COVID-19: Financial Resources Available Chamber News March 27, 2020 Last update 8/4/20, 8:30 a.m. Federal: The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated additional funding to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency. For more information on this program, click here. Paycheck Protection Program Overview Details for borrowers NOTE: Businesses must apply for this program directly with an approved SBA Lender. Our financial institution members The Economic Injury Disaster Loan is administered by the U.S. Small Business Association (SBA) offers low-interest federal disaster working capital loans to Pennsylvania small businesses suffering substantial economic injury as a result of COVID-19. These loans can be used to cover expenses still incurred during the shutdown period. Eligibility is based on the financial impact of the COVID-19. The interest rate is 3.75% for small businesses, and 2.75% for private non-profit organizations. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship. Find more information on SBA Disaster Loan Assistance Programs here. In addition, in response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid. NOTE: Businesses must apply for this loan directly with the SBA for this program. Download the presentation from our webinar, COVID:19 – Disaster Loans Related to Coronavirus Disruption. View our CARES Act Loan Comparison Chart State: Small Business Advantage Grant – PA Department of Environmental Protection This grant provides 50% matching grants, up to a maximum of $7,000, to enable Pennsylvania small businesses to purchase energy efficient or pollution prevention equipment, or adopt waste reduction processes. Learn more COVID-19 Relief Pennsylvania Statewide Small Business Assistance Program This program will distribute grants ranging from $5,000 to $50,000 to small businesses that have been economically impacted by COVID-19. The program is not a first-come, first-served program. There will be multiple rounds of application windows. The first round is currently closed. The second round is expected to open around August 1. The Pennsylvania CDFI Network is a coalition of 17 Community Development Financial Institutions (CDFIs) that will assist Pennsylvania small businesses through the program. MetroAction, the Chamber’s small business loan affiliate, is one of those CDFIs. Learn more Apply here PA 30 Day Fund Local: The City of Scranton is currently accepting applications for loans through its Small Business Relief Program. Reach out to your local lending institution to discuss options as it pertains to your financing needs. The Chamber’s small business lending affiliate MetroAction has small business loan programs available to assist small businesses during this time. Contact firstname.lastname@example.org for more information. NEPA Alliance and the Chamber are working in partnership to serve as a resource to all of the small businesses in our community. Our teams will work together to answer questions and complete loan documentation for COVID disaster-related assistance. NEPA Alliance also has 11 small business loan programs that are available to assist small businesses during this time. The SBDC at the University of Scranton is available to assist. Business consultants will be available via phone and real-time video conferencing on multiple platforms. Any business needing assistance can email email@example.com to get started.