COVID-19 RELIEF PA STATEWIDE
SMALL BUSINESS ASSISTANCE



 

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COVID-19 Relief Pennsylvania Statewide
Small Business Assistance Grant Program
The program
provides grants to
those who have
been economically
impacted by
COVID-19.

$100
MILLION
for “Main Street”
businesses

$100
MILLION
for historically
disadvantaged
business owners

$25
MILLION

in forbearance to existing portfolio
businesses to shore up their loan
loss reserves

In total, 17 CDFIs across the
state of Pennsylvania, were
assigned to assist small
businesses throughout PA
access these grant funds.

PA CDFI Network

3

 Program Eligibility
To Be Eligible to Apply
a Business Must:
•

Be physically located, certified to do business, and
generate at least 51% of their revenues in
Pennsylvania

•

Have annual revenue of $1 million or less prior to the
impact of COVID-19

•

Have 25 or fewer full-time equivalent employees
prior to February 15, 2020

PA CDFI Network

4

 Program Prioritization
The Program Will Prioritize
Small Businesses That Are:
•

Owned and operated by low and moderate-income people

•

Located in areas of need including areas with a population
having incomes significantly below the median income level,
high levels of poverty, higher than average unemployment
rates or significant population loss

•

Types of businesses that were most impacted by the
economic shutdown and experienced the greatest revenue
losses

•

Additional consideration to the following factors: womenowned businesses, communities targeted for business
investment by state government programs, like Main Street
and Elm Street, and rural communities.

PA CDFI Network

5

 Program Prioritization:
Historically Disadvantaged Businesses

At least 50% of the grants to small businesses will be
awarded to Historically Disadvantaged businesses.
Historically Disadvantaged businesses are at least 51%
owned and operated by persons who are Black, Hispanic,
Native American, Asian American or Pacific Islander
because they have traditionally been discriminated against
when seeking financial services and financial products.

PA CDFI Network

6

 Grant Amounts

• The amount of grant
funding ranges from
$5,000 to $50,000.
• Businesses are eligible
based on their annual
revenues as documented
in their most recent
tax return.

PA CDFI Network

7

 Applications Received

62,465
TOTAL APPLICATIONS

Over
$1 Billion
REQUESTED

$400
Million

38%

of applications
from womenowned
businesses

requested from Historically
Disadvantaged businesses

31,537
30%

of applications
from targeted
industries

HISTORICALLY
DISADVANTAGED
APPLICATIONS

56%
of Historically Disadvantaged applications were
small businesses grossing under $50,000
PA CDFI Network

8

 Applications Funded

10,306
APPLICATIONS FUNDED

$192.5
Million
FUNDED

$96.2
Million

62%

of applications
from womenowned
businesses

94%

of applications
from targeted
industries

to Historically
Disadvantaged businesses

5,331
APPLICATIONS FROM CDFIELIGIBLE TRACKS

67%
of Historically Disadvantaged applications funded
had greater than 75% in losses
PA CDFI Network

9

 Historically Disadvantaged Businesses Funded

5,309

APPLICATIONS FUNDED

$96.2
Million
FUNDED

3,473

58%

of applications
from womenowned
businesses

93%

of applications
from targeted
industries

Did Not Receive Any Previous
COVID-19 Funding

3,298
APPLICATIONS FROM CDFIELIGIBLE TRACKS

67%
of Historically Disadvantaged applications funded
had greater than 75% in losses
PA CDFI Network

10

 Unfunded Applications By County

• Applications were
received in all 67
Pennsylvania counties
• Applications remain
unfunded in all 67
Pennsylvania counties
• Philadelphia County
added $20 million
• Allegheny County added
$20 million

PA CDFI Network

11

 Thank you!