Progress Fund, Bedford County’s CDFI Shares Information Regarding COVID-19 Relief Statewide Small Business Assistance

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As of Thursday, June 11:

Today, the Department of Community & Economic Development released program guidelines.  This was part of the public information process.  These DCED guidelines are for the CDFI’s only but do outline eligibility parameters for businesses who will apply. The small business guidelines and application will be released at a later date.  Please check back after the upcoming weekend.

Program Background:

On Monday, June 8, Governor Tom Wolf announced the roll-out of a small grants program for small businesses of Pennsylvania.  If was a bipartisan effort of the PA Senate, Legislature and Governor.  The program is intended to help the smallest of PA’s small businesses, with special attention to people-of-color and Main Street businesses.

The Progress Fund is one of the 18 Community Development Financial Institutions (CDFIs) from across the Commonwealth that will be reaching out into their communities to distribute the grants.  The Progress Fund has many invaluable partnerships with local and regional community development organizations, many of those partners are reaching out to their constituencies to get them ready to apply.

However, at this point in time, the operational details of the program and the application process and forms are still in development.  The goal is to open the grant application window on July 1, 2020.

 

Who will be able to apply:

Details are still being finalized, but several things are certain for a business to be eligible:

  • Annual Gross Revenues of the business must be less than $1,000,000 as stated on the most recent Federal Income Tax return for 2018 or 2019, or internally prepared financials for 2019.
  • The business must have had less than 25 employees (measured by FTEs) prior to the COVID-19 Pandemic
  • Funds must be used for COVID-related expenses
  • Grants range from $5,000 to $50,000 based on Annual Gross Revenues
  • The business must operate in PA and be current on all Federal and State Taxes.
  • You can only receive one grant under the program, grants will come from a central processor, not each individual CDFI
  • More details will be added to this list as we learn more.
  • Check in directly w/ the Progress Fund for additional details as they become available https://www.progressfund.org/grants-for-small-businesses/

Next Steps for Business Owners:

  1. Make sure you have your most recent Federal Tax Returns at your fingertips.
  2. If your business is located in one of the 33 counties on the map below, stay-tuned to The Progress Fund’s website. If you are not located in one of our targeted counties, there will be a future announcement here as to who you should contact.  That referral process is also in development.
  3. Again, please check back at https://www.progressfund.org/grants-for-small-businesses/  for more details in the coming weeks.
  4. Expect to submit your application on or about July 1, 2020

 

County Map: