As result of the COVID-19 outbreak, local and state government are announcing assistance programs for small businesses Impacted by COVID-19
SBA Paycheck Protection Program (PPP)
- The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
- SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
- The Paycheck Protection Program will be available through June 30, 2020.
- Amount of loan equals 2.5X monthly payroll up to limits
- Apply Here
- Business Loan Program Temporary Changes; Paycheck Protection Program (NEW 6.18.2020)
- Paycheck Protection Program Requirements Loan Forgiveness
- Paycheck Protection Program-SBA Loan Review Procedures and Related Borrower and Lender Responsibilities
SBA Economy Injury Disaster Loan (EIDL)
- Offers up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
- SBA also can give $10K in advance to the applicant and this amount specifically is forgivable.
- FAQ: Paycheck Protection Program and Economic Injury Disaster Loans
- Apply Here
The PHL COVID-19 Fund --Updated 5.12.2020
The PHL COVID-19 Fund rapidly deploys solutions and resources to help our nonprofit community navigate near- and longer-term impacts of COVID-19 and ensure that critical resources remain available and readily accessible for those in our community who have the greatest needs and who are most disproportionately affected.
COVID-19 Facebook Small Business Grant Program--Updated 5.12.2020
Facebook has announced $100M in cash grants and ad credits to help support for Businesses through the Coronavirus outbreak
Resources and Updates for Small Businesses
- Important UPDATED Paycheck Protection Program Guidance- Details (PPP Resumed April 27, 2020)
- Digitize your business to cope with covid. Details. (4.04.2020)
- NewPhilly launches COVID-19 small business relief fund with more than $9 million available. Details. (CLOSED)
- NSF SBIR/STTR Phase I’s & COVID-19 Innovations: NSF is now accepting project pitches from small businesses to develop new technologies, products, processes, and services with the potential to impact the nation’s and world’s ability to respond to #COVID-19. (CLOSED)
Free webinar: Navigating the CARES ACT: Part #2. SBA Funding Programs & Guidelines
This event was held in April, the recording session can be accessed here.