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Department of Community and Economic Development (DCED) & Community Development Financial Institutions (CDFIs) – COVID-19 Relief Pennsylvania Statewide Small Business Assistance Program

Agency / Department: Department of Community and Economic Development (DCED) & Community Development Financial Institutions (CDFIs)

Resource: COVID-19 Relief Pennsylvania Statewide Small Business Assistance Program

Details: The COVID-19 Relief Statewide Small Business Assistance Program will provide $225 million in grants ranging from $5,000 to $50,000 to eligible businesses through Coronavirus Aid, Relief, and Economic Security (CARES) Act funding. The Department of Community and Economic Development (DCED) will distribute the funds to the Community Development Financial Institutions (CDFIs), which will then administer the funding in the form of grants. Funds will be administered through three programs, listed independently below.

(1) Main Street Business Revitalization Program: Provides $100 million for small businesses that experienced loss as a result of the March 19, 2020, executive order relating to the closure of all non-life-sustaining businesses and have or will incur costs to adapt to new business operations related to COVID-19.

(2) Historically Disadvantaged Business Revitalization Program: Provides $100 million for small businesses that experienced loss as a result of the business closure order, have or will incur costs to adapt to new business operations related to COVID-19, and in which socially and economically disadvantaged individuals own at least a 51 percent interest and also control management and daily business operations.

(3) Loan Payment Deferment and Loss Reserve Program: Provides $25 million to allow the CDFIs the opportunity to offer forbearance and payment relief for existing portfolio businesses that are struggling due to the impact of COVID, as well as shore up the financial position of the CDFIs that are experiencing significant increased defaults in their existing loan portfolios.

Link: https://pabusinessgrants.com/

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