Pennsylvania Grant Program Announced for Businesses Across PA Affected by COVID-19
June 19, 2020
The COVID-19 pandemic has caused severe economic damage to businesses across the commonwealth of Pennsylvania. Businesses were forced to adapt or close altogether under Governor Tom Wolf’s orders which were aimed at reducing the spread of the deadly virus. In response to this economic disruption, the government has offered several programs to provide stimulus to businesses across the country. On June 9th, 2020, Governor Wolf announced additional relief for businesses in Pennsylvania.
The relief will come in the form of a grant program that will take money from Pennsylvania’s share of the $2 trillion coronavirus relief package passed by Congress in March. The total amount of grant funding to be distributed to Pennsylvania businesses will be $225 million. Allocation of the funding will be as follows:
- $100 million for businesses that experienced financial losses as a result of the closure of non-life sustaining businesses;
- $100 million for minority-owned businesses that sustained losses as a result of the closure of non-life sustaining businesses; and
- $25 million for community-based lenders to ensure they are able to offer forbearance to struggling businesses.
Here at Jackson Kelly, we regularly advise business clients on various grant and loan programs. If you have questions about navigating this newly announced program or other programs similar, please feel free to reach out any time and we would be happy to do anything we can to help.