Gov. Wolf Announces $225 Million Grant Program for Small Businesses Impacted by COVID-19

Governor Tom Wolf today announced a $225 million statewide grant program to support small businesses that were impacted by the COVID-19 public health crisis and subsequent business closure order.

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.

Eligible businesses will be able to use the grants to cover operating expenses during the shutdown and transition to re-opening, and for technical assistance including training and guidance for business owners as they stabilize and relaunch their businesses.

The funds will be available through three programs:
  • $100 million for the Main Street Business Revitalization Program for small businesses that experienced loss as a result of the governor’s March 19, 2020 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;
  • $100 million for the Historically Disadvantaged Business Revitalization Program 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.
  • $25 million for the Loan Payment Deferment and Loss Reserve Program, which will 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.

Read more here .
President Signs Paycheck Protection Program Flexibilty Act

On Friday, President Donald Trump signed legislation to amend the small business forgivable loan program known as the Paycheck Protection Program that was created in response to the COVID-19 pandemic. The newly signed Paycheck Protection Program Flexibility Act of 2020 – which received nearly unanimous support in Congress (with only one dissenting vote in the U.S. House) reshapes the March law, generally making it easier for businesses to qualify for loan forgiveness:
 
  • It extends the loan forgiveness period from 8 to 24 weeks
  • Replaces the 75/25 rule with a 60/40 rule, regarding the amount of loan proceeds required to be utilized for payroll costs
  • All new PPP loans will receive a 5-year maturity rate (existing loans have a 2-year maturity rate)
  • The bill allows businesses that receive forgiveness to also receive payroll tax deferment
  • It ensures small businesses won’t be penalized by high unemployment benefits
  • It creates a safe harbor for businesses that are required to open at only 50 percent capacity
Breaking News: Paycheck Protection Program (PPP)
Loan Terms Updated

Wed., June 10, 2020, 12:00 PM ET
 
Presented by: Elizabeth Milito, Senior Executive Counsel, Legal Foundation, NFIB, Holly Wade Director, NFIB Research Center
 
FEDEX Support Small Business Grant

Are you still in need of a grant for your small business? FedEx is providing 200 small businesses with a $5K grant, plus a $500 credit from FedEx Office that can be used for printing banners, posters, floor graphics, custom branded boxes, and more. The application process is from May 25-June 12. 

 Apply  before it's too late!
$3,000 Forgivable Loans

The Pennsylvania 30 Day Fund is a non-profit recently launched to provide forgivable loans of $3,000 to Pennsylvania small businesses struggling as a result of the COVID-19 pandemic. Eligibility criteria is simple:
 
  • Employs between 3 and 30 people
  • Based in Pennsylvania and operating for at least a year
  • Owned and operated by a Pennsylvania resident
  • Operate as a forprofit business.
 
Eligible employers must complete a  short application   and submit a video detailing how they could benefit from the funding. The funds do not need to be repaid. However, business owners who are able may choose to "pay it forward" by paying the proceeds back to the Fund to be used by other small businesses.
 
Additional questions about the PA 30 Day Fund can be directed by Maia Comeau at  maia@comeaucompany.com .
Staff Available by Appointment

While we will continue to return calls and respond to emails as quickly as possible, we are now available at the office by appointment. Let us know if you need to meet with us.
Looking at Reopening??
Attend this FREE SCORE Seminar
 
"A New Way To Look At Marketing"  
Thursday, June 18, 2020 from 5:30 PM to 7:30 PM EDT
 
Marketing is likely the "second science" proposed and studied in business schools. Most people will agree that accounting and numbers were the "first science", but few will dispute that you cannot generate numbers for a company if you don't market the product. Marketing has long been recognized as part science and part magic.

There are many facets to marketing...some would call it to sales, others would say that it's advertising. In fact, marketing is sales, advertising, and much more. This workshop A New Look At Marketing will cover the following topics:

1.    Brand & trademark development
2.    Using a website & controlling SEO
3.    Online company listings (other than your website)
4.    How to use email marketing
5.    Using social media
6.    How to use print marketing

The workshop covers the traditional aspects of marketing, but also offers a no nonsense look at the new media. The purpose of the workshop is to give you the opportunity to reassess your marketing strategy or to refresh your current strategy to address the post COVID world.
 
Co Sponsored by Schlow Centre Region Library
 

Bringing PA Back: Business Readiness Webinar Series 
Recordings and Material



This webinar series was very informative and is a great resource for you as you reopen your business.

Part I: Overview of State Guidelines and Review of Phased Opening – the definitions of green, yellow and red guidelines as well as the latest updates from the state and national levels, including CDC guidance.
Part II: Prepare Your Workplace: Cleaning, Sanitation, PPE Equipment – what sanitation protocols companies should follow before opening; what PPE equipment is required by employees and customers such as masks.


Handouts


Part III: Human Resources and Healthcare Considerations – HR guidelines for employees and staff; setting up safety and travel policies, communicating to employees and customers; how to handle healthcare.


Handouts

 
Part IV: Litigation and Liability Issues in Reopening – potential legal issues facing companies from all of the recent state and federal revised laws (UC, FMLA); best guidance to protect your business from issues arising from public concern/complaint/questions about compliancy.


Handouts


Part V: Recovery Process for Key Areas of Your Business – a review of the many other areas companies must consider as they reopen, including financial guidance, IT and cybersecurity issues, supply chain and operations stability, customer demand planning and generation.

There is no recording available at this time.

Handouts

Small Business Development Center Webinars

R3: Designing a Resiliency Roadmap for 30/60/90 Days
Beginning Monday, June 29

This 4-part series will address small business Re-evaluation, Recovery, and Regeneration strategies in the introductory workshop followed by check-ins at the 30-60-90 day marks. The R3 program will give business leaders a chance to learn from experts, network with other businesses, and create a new way of doing business.


Refining the Retail New Normal Recorded Webinar Series
Host: Penn State Extension

Click here to download.
Click here to download.
Click here to download.


Click here to download the Independent Contractors Guide
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to download
the Small Business Guide
& Checklist.
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No more applications are being accepted.
DISASTER ASSISTANCE PROGRAMS


The U.S. Small Business Administration  is offering designated states and territories low-interest federal disaster loans of up to $2 million for working capital to small businesses suffering substantial economic injury as a result of COVID-19. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.

Currently not accepting applications.


The Coronavirus Aid, Relief, and Economic Security (CARES) Act has allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to eligible small businesses during this time.



Huntingdon County Strong:
Business and Community Resources

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Yvonne Martin
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MacKenzie Huntsman
Program Director



Phone: 814-643-1110
Fax: 814-643-1115
    
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