Webinar will help businesses navigate $225 million business grant program
Grants are for small firms economically impacted by pandemic
UWCHLAN » The Chester County COVID-19 Business Task Force, in partnership with Chester County Economic Development Council (CCEDC) and Community First Fund, will host a webinar in the Restore Chester County Series on Friday, June 26, at 9 a.m. The webinar will focus on accessing the $225 million grant program for small businesses impacted by COVID-19.
Gary W. Smith, president and CEO of the Chester County Economic Development Council will provide opening remarks and facilitate a Q&A session. Dan Betancourt, CEO of Community First Fund (CFF), will be the featured speaker and provide view- ers with an overview of the grant program guidelines, the application process and eligibility criteria. Community First Fund is one of 17 Community Development Finance Institutions (CDFI) that will administer the $225 million program. The webinar is free, but registration is required in order to receive the Zoom link.
The statewide grant program was announced by Gov. Tom Wolf on June 8, to provide direct support to impacted businesses to cover operating expenses during the shutdown and the transition to reopening. The funds will also pay to train and advise business owners as they relaunch their businesses, the governor’s office said.
“We need to provide assistance for those who were hurt by the pandemic and the resulting economic downturn,” Wolf said in a press release announcing the grant program.
The funding was developed in partnership with state lawmakers and allocated through the state budget, which includes $2.6 billion in federal stimulus funds through the Coronavirus Aid, Relief, and Economic Security (CARES) Act, of which $225 million was earmarked for small business.
Funding for the program will be allocated to three main areas:
• $100 million for the Main Street Business Revitalization Program for small businesses that lost money due to the governor’s March 19 order that closed most firms or that had to spend in order to adjust their business operations.
• $100 million for the Historically Disadvantaged Business Revitalization Program for small businesses owned by “socially and economically disadvantaged individuals.”
• $25 million for the Loan Payment Deferment and Loss Reserve Program, to allow the community-development lenders to give businesses hit hard by the virus more time or money to pay debts. Some money would go to help the community lenders themselves to cover loan losses.
Any business with less than $1 million in sales and less than 25 employees can apply for help. Grants are expected to be $5,000 to $50,000 per business, which must be based in Pennsylvania and be current on all taxes at least through 2018.
The webinar will be hosted by Chester County Commissioners Marian Moskowitz and Michelle Kichline, and is backed by Chester County’s nine chambers of commerce, and other economic, education and government leaders — all members of the COVID-19 Business Task Force and its Restore Chester County initiative.
Participants will have the chance to ask questions after the speakers’ presentation. To register for the Friday, June 26 webinar visit https://us02web.zoom.us/ webinar/register/WN_ KAUxJzlDSX2Rx60ri-Z0jw.
For more information about Restore Chester County visit https://restorechestercounty.org/.