A List of Resources for Businesses Impacted by COVID-19
The programs and initiatives of the Coronavirus Assistance Relief and Economic Security (CARES) Act will provide small businesses with broad-ranging assistance such as paycheck protection, debt relief, disaster loans, emergency economic injury grants, and financial counseling.
Small Business Administration's (SBA) Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The goals of the program seek to:
- Pay fixed debts.
- Pay payroll.
- Pay accounts payable and other bills that can’t be paid because of the disaster’s impact.
Thanks to a $2.5 million investment from Verizon, the Local Initiatives Support Corporation (LISC) is offering grants to help small businesses. Grants of up to $10,000 are available to businesses facing immediate financial pressure because of COVID-19—especially entrepreneurs of color, women-owned businesses and other enterprises in historically underserved communities who don’t have access to flexible, affordable capital. Applications must be completed by April 4, 2020 before midnight.
The Pennsylvania Industrial Development Authority (PIDC) is offering loans to small businesses with 100 or fewer employees to support operations. As a Philadelphia-based business, you must submit your loan application the Philadelphia Industrial Development Corporation. For more information, contact Ronette Streeter at 215-496-8101 or email@example.com.
To slow the spread of COVID-19 Governor Tom Wolf ordered non-life sustaining businesses in Pennsylvania to close their physical locations as of 8 p.m. on March 19. Information on non-life sustaining business definitions as well as the waiver process can be found through state's Department of Community and Economic Development.
Microenterprise grants of $5,000 are still available for small businesses impacted by the COVID-19 pandemic through the Philadelphia COVID-19 Small Business Relief Fund. This program seeks to provide relief to small businesses in order to help them survive this crisis, help businesses retain as many employees as possible, help businesses avoid predatory lenders, and maintain the provision of goods and services for Philadelphia’s residents.