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Financial Relief for Small Businesses & Nonprofits
Relief is available for small businesses affected by the COVID-19 outbreak.
The Pennsylvania Industrial Development Authority has created the COVID-19 Working Capital Access (CWCA) Program, which provides low-interest loans up to $100,000 for small businesses. For more information on eligibility and applications, please visit the DCED website.
The U.S. Small Business Administration also has a Small Business Guidance and Loan Resources page on their website. For additional information, call their Disaster Assistance Customer Service Center at 1-800-659-2955 (TTY: 1-800-877-8339) or disastercustomerservice@sba.
The Philadelphia COVID-19 Small Business Relief Fund offers grants or zero-interest loans to Philadelphia small businesses impacted by the COVID-19 pandemic. The program, administered by the Department of Commerce and Philadelphia Industrial Development Corporation (PIDC), aims to: provide relief to small businesses in order to help them survive this crisis, retain as many employees as possible, help businesses avoid predatory lenders, and maintain the provision of goods and services for Philadelphia’s residents. Learn more.
The Federal Housing Finance Agency just announced that Fannie and Freddie would forbear from enforcing upon currently performing multi-family loans where the borrower/property owner refrains from evicting tenants unable to pay their rent due to Covid-19. Click here to view the press release.
For nonprofits facing financial difficulty, there is relief available through the PHL COVID-19 Fund. These funds are administered through the Philadelphia Fund and the United Way of Greater Philadelphia and Southern New Jersey will accept applications for financial relief from nonprofits in the Greater Philadelphia area including Montgomery County. Learn more.
Businesses in Philadelphia may call the Philadelphia Commerce Department’s Office of Business Services at 215-683-2100 with business-related questions.
