Ciresi introduces bills to provide banking support for small businesses and nonprofits

Pennsylvania House Democratic Caucus    May 8, 2020 | 2:03 PM

HARRISBURG, May 8 – State Rep. Joe Ciresi, D-Montgomery, today announced that he is sponsoring a pair of bills that would help small businesses and nonprofits throughout the state. The legislation would create the COVID-19 Banking on Small Business Program and COVID-19 Banking on Nonprofits Program within the Department of Banking and Securities to provide cooperation between small businesses and nonprofits and banks and credit unions for loan deferrals, repayment plans, and loan modifications.

“Many of our small businesses and non-profits are contemplating closing their doors,” Ciresi said. “They do not have the same resources as larger corporations, and many times they are missing out on pandemic relief banking opportunities only because they do not have an attorney or financial specialist on call 24/7. If we want to give them a chance to survive this pandemic, we need to make sure they have the same chances at extensions of credit and deferred loans as the bigger corporations. I am working on this pair of bills to support our hardworking small business owners and the nonprofits that need this help the most.”

The two bills would direct the attention of small businesses and nonprofits to the good work that banks and credit unions are already doing to help businesses stay afloat through extensions of credit or financial assistance in the form of deferred loans or new repayment options. Eligible small businesses and nonprofits must have been adversely impacted by the COVID-19 disaster emergency and be current on their loan or mortgage payments.

For more information contact Ciresi’s office at (484) 200-8265.

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