or fewer full-time employees worldwide at the time of submission of the application. For purposes of this program a retail/service enterprise is defined as a for-profit business entity that is involved in the business-to-business service, business-to-public service, mercantile, commercial, or point of sale retail sectors. An agricultural producer is defined as a business involved in the management and use of a normal agricultural operation for the production of a farm commodity. A “farm commodity” is any Pennsylvania-grown agricultural, horticultural, aquacultural, vegetable, fruit, and floricultural product of the soil, livestock and meats, wools, hides, furs, poultry, eggs, dairy products, nuts, mushrooms, honey products, and forest products.

All CWCA loan applications must be submitted through a Certified Economic Development Organization (CEDO). For the list of CEDO’s operating within Pennsylvania, please refer to the CEDO webpage.

Business Opportunity Funds (DCED)

Provides assistance with the following: Cash flow (working capital) – Including most business operation and expansion expenses; Equipment – includes acquisition, delivery, installation, and renovation of new and used equipment; leasehold improvements; and acquisition of owner-occupied real estate.

When necessary, the participating community development financial institutions (CDFIs) will provide technical assistance to borrowers in procurement, certification as minority or women contractors, bonding and bid preparation.

You are eligible if you meet these criteria: A variety of different industry sectors are eligible for PIDA financing including manufacturing, industrial, agricultural, research and development, hospitality, defense conversion, recycling, construction, child day-care, retail and service, export, and computer-related service enterprises.

Small Diverse Business Capital Access Program (DCED)

The Small Diverse Business Capital Access Program is administered by the Pennsylvania Industrial Development Authority (PIDA) and provides low-interest loans and lines of credit to small diverse businesses that commit to creating and retaining full-time jobs within the Commonwealth. Loan applications are packaged and underwritten by a network of certified economic development organizations (CEDOs) that partner with PIDA to administer the program.

This program provides assistance with the following: Land and building acquisitions; Construction and renovation costs; Machinery and equipment purchases; Working capital and accounts receivable lines of credit.

You are eligible if you meet these criteria: A variety of different industry sectors are eligible for SDBCA financing including manufacturing, industrial, agricultural, research and development, hospitality, defense conversion, recycling, construction, child day-care, retail and service, export, and computer-related service enterprises. The business must be certified by the PA Department of General Services (DGS) as a minority-owned, woman owned, veteran-owned, or service-disabled veteran-owned business with 100 or fewer employees worldwide.

Pennsylvania Minority Business Development Authority Loan Program (DCED)

PMBDA program provides low-interest loan to businesses owned and operated by ethnic minorities for the following: Land and building acquisitions; Building construction and renovations; Machinery and equipment costs including acquisition and installation; Working capital Costs.

You are eligible if you meet these criteria: Any businesses owned and operated by ethnic minorities, except non-franchised restaurants.

Pennsylvania Industrial Development Authority Loan Program (DCED)

The PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs and for the development of industrial parks and multi-tenant facilities.  Loan applications are packaged and underwritten by a network of certified economic development organizations (CEDOs) that partner with PIDA to administer the program. It is used for the following: Land and building acquisitions; Construction and renovation costs; Machinery and equipment purchases; Working capital and accounts receivable lines of credit, Multi-tenant facility projects;  Industrial park projects.

You are eligible if you meet these criteria: A variety of different industry sectors are eligible for PIDA financing including manufacturing, industrial, agricultural, research and development, hospitality, defense conversion, recycling, construction, child day-care, retail and service, export, and computer-related service enterprises.

Disaster Assistance Program (U.S. SBA)

The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).