On June 30, 2020, a new program became available for small businesses affected by the COVID-19 pandemic. The COVID-19 Relief Pennsylvania Statewide Small Business Assistance program is a State administered program that has been allocated $225 million for COVID-19 relief.
According to the Pennsylvania Department of Community and Economic Development, the COVID-19 Relief Pennsylvania Statewide Small Business Assistance program is set up to give small businesses, which have been economically impacted by COVID-19, grants ranging from $5,000 to $50,000. The grants can be used “to cover operating expenses for the duration of the shutdown and the transition period to re-opening and to cover technical assistance, including training and guidance, for business owners as they stabilize and relaunch their businesses.”
Only certain businesses are eligible for the grants. The eligibility requirements include:
- The business must have at least 51% of its revenue generated in Pennsylvania;
- The business must have pre-pandemic annual revenues of $1 million or less;
- The business must have 25 or fewer full-time equivalent employees;
- COVID-19 must have had an adverse economic impact on the business, which makes this grant request necessary;
- The grant must be used to cover COVID-19 related costs; and
- Between June 1, 2020 and December 31, 2020, the business has not and will not receive another grant from this program.
Further, special consideration will be given to women-owned businesses and “communities targeted for business investment by state government programs . . . . At least 50% of the grants to small businesses will be awarded to Historically Disadvantaged businesses.” A full list of the eligibility requirements and other details regarding the grant can be found here. To apply for the grant, a business must apply through a Community Development Financial Institution. That list can be found here.
As always, the Business Group at Stock and Leader can help business owners navigate funding sources along with any other legal needs. Contact a member of Stock and Leader’s COVID-19 Business Response Team for further guidance: