Conklin announces small businesses can apply for CARES act funding tomorrow; funds to help offset pandemic, shutdown order losses
STATE COLLEGE, June 29 – Small businesses adversely impacted by the pandemic can begin applying for the COVID-19 Relief Statewide Small Business Assistance Program starting tomorrow, June 30, state Rep. Scott Conkin announced.
Conklin, D-Centre, said the program will provide $225 million in grants to eligible small businesses to cover operating expenses incurred during the state’s shutdown order and the transition to reopening. The funding can also be used for training and guidance for business owners as they work toward reopening, Conklin added.
“Our small businesses are truly the lifeblood of our communities, and this funding will assist them in their efforts to recover from the pandemic and get back on their feet,” Conklin said. “I highly encourage eligible small businesses to apply for this assistance, and to please reach out to my office if you need assistance.”
Conklin said the funding will be available through three specific programs:
- $100 million for the Main Street Business Revitalization Program for small businesses that experienced loss as a result of the March 2020 order relating to the closure of all non-life-sustaining businesses, including those businesses that have or will incur costs to adapt to new business operations.
- $100 million for the Historically Disadvantaged Business Revitalization Program for small businesses that experienced loss as a result of the business closure order and costs incurred related to reopening, and in which socially and economically disadvantaged individuals own at least a 51% interest and also control management and daily business operations.
- $25 million for the Loan Payment Deferment and Loss Reserve Program, which will allow Community Development Financial Institutions the opportunity to offer forbearance and payment relief for existing portfolio businesses struggling due to the pandemic’s impact.
The first application window for the funding will remain open for 10 days, Conklin added. After that time, applications will continue to be accepted and considered for future rounds of funding. All applications will be prioritized and selected for funding, based on the program criteria listed above.
Eligible small businesses can apply by using the following link: https://pabusinessgrants.com/.