CGA Law News & Blog

COVID-19 Update: Aid to Vulnerable PA Businesses Announced

access_time Posted on: March 24th, 2020
COVID-19: Aid to Vulnerable Businesses Announced

Aid to vulnerable businesses

Many businesses in York County and across the Commonwealth have already been deeply impacted by the COVID-19 pandemic, as so many businesses have been forced to close their doors. The Pennsylvania Industrial Development Authority (PIDA) has already stepped forward to announce assistance in the form of working capital loans. These loans are available in amounts up to $100,000 with an interest rate as low as 0%.

The loans are targeted to for-profit businesses with less than 100 full-time employees. Eligibility will require the applicant to demonstrate that they have spent an amount equal to their loan request on direct business expenses.  Retail and some service-related businesses will also need to show a 1:1 match on expenses over the past six months.  

The application process is not yet open but click on the link below to read the full release from the York County Economic Alliance, who will be administering the loan here in York County through the York County Economic Development Corporation (YCEDC).  There you will find more details about the loan itself, as well as some guidance about the application process.