by Christin Brown | December 23, 2020 | News Releases
The Senator urged her General Assembly colleagues to authorize grants to small businesses that have been adversely affected by the pandemic.
Philadelphia, PA – December 23, 2020 – State Senator Christine Tartaglione (D-Philadelphia) applauded today’s announcement by Governor Tom Wolf of his intent to transfer $145 million from the state’s Workers’ Compensation Security Fund into the General Fund so that they may be reallocated for pandemic-related small business relief. Senator Tartaglione also urged her General Assembly colleagues to grant the legislative authorization required to appropriate the funds as grants to small businesses adversely affected by the pandemic.
“I have said throughout the COVID-19 pandemic that we must strive to protect the financial health of workers and their families in addition to their physical health,” Senator Tartaglione said. “The preservation of small businesses such as restaurants and taverns, gyms, and independent entertainment venues, which employed some 2.5 million Pennsylvanians prior to the pandemic, is vital to protecting these jobs.”
In addition to the legislative authorization requirement, the transfer carries a requirement that the Workers’ Compensation Security Fund be reimbursed the full $145 million on a later date. Since the start of the pandemic (March 11th), the Pennsylvania Department of Labor & Industry has received 12,926 new workers’ compensation claims. In 2019, the Department reported 10,071 total claim petitions.
The Pennsylvania Senate Democratic Caucus prioritized a new round of pandemic relief funding for small businesses in their initial PA CARES proposal issued in October, which included $575 million in assistance for bars, taverns, and restaurants; barbers, salons, and the personal care industry; tourism; Main Street and historically disadvantaged businesses; and nonprofit organizations. The Republican-led General Assembly took no action on this proposal and instead used $1.3 billion in remaining federal CARES Act funding to balance the state budget.
Earlier this month, Senate Democrats introduced a new $4 billion PA CARES 21 plan, which includes $800 million in relief for small businesses, with $300 million exclusively for restaurants, taverns, and others in the hospitality industry.
“These businesses are taking on massive debts just to keep their lights on and keep enough staff in place to prepare for the day when they can start rebuilding their businesses again,” Senator Tartaglione said. “They are doing everything they can to improve health protections for patrons and staff. We have an obligation to make them whole.”
For more information about the PA CARES 21 proposal, visit www.pasenate.com/pacares.
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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.
by Christin Brown | October 7, 2020 | News Releases
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.
by Christin Brown | March 18, 2020 | News Releases
The Commonwealth Financing Agency has transferred additional funding into the Small Business First program to support low interest working capital loans.
Philadelphia, PA, March 18, 2020 – State Senator Christine Tartaglione (D-Philadelphia) is advising Pennsylvania small businesses that they may be eligible for low interest loans of up to $100,000 to fulfill their working capital needs during the COVID-19/coronavirus emergency.
The Commonwealth Financing Agency (CFA) has transferred $40 million into the Small Business First (SBF) program administered by the Pennsylvania Industrial Development Authority (PIDA). This funding will be combined with $21 million from PIDA’s own resources for a total of $61 million in additional SBF funding.
“Small businesses are bearing a tremendous burden during the coronavirus emergency as they have been asked to reduce or suspend their non-essential operations and as Pennsylvania consumers have been advised to practice social distancing,” Senator Tartaglione said. “These loans will help small businesses pay their bills and keep the lights on until this public health crisis subsides.”
CFA moved $40 million from PIDA’s Machinery and Equipment Loan Fund to SBF with the support of the four caucuses of the Pennsylvania General Assembly and Governor Tom Wolf. These funds will be used to award working capital loans of up to $100,000 to businesses that employ 100 or fewer people. The current interest rate is 3.0% but the PIDA board is empowered to modify the rate.
SBF is the most logical program to assist small businesses quickly because this is already its intended purpose. It has the structure and regional infrastructure to help small businesses immediately, including partnerships with local Certified Economic Development Organizations (CEDOs) that help businesses prepare and submit applications to PIDA. As these loans have a maximum amount of $100,000, they can be approved by PIDA staff in a timely fashion providing that all application requirements are satisfied.
Information about Small Business First and other PIDA programs is available via https://dced.pa.gov/programs/pennsylvania-industrial-development-authority-pida/
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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.
