Pennsylvania Covid-19 Working Capital Access Program

周三, 3月25日, Governor Wolf announced the COVID-19 Working Capital Access (CWCA) Program, a new program under the Pennsylvania Industrial 发展 Authority’s (PIDA) Small Business First Fund. 透过CWCA, PIDA has authorized making $60 million in funds available to provide 营运资本 loans of up to $100,000 to for-profit businesses with 100 or fewer full-time employees.

Here are the key details of the CWCA:

资格

Eligible businesses must:

• be a for-profit corporation, 有限责任公司, 伙伴关系, proprietorship or other legal business entity located in the Commonwealth of Pennsylvania.
• have fewer than 100 employees worldwide at the time of application.

Eligible costs include:

• 营运资本, which is considered capital used by a small business for operations (excluding fixed assets and production machinery and equipment).

Loan Amounts, Matching Investment, Job-Requirements

• Maximum loan amount is $100,000.
• No match is required except for retail/service enterprises.  For these companies, the CWCA can finance 50% of 营运资本 up to a maximum of $100,000. 请看这个链接 definition of retail/service enterprise).
• No job retention/creation requirements.

条款

• 0% interest rate for all entities except agricultural producers.
• 2% interest rate for agricultural producers 请看这个链接 definition of agricultural producers).
• Three-year term with a 12 year amortization.
• No payments due or payable in year one.
• Principal and interest, if applicable, due monthly in years two and three.
• Balloon payment at the end of year three.
• Loan will be secured by a blanket lien on all business assets currently owned or acquired in the future at the highest lien position available. 
• Loan will be guaranteed by any individual or entity with a 20% or greater ownership interest in the entity.

申请过程

• Applications are done in conjunction with certified economic development organizations (CEDOs). A CEDO serves a one county area or multicounty region.  They will work 直接 with an applicant to determine if the program can be of assistance and discuss the application process in detail. The CEDO 提交s the application to PIDA. 你也可以 find a CEDO in your county.

按此浏览 full details on the COVID-19 Working Capital Access program. 

If you need more information, please reach out to any of your contacts at Schneider Downs or contact 乔罗森塔尔 or 史蒂夫Thimons 直接.

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