On June 8, Governor Tom Wolf announced that the state will rollout a grant program to support small businesses that were impacted by the COVID-19 public health crisis and subsequent business closure order. Yesterday the Pennsylvania Department of Community and Economic Development (DCED) announced the application for the grant program will open on June 30th. Here’s what you need to know:
- The first round of applications will open on June 30th and will stay open for 10 business days. This program is not first come first serve; they will review all applications received in that 10-day period before making awards. The program will reopen for at least 2 more rounds, so there will be additional chances if you can’t apply right away.
- To qualify, businesses must have under $1 million in annual revenue, 25 or fewer full-time employees, and be compliant on state and federal taxes or on a payment plan.
- Priority will be given to businesses owned by people of color, located in low-to-moderate-income neighborhoods, or are industries especially hard-hit by the pandemic. This includes healthcare, childcare, personal care (barbershops, salons, etc.), and restaurants.
Businesses hoping to apply in the first round, are encouraged to start gathering the following documents now in order to avoid delays. At a minimum this will include:
- Government Issued Photo ID such as a Driver’s License or Passport
- Business financial information:
- Revenue from March 1st to May 31st for 2019 and 2020
- Most recently submitted Federal Tax Return. 2018 or 2019 business and personal tax returns including Schedule C
- If the business is a startup between January 1 – February 15, 2020, provide an Internal Profit & Loss Statement.
- Proof of Business Registration with PA Department of State, as applicable:
- Articles of Incorporation (for corporations and LLCs); or Fictitious Name Registration/“Doing Business As” (Sole Proprietors); or Business License (if applicable).
- Bank Account Information
Applications must be submitted through a Community Development Financial Institution (CDFI). This program will open on June 30th. If you’re thinking about applying, please review this website.