Assistance Available for Small Business
At BHCU, we realize that the state of affairs that exist in our community and the country today have brought about a lot of anxiety and uncertainty, especially for local businesses who have been impacted by the shelter in place order from Governor Wolf and the closure of non-essential businesses. To combat those closures and layoffs, Congress passed the CARES Act which provided a $2.3 Trillion stimulus package. As a part of that package, $349 Billion was put aside for small businesses and the introduction of the Payment Protection Program Loan, or PPP, to help businesses either keep their current staff levels or bring back those employees that were laid off due to the COVID-19 pandemic. For PPP Loan details, CLICK HERE. Applications can be taken as early as Friday April 3rd through June 30th, 2020 as long as the program is not oversubscribed. If interested in the PPP loan, please fill out the short form below and a BHCU representative will reach out to you to go over the details of the program.
Click Here for the PPP Loan app
Other Assistance Programs:
Please keep in mind that in addition to the PPP loan through approved lenders, there is another loan available through the SBA directly. The Economic Injury Disaster Loan provides assistance to states that have declared an economic disaster like PA, DE and NJ. Please note this program also includes up to a $10,000 grant for your business within 3 days of submitting an application. For more information regarding the EIDL loan program, CLICK HERE.
Lastly, the Commonwealth of Pennsylvania introduced a loan program to combat the pandemic called the CoronaVirus Working Capital Access Loan. The CWCA Loan is to fund up to 50% of working capital costs up to $100,000. The loan was priced at 0% interest and offers a 12-month deferral of payments. The term would be 3 years and amortization up to 30 years. This unfortunately is currently oversubscribed but the PIDA (Pennsylvania Industrial Development Authority) is encouraging applications should the program be further funded.
Complete the form below if your business needs assistance with any of these programs.
Additional resources:
**Please be cautious of fictitious offers, advances and other scams during this vulnerable time. If you happen to receive one of these offers or have suspicion of a scam, please contact BHCU immediately. **
https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses
