Pennsylvania has approved $60 million in aid to assist small businesses that have been affected by the coronavirus crisis, writes Kennedy Rose for the Philadelphia Business Journal.

The COVID-19 Working Capital Access Program will provide up to $100,000 in loans to small businesses with 100 or less full-time employees.

“My top priority is to save Pennsylvania lives, then save their livelihoods,” said Governor Tom Wolf. “I am utilizing every resource available to assist Pennsylvania’s business during this incredibly difficult time, and this small business funding availability is a step in the right direction.”

In an effort to slow the spread of COVID-19, Wolf ordered the closure of all non-life-sustaining businesses earlier this month. Consequently, unemployment claims in the state shot up as many businesses were forced to close their doors.

Loan applications for the program have to be made through a Certified Economic Development Organization. These funds can be used for operating expenses, minus fixed assets and production machinery and equipment.

The three-year loans have a 0 percent interest rate except for agricultural producers, which have a fixed two percent interest rate for the duration of the loan.

Read more about the loan program at the Philadelphia Business Journal by clicking here.

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Top photo credit: cmfgu PA State Capitol & red water fountain via photopin (license)