$255 million in new grants have been allocated by Pennsylvania to support small businesses that have been impacted by the coronavirus pandemic and the subsequent state closure order, according to a staff report from the Philadelphia Business Journal.
This stems from the federal Coronavirus Aid, Relief, and Economic Security Act and was allocated from the newly enacted state budget.
The Department of Community and Economic Development will distribute the funds to Community Development Financial Institutions. They will now administer the funding through grants.
The grants can be used by eligible businesses to cover operating expenses incurred during the shutdown as well as for the transition to reopening. The funds can also be used for technical assistance, such as training and guidance for owners as they stabilize their operations and relaunch their businesses.
The money will be made available through three programs, including the Main Street Business Revitalization Program which will distribute $100 million in grants, the Historically Disadvantaged Business Revitalization Program that will also distribute $100 million, and the Loan Payment Deferment and Loss Reserve Program, that will distribute $25 million.
Guidelines will be released over the coming weeks by DCED.
Read more about the grants at the Philadelphia Business Journal by clicking here.
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