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Farnese: Local Businesses Approved for $2.1 million in COVID-19 Relief
On June 8, 2020
PHILADELPHIA, June 5, 2020 − Seven more businesses in Pennsylvania’s 1st Senate District have been approved for funding under the state’s program for COVID-19 recovery, bringing the total to 27, state Sen. Larry Farnese announced today.
More than $2 million has been awarded to SD1 businesses since the state approved $61 million in emergency funding under the COVID-19 Working Capital Access Program, designed to help businesses affected by the statewide shutdown order.
“I hope these low-interest loans will help our city’s employers weather this crisis and return to business,” Farnese said. “Coordination between state and city officials helped businesses navigate the application process in the confusing early days of the pandemic and I’m proud of the work they’ve done.”
On March 25, Governor Tom Wolf announced that the Commonwealth Financing Authority (CFA) authorized the transfer of $40 million to the Small Business First Fund for CWCA. PIDA authorized making $61 million available to provide loans of $100,000 or less to for-profit businesses with 100 or fewer full-time employees.
Farnese credited the Philadelphia Industrial Development Corporation (PIDC) for tackling the difficult job of connecting businesses with the information they needed to take advantage of the state assistance.
“Investing in our economy and in our people is the best way to kick start a full recovery,” Farnese said. “And PIDC brought experience and work ethic to the task.”
For a list of businesses approved for funding, click here.