Fund Your Business During COVID-19: Jan 27 Update

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Are you in need of funding for your business or project? Check out our list of local, state, and federal resources, including the recently reopened Paycheck Protection Program, the newly announced Philadelphia COVID-19 Restaurant and Gym Relief Program, and more.  Apply soon!



The City of Philadelphia and PIDC just announced the Philadelphia COVID-19 Restaurant and Gym Relief Program, a $12 million grant program designed to provide financial relief to small businesses located in Philadelphia that have been among the most adversely affected by the latest round of pandemic-related restrictions enacted in November 2020.  Eligible businesses are limited to restaurants with indoor dining, gyms, and businesses whose primary activity is indoor exercise. The online application is now open. Applications will be accepted until 11:59 p.m. on Tuesday, February 9. The program is not first-come, first-served; applications will be awarded based on eligibility and alignment with program priorities.


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The Paycheck Protection Program


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:

Apply via Lendistry
Apply via Customers Bank

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. Check the SBA website to see when applications open.

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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.

Apply


SBA Joins PIDC to Present Latest Guidance on PPP + Emergency Funding Programs


WED, FEB 17 @ 10:00 -11:30 AM

Join PIDC as we host our partners at the Small Business Administration (SBA) in providing virtual guidance to small businesses on the latest round of the Paycheck Protection Program (PPP). Hear directly from SBA specialists, Sonia Smith and Kimberly Stout, as they offer guidance for the latest changes under the Consolidated Appropriations Act and walk you through the application. You will also learn of changes in the Economic Injury Disaster Loan (EIDL) and other benefits to small businesses. Don’t miss this opportunity to hear directly from the experts at the SBA and get your questions answered. The webinar will be repeated in three different sessions.

Register Here


Comcast RISE


Although it is not a fund, Comcast RISE is a multi-year commitment to provide marketing, creative, media, and technology services to Black, Indigenous and People of Color (BIPOC)-owned small businesses. The deadline for your small business application is February 7, 2021. Additional recipients will be chosen quarterly.

Apply

76ers Buy Black Program


The Philadelphia 76ers recently launched the Buy Black program. This immersive program has been developed to promote and market a select few Black-owned businesses that were founded in the communities in which we live, work, play and win. With access to Harris Blitzer Sports & Entertainment’s expansive reach through 76ers channels and exposure to expert marketing consultation and use of marketing assets typically reserved for larger corporate partners, the selected businesses will receive customized marketing plans that will be executed by the 76ers to grow, and sustain the success of their business. This is not a fund. Application closes on February 2nd.

Apply