Fund Your Business During COVID-19: Feb 26 Update

Are you in need of funding for your business or project? Check out our list of local, state, and federal resources, including new programs such as the Shuttered Venue Operators Grant, the PA COVID-19 Hospitality Industry Recovery Program, and more. Apply soon!

The Paycheck Protection Program

JUST ANNOUNCED: Starting  Wednesday, February 24, SBA is opening a 14-day PPP loan application period exclusively for businesses with fewer than 20 employees.

The Paycheck Protection Program (PPP) is a U.S. Small Business Administration (SBA) loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. The SBA and U.S. Treasury Department reopened the Paycheck Protection Program loan portal today. This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan. Read SBA’s updated rules and regulations before you apply.

You may find a PPP lender using SBA’s Lender Match tool or apply through one of the following PIDC partners:

Economic Injury Disaster Loans

New funding has also been made available for the Small Business Administration’s (SBA) Economic Injury Disaster Loans (EIDL). Recently, SBA announced that the deadline to apply for the EIDL program for the #COVID19 pandemic disaster declaration has extended to December 31, 2021. To date, SBA has approved $197 billion in low-interest loans which provide U.S. small businesses, nonprofits and agricultural businesses working capital funds. Loans are offered at affordable terms, including a 3.75% interest rate for small businesses and 2.75% for non-profit organizations, a 30-year maturity, and an automatic deferment of one year before monthly payments begin.


Shuttered Venue Operators Grant

The Shuttered Venue Operators (SVO) Grant program was established by The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues, to be administered by the Small Business Administration’s Office of Disaster Assistance.

Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. Those who are interested in applying will need to register in the U.S. government’s System for Award Management at Watch this video tutorial to learn about the registration process. Check the SBA website for an announcement on when the applications will open.

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Comcast RISE

Comcast recently announced the Comcast RISE Investment Fund, providing $5 million dollars of grants to hundreds of Black, Indigenous, and People of Color (BIPOC)-owned, small businesses. Beginning on March 1 through March 14, eligible businesses in Atlanta, Chicago, Detroit, Houston and Philadelphia specified areas can apply for a $10,000 grant at A total of 100 grants per city, or 500 grants overall, will be awarded in May 2021. The Investment Fund is the latest extension of Comcast RISE, the multi-year, multi-faceted initiative launched in October 2020 that initially focused on black-owned, small businesses and then extended to BIPOC-owned to help those hardest hit by COVID-19.

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The Stavros Niarchos Foundation (SNF) Small Business Growth and Recovery Fund Grant Program

The National Community Reinvestment Coalition just announced the launch of the Stavros Niarchos Foundation (SNF) Small Business Growth & Recovery Fund grant program. The initiative offers U.S.-based small businesses up to $20,000 each, which does not need to be repaid, along with virtual training and mentorship. The program seeks to help U.S. small businesses find their footing in an acutely challenging economic landscape, focusing on those owned by people of color, women, and veterans as well as those in lower-income communities. The application period will remain open now until March 19th at 11:59 PM EST.


Illuminate the Arts Grant

Councilmembers Isaiah Thomas (At Large) and Katherine Gilmore Richardson (At Large) just announced that they have created the “Illuminate the Arts” grant as part of City Council’s New Normal Budget Act. The Illuminate the Arts Grants is a total of $1M to be distributed to individual artists, mid-size nonprofits and small businesses, administered through the Office of Arts, Culture and the Creative Economy. Through the input of the Arts and Culture Task Force as well as the arts and culture community, the application process and requirements will be uniquely geared to meet the needs of this community and provide relief quickly and efficiently.  Once the transfer ordinance is passed and OACCE hires a temporary full-time position for grant administration, expected mid-March, the grants will officially open. The Office of Arts, Culture and the Creative Economy’s website will house future announcements and information about the grant application process.

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PA COVID-19 Hospitality Industry Recovery Program (CHIRP)

The Pennsylvania COVID-19 Hospitality Industry Recovery Program (CHIRP) is a new $145 million Statewide fund created by the Commonwealth of Pennsylvania to alleviate revenue losses and pay eligible operating expenses for certain businesses in the hospitalty industry severely impacted by the COVID-19 pandemic. Philadelphia County is receiving approximately $17.9M in funding to provide grants to eligible businesses through this program. Grants may be awarded between $5,000 – $50,000 with an average grant expected to be $25,000. Application period will open on March 15th.

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Main Street Strong Accelerator Program

DoorDash’s Main Street Strong Accelerator Program is an initiative providing financial support and specialized educational resources to women-, immigrant- and people of color-owned businesses, that have been disproportionately impacted by the COVID-19 pandemic. Applications are open to restaurant owners and operators who are operating three or fewer restaurant locations, have been operating for 2 or more years, and have 50 employees or fewer across all locations. Applications are open now until March 2, 2021.


For more information, register to attend upcoming PIDC information sessions covering these funding opportunities.

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