03/27/2020
We can help with the COVID-19:
Small Business Relief Programs
FEDERAL
SBA DISASTER LOAN ASSISTANCE (Federal Disaster Loans for Businesses, Private Nonprofits, Homeowners and Renters)
Businesses may be eligible for an SBA Economic Injury Disaster Loan (EIDL) if they have suffered substantial economic injury and are a Small Business, Small Agricultural Cooperative or Most Private Nonprofit Organizations. Businesses will be eligible for a loan up to $2,000,000 with an interest rate not to exceed 4% per year.
*The Deadline to return economic injury disaster loan applications is December 21, 2020*
PRIVATE COMPANY PROGRAMS
FACEBOOK
Businesses who have experienced disruptions in normal business activities will be able to apply for cash grants and ad credits. They will be offering $100,000,000 in cash grants and ad credit to up to 30,000 eligible small businesses in the United States and abroad where Facebook operates.
PENNSYLVANIA
PHILADELPHIA COVID-19 SMALL BUSINESS RELIEF FUND
This fund offers a mix of grants and zero-interest loans for businesses that make under $5 million in annual revenue. It’s a three tiered fund and what relief you qualify for depends on your revenue level.
Microenterprise Grants - $5,000 per business for businesses with less than $500,000 in annual revenue.
Small Business Grants – Up to $25,000 per business for businesses with annual revenue between $500,000 and $3,000,000
Small Business Zero-Interest Loans – Up to $100,000 per business for businesses with annual revenue between $3,000,000 and $5,000,000
Businesses can apply for all three tiers here . Applications will be reviewed on a rolling basis and once all materials are received they expect a decision to take about two weeks.
PHILADELPHIA INDUSTRIAL DEVELOPMENT CORPORATION (PIDC)
Business Builder Loans
Tax Advantaged Financing
Grants Administration
(Redevelopment Assistance Capital Program (RACP), Stormwater Grants Program and Soak it up Adoption Program
PENNSYLVANIA DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPMENT (DCED)
COVID-19 WORKING CAPITAL ACCESS PROGRAM (CWCA) -- DCED is offering working capital for the purposes of assisting with operations, excluding fixed assets, and the production of machinery and equipment. There will be a limit of $100,000 for each loan and interest rates could vary from 0%-2%. The PIDA partners with a network of nonprofit organizations called Certified Economic Development Organizations (CEDOs) to administer the CWCA loan program. The loan application will need to be submitted to the PIDA Office by the CEDO for final approval.
PENNSYLVANIA INDUSTRIAL DEVELOPMENT AUTHORITY (PIDA)
PIDA is currently putting together the Small Business First Fund to make $61,000,000 available for business assistance. Funds can be used for working capital loans of up to $100,000 given to small businesses (any maybe nonprofits) who employ 100 or fewer people. Currently the interest rates are set at 3% but the PIDA board can adjust the interest rates as low as 0%. More information will be available in the next coming days.
PIDA also provides low-interest loans and lines of credit for eligible businesses that create and retain full-time jobs for the development of industrial parks and/or multi-tenant facilities.
KIVA
Gives Entrepreneurs access to zero-percent interest small business loans through a crowdfunding platform, including some at no-interest.
FINANTA
Gives Entrepreneurs affected by COVID-19 and other emergencies Loans that range from $5,000 to $15,000 without incurring any closing fees.
NEW JERSEY
NJ ECONOMIC DEVELOPMENT AUTHORITY (NJEDA)
New Jersey passed legislation to make grants available for business to provide working capital and meet payroll requirements, among other things during this crisis.
NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHORITY (NJHCFFA)
DELAWARE
DELAWARE DIVISION OF SMALL BUSINESS
PROGRAM TO HELP THE HOSPITALITY INDUSTRY
The State of Delaware has set up the Delaware Hospitality Emergency Loan Program (HELP) to offer no-interest loans for Delaware hospitality businesses who are adversely affected by COVID-19. The Division will make no-interest loans of up to $10,000 per business per month to eligible businesses. Currently, it is limited to specified NAICS codes and you must have been in business for at least 12 months and generating revenue under $1,500,000.
