Small businesses still trying to recover from the impact of the COVID-19 health crisis are being given a new tool in that effort.
Governor Tom Wolf has announced a $225 million statewide grant program that was allocated from federal stimulus funds through the recently enacted state budget.
“After months of coming together as a Commonwealth to protect ourselves against this virus, light is finally at the end of the tunnel,” Wolf said. “However, as we begin to emerge from our homes and walk down the streets of our town again, we must do more. If we fail to assist the small businesses we rely on, the landmarks on our Main Streets, we’re going to be walking by empty windows, leaving the fabric of our communities behind.”
The funding will be administered by the Department of Community and Economic Development through three programs including $100 million for the Main Street Business Revitalization Program, $100 million for the Historically Disadvantaged Business Revitalization Program, and $25 million for the Loan Payment Deferment and Loss Reserve Program.
“Businesses will be able to use the grants to cover operating expenses during the shutdown and to help them in their transition to reopening,” Wolf said. “The grants will also cover technical assistance, including training and guidance for business owners as they stabilize and re-launch their businesses.”
A previous $60 million state Business Loan Program has helped nearly 750 businesses across the state.
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