Tartaglione Provides Update on COVID-19 Relief Funding for Small Businesses in and Around the 2nd District
To date 258 local business have received or will soon receive $4.5 million in grants through the Statewide Small Business Assistance program.
Philadelphia, PA – October 7, 2020 – State Senator Christine Tartaglione today announced that 258 small businesses in and around the 2nd Senate District have received or will soon receive a combined $4.5 million in COVID-19 relief funding through Statewide Small Business Assistance (SBA), a $225 million program created by the General Assembly in May through its comprehensive PA CARES legislation.
These local businesses spanning portions of North and Northeast Philadelphia are among about 900 citywide and more than 4,100 across the state that have received grants ranging from $5,000 to $50,000 or have completed a verification process that will enable them to obtain their approved funding imminently.
“Pennsylvania businesses and their employees have worked very hard and made many sacrifices that have enabled the Commonwealth to reduce the spread of COVID-19,” Senator Tartaglione said. “As they continue their difficult reopening process, it is crucial that we provide them with resources to catch up financially and to operate safely moving forward.”
In all, more than 10,000 Pennsylvania businesses have received preliminary approval for a combined $192 million in grants through two rounds of SBA funding. Businesses in all 67 Pennsylvania counties have been approved. In Philadelphia, about 1,200 businesses have received preliminary approval. Additional verifications will be announced as they occur.
As adopted by the General Assembly and implemented by the administration of Governor Tom Wolf, the SBA program prioritized applicant businesses owned by low- or moderate-income individuals; those owned by women or minorities; those in communities with relatively high poverty rates, low median incomes, high unemployment rates, and high population loss; those in designated revitalization areas; those in rural areas; and those operating in business sectors most-impacted by the pandemic.
The program is being administered through 17 nonprofit Community Development Financial Institutions (CDFIs) that have been certified by the Commonwealth and whose primary activity is providing financing options for small businesses.
As of October 4, $76.8 million in SBA grants had been distributed or received final approval for distribution statewide, while $16 million had been distributed or received final approval for distribution in Philadelphia.
For more information about the program and a listing of the verified grant recipients, visit https://pabusinessgrants.com/
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If you would like more information about this topic, please contact William Kenny at 215-533-0440 or William.Kenny@pasenate.com.