PA Offering Small Businesses Loans During COVID-19 Outbreak

pro-profit businesses with 100 full time employees or less can apply

Andrew Limberg
March 25, 2020 - 4:27 pm

Related: PA State Police Issue 17 Warnings To Non-Life-Essential Businesses Tuesday

HARRISBURG (Newsradio 1020 KDKA) - Pennsylvania Governor Tom Wolf has announced new financial assistance being made to small businesses struggling amid the COVID-19 outbreak.

The new program is under the PA industrial Development Authority’s (PIDA) Small Business First Fund, the COVID-19 Working Capital Access Program (CWCA).

The Commonwealth Financing Authority has authorized the transfer of $40 million to the Small Business First Fund for the CWCA.

The PIDA has authorized making $60 million available for low-interest loans of $100,000 or less for businesses with 100 full-time employees or less.

"My top priority is to save Pennsylvania lives, then save their livelihoods. 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. It will help provide a little peace of mind to hundreds of small business owners and their employees," Wolf said. "I will continue to develop ways to assist Pennsylvania’s business community, as well as our workforce. I also need every Pennsylvanian to step up and do their part. The best way we can preserve our economic future is by minimizing the spread of COVID-19."

The for-profit businesses eligible are defined as:

Businesses “Involved in the business-to-business service, business-to-public service, mercantile, commercial, or point of sale retail sectors. An agricultural producer is defined as a business involved in the management and use of a normal agricultural operation for the production of a farm commodity. A “farm commodity” is any Pennsylvania-grown agricultural, horticultural, aquacultural, vegetable, fruit, and floricultural product of the soil, livestock and meats, wools, hides, furs, poultry, eggs, dairy products, nuts, mushrooms, honey products and forest products.”

For more information visit the State’s website.

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