Funding Opportunity: August 17 Update

Are you in need of funding to help your business recover? Check out our list of state, federal, and local funding resources.

COVID-19 Relief PA Statewide Small Business Assistance

The COVID-19 Relief Pennsylvania Statewide Small Business Assistance program will provide grants ranging from $5,000 to $50,000 to small businesses that have been economically impacted by COVID-19. The first application window opened June 30th and closed at 11:59 PM on July 14th. The second application window opened on August 10th and will remain open for 15 business days closing at 11:59PM on August 28th. If you applied during the first application window, you do not need to reapply. Qualified applications will be automatically rolled over into the next funding round for consideration. In order to get funds to businesses in need as quickly as possible, the second application window will be the final opportunity to apply for the program

Main Street Lending Program

The Federal Reserve established the Main Street Lending Program to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic. Main Street loans are not grants and cannot be forgiven. Interested businesses will work with an eligible lender to determine if they meet the program requirements, which are available online, as well as the lender’s own underwriting standards. Recent modifications have also been made to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations.

Economic Injury Disaster Loan (EIDL)

The SBA is now accepting new applications for the Economic Injury Disaster Loan (EIDL) and EIDL Advance from eligible small businesses. Homeowners, renters and businesses impacted by the unrest in Philadelphia may be eligible for low-interest disaster loans through the SBA Disaster Loan Programs as recently announced by Governor Tom Wolf. Businesses and nonprofits can borrow up to $2 million as a Physical Disaster Loan to restore damaged or destroyed buildings, inventory, equipment and assets. Economic Injury Disaster Loans may also be used to pay fixed debts, payroll, accounts payable, and other bills that can’t be paid because of the disaster’s impact.

The PA 30 Day Fund

The Pennsylvania 30 Day Fund recently announced that it will deploy at least $100,000 for diverse small businesses who have suffered loss due to property damage and looting. The nonprofit organization provides $3,000 forgivable loans to small businesses owners who complete a simple application and submit a video. The Fund launched on May 7, 2020, and has already funded over 70 companies, including 36 minority-owned small businesses, impacted by COVID-19.

PIDC Commercial Mortgage Loan

Designed to support small businesses and nonprofits that need financing to purchase buildings that they either currently occupy or intend to relocate to, these loans will be targeted to small businesses owned by minorities, women, immigrants, veterans, or other disadvantaged populations as well as nonprofits and businesses located in low income communities.

LISC’s Small Business Grant Program

Thanks to a $55 million significant commitment grant from Lowe’s, LISC will provide emergency grant assistance with $30 million focusing on small businesses owned or led by minorities and women, who often lack access to affordable capital.  The next round will open August 31.

For additional business support and funding opportunities, visit our COVID-19 Resource Library