There are numerous relief programs available to small business owners negatively impacted by the Coronavirus pandemic. We have previously posted detailed information on each these programs, which can be accessed at the “related posts” links at the bottom. The following summaries and links provide quick access to additional information. For further assistance, please feel free to contact your GYF Executive at 412-338-9300.
Paycheck Protection Program (PPP) Loans
The Paycheck Protection Program, a $349 billion emergency loan program created by the CARES Act, provides provides 100% federally guaranteed loans to small businesses left financially distressed by the Coronavirus (COVID-19) pandemic. These forgivable loans up to $10 million are designed to maintain the viability of millions of small businesses struggling to meet payroll and day-to-day operating expenses.
The loans will be administered by the Small Business Administration (SBA) and accessed at the local level by a national network of SBA-approved banks and credit unions. Click here to find an eligible lender near you.
Economic Injury Disaster Loans (EIDL)
The SBA’s Economic Injury Disaster Loan program offers loans to provide economic relief to businesses experiencing temporary loss of revenue. Loans up to $2 million are available, with an advance of up to $10,000 delivered within three days of application. This emergency advance would not need to be repaid.
SBA district and regional offices are offering webinars to explain SBA’s EIDL program and how you can apply for disaster assistance. Sign up for SBA newsletters to get updates.
PA Working Capital Access (CWCA) Loans
The COVID-19 Working Capital Access (CWCA) Program is a $60 million loan program administered by the Pennsylvania Industrial Development Authority’s (PIDA) to assist small businesses in the Commonwealth. The CWCA Program will offer loans up to $100,000 to for-profit businesses with fewer than 100 full-time employees. These low (or no) interest loans are being provided to small businesses to cover eligible working capital costs to help keep them afloat during these difficult times.
Borrowers must apply for the loan through a Certified Economic Development Organization (CEDO) in the county in which the business is located. Click here to find CEDOs by zip code.