Flynn: Small Business Assistance Grants now available for Lackawanna County businesses
LACKAWANNA, June 12 – State Rep. Marty Flynn, D-Lackawanna, said the Pennsylvania Department of Community and Economic Development is now providing program guidelines and additional details for the COVID-19 Relief Statewide Business Grants.
Flynn said under the program, $225 million is available for COVID-19 relief to small businesses through a distribution to Community Development Financial Institutions for loan payment deferment, and portfolio loan loss reserves, main street business revitalization grants and historically disadvantaged business revitalization grants.
“With bills coming due, many Lackawanna County businesses are scrambling to stay afloat and these grants could possibly allow them to improve cash flow and keep their workers employed,” Flynn said.
Flynn said regional applications go through Metro Action of the Greater Scranton Chamber of Commerce which serves the counties of Carbon, Lackawanna, Luzerne, Monroe, Pike, Schuylkill, Susquehanna, Wayne and Wyoming
The funds will be available through three programs:
- $100 million for the Main Street Business Revitalization Program for small businesses that experienced loss as a result of the governor’s March 19, 2020 order relating to the closure of all non-life-sustaining businesses and have or will incur costs to adapt to new business operations related to COVID-19.
- $100 million for the Historically Disadvantaged Business Revitalization Program for small businesses that experienced loss as a result of the business closure order, have or will incur costs to adapt to new business operations related to COVID-19, and in which socially and economically disadvantaged individuals own at least a 51 percent interest and also control management and daily business operations.
- $25 million for the Loan Payment Deferment and Loss Reserve Program, which will allow the CDFIs the opportunity to offer forbearance and payment relief for existing portfolio businesses that are struggling due to the impact of COVID, as well as shore up the financial position of the CDFIs that are experiencing significant increased defaults in their existing loan portfolios.
Eligible businesses with 25 or fewer employees may receive a maximum grant of $50,000 so long as the business was in operation on Feb. 15, 2020 and, if required paid income taxes to the state and federal government, as reported on individual or business tax returns; COVID-19 has an adverse economic impact and makes this grant request necessary to support the ongoing operations of the applicant; the grant will be used to cover COVID-19-related costs; and between June1, and Dec. 31, the applicant has not and will not receive another grant under this state program.
For more information visit www.dced.pa.gov