SBA Paycheck Protection Program
The Paycheck Protection Program provides forgivable loans through the existing 7(a) loan program for small businesses for payroll costs, rent and mortgage obligations, and utilities. Businesses with fewer than 500 employees who maintain their payroll by keeping employees or rehiring them before June 30, 2020, are eligible for these loans to be forgiven by the federal government. The principal, processing, and fees from the loan can be forgiven.
Loans are available for up to 250% of your monthly payroll expenses and will be forgivable if you meet the payroll maintenance criteria. You will owe money on your loan if you use it for purposes other than those specified above. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
Program Application (revised June 2020)
FAQs on Loan Forgiveness (updated 8/4/20)
Program FAQs (updated 6/25/20)
SBA Economic Injury Disaster Loan
Pennsylvania small businesses are eligible for Economic Injury Disaster Loans (EIDL) administered through the U.S. Small Business Administration. Eligible businesses can receive up to $2 million at an interest rate of 3.75%
If you already applied and would like to request status on your application, you will need to contact the Costumer Service Center 800-659-2955 or e-mail them to: email@example.com
Employee Retention Tax Credit
The Employee Retention Credit is a fully refundable tax credit for employers equal to 50 percent of qualified wages (including allocable qualified health plan expenses) that Eligible Employers pay their employees. This Employee Retention Credit applies to qualified wages paid after March 12, 2020, and before January 1, 2021. The maximum amount of qualified wages taken into account with respect to each employee for all calendar quarters is $10,000, so that the maximum credit for an Eligible Employer for qualified wages paid to any employee is $5,000.
SBA Express Bridge Loan Pilot Program
Small businesses that already have a relationship with an SBA Express Lender are eligible to participate in the Express Bridge Loan Pilot Program. This program provides up to $25,000 to a business in need of immediate cash assistance while awaiting approval of their EIDL application.
For current SBA Serviced Disaster (Home and Business) Loans: If your disaster loan was in “regular servicing” status on March 1, 2020, the SBA is providing automatic deferments through December 31, 2020. Learn more here.
Guidance for Businesses
Contact SBA Regional Office
SBA Eastern Region - King of Prussia, PA
SBA is offering a noon webinar Monday through Friday through April 17. The webinar explains the programs and allows time for Q&A. Offered in partnership with SCORE Chester Delaware Counties, participation is via Zoom. Join here.
Your local SBDC can assist your business in accessing capital, including navigating the SBA. Find the SBDC nearest you here.
PA Reopening Guidance for Businesses (05/04/20)
PA Construction Indsutry Guiance (04/23/20)
If your business is continuing its physical operations it is imperative that your employees continue using containment practices to prevent the spread of Coronavirus. Please print the guidance below and share it with your employees to do your part to slow the spread.
Click here to print social distancing guidelines for your workplace.
Targeted Distribution of COVID-19 Supplies (Pennsylvania)
April 8 - Governor Wolf issued an Order to provide healthcare providers with medical supplies. The order mandates that private, public and quasi-public health care providers and facilities, as well as manufacturers, distributors and suppliers of PPE, pharmaceuticals and other medical resources located within the commonwealth, submit current inventory quantities of PPE, pharmaceuticals and other medical resources to PEMA.
PEMA launched the Inventory Collection Tool for facilities covered by the Order to report their inventories. Reports are due 11:59 pm on April 16.
View Governor Wolf's Order here.
Manufacturing Medical Supplies
FEMA is asking companies to share medical equipment with them through sales or donations that FEMA will distribute nationwide. Learn more here.
If you have critical medical supplies, the Commonwealth of Pennsylvania can purchase them from you to provide to hospitals in the Commonwealth. Please share your resources using this portal.
If you are a manufacturer of medical supplies or can easily transition your industrial capacity to produce these supplies, the Commonwealth of Pennsylvania will help you connect your capabilities with those in need. Please share your resources using this portal.