Philadelphia, PA - The City of Philadelphia, along with the Philadelphia Industrial Development Corporation (PIDC), launched the COVID-19 Small Business Relief Fund, with over 9 million dollars in grant and loans designed to assist Philadelphia small businesses, maintain payroll expenses as well as protect jobs affected by COVID-19 virus. On top of the 9 million commitment of City and PIDC funds, another $250,000 is going to be provided by the Daniel B. and Florence E. Green Foundation.
Philadelphia COVID-19 Small Business Relief Fund
The Philadelphia COVID-19, Small Business Relief Fund, is going to be a tiered strategy delivering targeted assistance for small business owners, which faces an extraordinary challenge as a consequence of the ongoing global pandemic. The fund provides a mixture of new grants as well as zero-interest loans for businesses that generate under $5 million in annual revenue. Tiers include:
- Microenterprise Grants — $5,000 per business for businesses with less than $500,000 in yearly revenue.
- Small Business Grants — Up to $25,000 per business for businesses with annual revenue between $500,000 and $3 million.
- Small Business Zero-Interest Loan — Up to $100,000 per business for businesses with annual revenue between $3 million and $5 million.
The COVID-19 Small Business Relief Fund had been developed to respond to needs recognized in the COVID-19 Business Impacts survey, that had been sent out recently.
Businesses are able to submit an application for assistance from the fund at www.phila.gov/COVID-19-business-relief.
As soon as all final application materials are received, the review, award decision, and disbursement process is should take close to two weeks. Top priority is going to be given to businesses that demonstrate a loss of revenue of over 50 percent of average revenue, a strategy for recovery, as well as a commitment to holding onto their employees as long as possible.
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