Small Businesses Assistance Program Guidelines Now Available
The PA Department of Community and Economic Development has been allocated $225 million for COVID-19 relief to small businesses through a distribution to Community Development Financial Institutions (CDFIs).
DCED is contracting with a specific coalition of Community Development Financial Institutions (CDFIs) and the list of those are on the site to administer the program. The CDFI listing includes the counties of coverage. There will soon be an interactive map to refer to as well.
Businesses will apply directly to the CDFIs and final business guidelines/application procedures will be posted when DCED makes final approval of the Coalition’s proposal.
The applicant is the CDFI – not the business – the reference to “administrative fees” implies the CDFI’s assistance, not another potential organization providing application assistance.
USES:
- Grants to cover operating expenses for the duration of the shutdown and the transition period to re-opening
- Grants to cover technical assistance, including training and guidance, for business owners as they stabilize and relaunch their businesses
- Debt payment relief for CDFI Pennsylvania borrowers
- Loan loss reserves for CDFIs
The funds will be distributed in three ways:
- Main Street Business Revitalization Program: $100 million
- Historically Disadvantaged Business Revitalization Program: $100 million
Loan payment deferment and loss reserve: $25 million
