Small businesses impacted by the COVID-19 public health emergency can apply now for low-interest state loans, according to Senator Joe Scarnati (R-25).
Scarnati explained that $61 million was made available for small businesses through the COVID-19 Working Capital Access Program. This program will feature a low interest rate, no application fees, and payments and interest waived during the first year of the loan. Loans of up to $100,000 will be available for small businesses with 100 or fewer full-time employees to use as working capital.
The program is being administered by the Pennsylvania Industrial Development Authority (PIDA), which said it intends for the turnaround time for loan approval to be a matter of days. Program guidelines and additional information is available at https://dced.pa.gov/programs/covid-19-working-capital-access-program-cwca/.
Business owners who are interested in applying should contact their local Certified Economic Development Organization (CEDO). A list of CEDOs is available at https://dced.pa.gov/cedo/.