Financing support is vital to your business during this challenging time. We are here to guide you in the right direction as you seek solutions.
Paycheck Protection Program (PPP)
Funding for the Paycheck Protection Program closes June 30th.
The Paycheck Protection Program established by the CARES Act, is implemented by the Small Business Administration with support from the Department of the Treasury. This program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
Economic Injury Disaster Loan (EIDL)
On June 15, SBA began accepting new EIDL and EIDL Advance applications.
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are able to apply for an Economic Injury Disaster Loan (EIDL) Advance of up to $10,000. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid.
Main Street Lending Program
The Federal Reserve established the Main Street Lending Program (Program) to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic.
IRS COVID-19 Related Tax Credits
Eligible Employers may claim tax credits for qualified leave wages paid to employees on leave due to paid sick leave or expanded family and medical leave for reasons related to COVID-19 for leave taken beginning on April 1, 2020, and ending on December 31, 2020.
COVID-19 Relief Statewide Small Business Assistance
The COVID-19 public health crisis has impacted every Pennsylvanian in every community. The recently enacted state budget includes $2.6 billion in federal stimulus funds through the Coronavirus Aid, Relief, and Economic Security Act (CARES).
Application window for the first round of funding is expected to open on June 30th and remain open for 10 business days. Applications will continue to be accepted after 10 business days but will be considered for future rounds of funding. Additional rounds will be announced soon.
Within this allocation, the Department of Community and Economic Development has been allocated $225 million for COVID-19 relief to small businesses through a distribution to Community Development Financial Institutions (CDFIs).
Pennsylvania Industrial Development Authority (PIDA) Low-Interest Loans
The PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs and for the development of industrial parks and multi-tenant facilities. Loan applications are packaged and underwritten by a network of certified economic development organizations (CEDOs) that partner with PIDA to administer the program.
Contact the Lebanon Valley Economic Development Corp. for any questions or application assistance.
The Pennsylvania 30 Day Fund Offers 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 for-profit business.
Governor Wolf Announces DCED Loan Forbearance
In order to help businesses that have been affected by the coronavirus, the Department of Community and Economic Development announced on April 16, the forbearance of May and June payments for many loans administered by the department. On June 26, DCED man another announcement that payments due in July, August, and September of 2020 are deferred. Deferrals will also be requested for borrowers with the Ben Franklin Technology Development Authority, the Commonwealth Financing Authority (excluding PENNWORKS program loans), the Pennsylvania Industrial Development Authority, and the Pennsylvania Minority Business Development Authority.
Independent Contractors: Guide to CARES Act Relief
If you are an independent contractor or self-employed individual, you may be eligible for Paycheck Protection Program (PPP) loans/grants, SBA’s Economic Injury Disaster Loans (EIDL), and/or Unemployment Compensation for losses of income related to the coronavirus pandemic.
City of Lebanon Small Business Recovery Assistance Program
From June 24, - July 8, 2020, the City of Lebanon will begin accepting applications for a new loan program created to provide recovery assistance to small businesses struggling under the financial impact of COVID-19. The Lebanon City Small Business Recovery Assistance Program, developed by the administration of Mayor Sherry Capello with assistance from Community First Fund, is designed to help small “mom and pop” businesses within the City of Lebanon.
Community First Fund Small Business Loans
We’re here for you in these uncertain times and we want to help see your business through the COVID-19 crisis. Community First Fund offers financing to small businesses in moderate to low income communities in central and eastern Pennsylvania. We focus on business loans for minorities, women, nonprofit organizations, community development, educational opportunity, access to food and healthcare resources, and affordable housing… all intended to help build healthy communities.