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COVID-19 Business Resources Page

On this page, you can find information on


Instructional Videos for Your PPP2 Application and Forgiveness Portal Access


**Please be aware of a phishing scam going around which includes an email from a fake SBA with a malicious link to a spoofed SBA Loan Relief Webpage. Confirm any SBA disaster assistance emails by contacting (800)659-2955, or TTY (800)877-8339, or email disastercustomerservice.sba.gov. Remember- do not click on links within emails from unknown sources or links that don't look quite right!**


Paycheck Protection Program Re-Opening on January 11

The SBA and the Treasury Department have announced the re-opening of the Paycheck Protection Program, available at first only through community financial institutions starting on January 11. Key PPP Updates include:

  • PPP borrowers can set their PPP loan's covered period to be any length between 8 and 24 weeks to best meet their business needs;

  • PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;

  • The Program's eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations;

  • The PPP provides greater flexibility for seasonal employees;

  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and

  • Certain existing PPP borrowers are now eligible for a Second Draw PPP Loan.

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;

  • Has no more than 300 employees; and

  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

Visit www.sba.gov or treasury.gov/cares for more details.


Funding Opportunities for PA Small Businesses

Caress Dreams to Reality Fund  150 diverse founders will receive $1000 grants and $1500 coaching scholarships.

Hello Alice  $10,000 Grant and Mentorship

BeyGOOD Black-Owned Small Business Fund  NAACP and BeyGOOD team up to offer $10,000 grants once a month through the end of 2020.

KKR Small Business Builders  Grants designed to help small businesses as they respond to the COVID-19 crisis.


Pennsylvania COVID-19 Relief Grants for Small Businesses

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. This is not a first-come, first-served program. There will be multiple rounds of application windows, the first to open on June 30.

To be Eligibe, a Business must:

  • Be physically located, certified to do business, and generate at least 51% of revenues in Pennsylvania;

  • Have annual revenue of $1 million or less prior to the impact of COVID-19;

  • Have 25 or fewer full-time equivalent employees prior to February 15, 2020.

The program will prioritize:

  • Businesses owned and operated by low and moderate-income people;

  • Or Businesses located in areas of need including areas with a population having incomes significantly below the median income level, high levels of poverty, higher than average unemployment rates, or significant popullation loss.

  • Types of businesses that were most impacted by the economic shutdown and experienced the greatest revenue losses.

For more information and to start the application, visit https://pabusinessgrants.com/.


PIDC and the Restart Philadelphia Loan Fund

The Restart Philadelphia Fund provides $25,000 - $250,000 of flexible financing to help small businesses meet the needs related to reopening after COVID-19 and/or adapt to business models to new conditions and opportunities as a result of COVID-19. Funds could go towards working capital, inventory, technology upgrades, mobilization, re-hiring, and employee training.

Funds will be targeted to Historically disadvantaged businesses (at least 50% awarded) and businesses in high-poverty and/or low-moderate income communities.

For more information, visit www.pidcphila.com.


The Paycheck Protection Program (PPP)

We are no longer accepting PPP Loan Applications. Information on the PPP Forgiveness process will be updated as the information becomes available. If you have any questions, give us a call at (215) 634-7000. Thank you.

PPP Update

The Paycheck Protection Program Flexibility Act of 2020 states:

  • The amount of time borrowers have to spend PPP funds while remaining eligible for forgiveness has been extended from 8 weeks to 24 weeks.

  • The amount to be spent on payroll costs has been lowered from 75 percent to 60 percent, though there is no forgiveness if payroll is less than 60 percent

  • The period in which employers may rehire or eliminate a reduction in employment, salary, or wages that would otherwise reduce the forgivable loan amount has been extended to December 31.

  • Replaces the six-month deferral of payments due under PPP loans with deferral until the date on which the amount of the loan forgiveness is remitted to the lender.

  • Establishes a minimum maturity of five years for new PPP loans as opposed to the current two-year maturity date.

  • Eliminates a provision that makes PPP loan recipients who have such indebtedness forgiven ineligible to defer payroll tax payments.

PPP Forgiveness Applications:

The PPP Forgiveness Application Form 3508EZ is designed for businesses who meet any of the following three criteria:

  1. Applied for the PPP loan as self-employed, an independent contractor, or a sole proprietor with no employees.

  2. Did not reduce salary or wages for any employee by more than 25%, and did not reduce the number or hours of their employees (excepting laid-off employees who refused an offer to return).

  3. Did not reduce salary or wages for any employee by more than 25% during the covered period and experienced reductions in business activity as a result of health directives related to COVID-19.

For businesses that do not meet one of the criteria listed above:


The COVID-19 Working Capital Access Program (CWCA)

The PA CWCA is a program that will lend up to $100,000 interest free for 3 years (12 year amortization). Businesses will need to apply through a Certified Economic Development Company such as PIDC.

Visit the COVID-19 Working Capital Access Program for more information.


Other Resources For Businesses


Email Josh Mooney with any questions at jmooney@PRSBank.com.

 
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