News You Can Use

As our region and our state is currently moving back to a new normal, business leaders are faced with a new set of challenges and a broad spectrum of unknowns. What has become painfully obvious is that many pre-COVID-19 strategies do not apply now, predictions on future events are hopelessly flawed, and there is little expertise on how to proceed. Even our legal and medical systems have overturned past precedents and are implementing new remedies and generating corrections from user feedback. Taking a best guess, using collective wisdom, and learning from failures has become the new norm for COVID-19 crisis management.May Survey SummaryThe Manufacturing Alliance of Bucks & Montgomery Counties and the statewide SEWN organi...

Approximately $225 million from a statewide grant program will be used to support small businesses that were impacted by the COVID-19 public health crisis and subsequent business closure order. "As we continue to navigate the COVID-19 pandemic and shift our focus toward reopening our commonwealth, we need to help all Pennsylvanians recover. We need to provide assistance for those who were hurt by the pandemic and the resulting economic downturn," Gov. Tom Wolf said. "This new program will provide direct support to impacted businesses to cover operating expenses during the shutdown and the transition to reopening." The funding was developed in partnership with state lawmakers and allocated through the recently enacted state budget, whic...

In a unanimous voice vote, the Senate on Wednesday approved the Paycheck Protection Flexibility Act, a bill designed to loosen the restrictions for PPP loan forgiveness. The Act was initially passed by the House of Representatives on May 28, 2020 with a vote of 471-1. The Senate did not make any changes to the version that was passed in the House. The bill now moves to President Trump to be signed into law. Key provisions of the Act include: An increase in the amount of time PPP recipients have to spend the proceeds (i.e., the covered period) from 8 weeks to 24 weeks. Borrowers can also opt to keep the original 8 week period. A decrease of the percentage recipients must spend on payroll-related costs to qualify for loan forgiveness from 75 ...

On Thursday, May 28, the House of Representatives nearly unanimously approved the Paycheck Protection Flexibility Act, a bill designed to loosen the restrictions for PPP loan forgiveness. Key provisions of the Act include: An increase in the amount of time PPP recipients have to spend the proceeds (i.e., the covered period) from 8 weeks to 24 weeks A decrease of the percentage recipients must spend on payroll-related costs to qualify for loan forgiveness from 75 percent to 60 percent An extension of the deadline to rehire workers from June 30, 2020 to December 31, 2020 An extension of the minimum term period for the loans from two years to five yearsThe ability for companies whose loans are forgiven to delay the payment of payroll taxes The...

Reinvestment Fund is inviting applications for financial and technical assistance through the 2020 round of the Healthy Food Financing Initiative (HFFI) Targeted Small Grants Program. Funding for the HFFI Targeted Small Grants Program is provided by the United States Department of Agriculture (USDA), authorized by the Farm Bill. Reinvestment Fund serves as the national fund manager for the HFFI program at USDA. The 2020 HFFI round significantly increases the available funding compared to the previous round, offering $3 million in grant funds for food retail and food enterprises working to improve access to healthy foods in underserved areas, to create and preserve quality jobs, and to revitalize low-income communities. "A resilient food sys...

This is for information purposes only, BCEDC is not affiliated with the program. The County has put together a $6 million fund from relief money received from the federal government. With it, the county will be awarding $25,000 grants to businesses that apply and are approved. The application is located here: http://www.buckscounty.org/government/CommunityServices/BacktoWorkGrantProgam Please note that the County is only accepting application May 26, 5 am-9 pm.

The IRS sent out a reminder (IR-2020-89) yesterday for employers affected by COVID-19 about three new credits available to them.  Employee Retention Credit:  The employee retention credit is designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. The credit is available to all employers regardless of size, including tax-exempt organizations. There are only two exceptions: State and local governments and their instrumentalities and small businesses who take small business loans. Qualifying employers must fall into one of two categories: The employer's business is fully or par...

​WEDNESDAY, MAY 13TH | 11:00 AM (ET) As state and local stay-at-home orders for COVID-19 begin to ease, your organization most likely has an internal cross-functional team currently working on creating your phased return-to-work game plan. The HR component of this plan needs to mitigate a myriad of risks tied to the employer's responsibilities and responses to employees' rights, needs, requests, and even demands. I want to invite you to the upcoming webinar we're hosting with the attorneys at Fox Rothschild on May 13th at 11:00 a.m., Addressing the Legal Complexities of Workforce Re-Entry. This 60-minute webinar is designed to help leaders across an organization understand their role in mitigating their company's risks as: Back-to-work deci...

Last Chance to Register for this FREE Webinar – How Facebook Will Enhance Your Small Business May 6, 2020, 12:30 p.m. During these challenging times, small businesses are concerned about their viability when "normal" returns. One of the activities that you should do now is maximize your digital marketing efforts. Facebook offers a variety of tools for your business. In this webinar you will learn: What tools are availableHow to use the tools to increase salesHow Facebook compares with other digital choices This is a FREE 90-minute webinar!  REGISTER NOW

​​​U.S. Small Business Administration Administrator Jovita Carranza announced today that agricultural businesses are now eligible for SBA's Economic Injury Disaster Loan (EIDL) and EIDL Advance programs. SBA's EIDL portal will reopen today as a result of funding authorized by Congress through the Paycheck Protection Program and Healthcare Enhancement Act. The legislation, signed into law by the President one week ago, provided additional funding for farmers and ranchers and certain other agricultural businesses affected by the Coronavirus (COVID-19) pandemic. "For more than 30 years, SBA has been prohibited by law from providing disaster assistance to agricultural businesses; however, as a result of the unprecedented legislation enacted by ...

Congress is expected to release a second round of Paycheck Protection Program (PPP) funds soon. In anticipation of the new funding round, Reinvestment Fund is sharing information on how you can prepare to submit an application. With this round of funding, Reinvestment Fund will be processing PPP applications. Reinvestment Fund's PPP program will focus on supporting small businesses and nonprofits that are aligned with their mission-driven financing. They will provide up to $25 million in total loans, with a maximum of $200,000 per loan. Through their PPP program, they hope to serve communities in their primary geographic footprint that are overlooked by mainstream markets. Click here for more on the focus of their&n...

The COVID-19 global pandemic has affected nearly every facet of our lives in ways that many of us have never seen before. While it is first and foremost a health threat, the pandemic has caused an immeasurable impact to our economy, businesses, and jobs. In an effort to help us better understand how this crisis is affecting your organization and our region as a whole, we invite you to participate in this anonymous 5 minute COVID-19 Business Impact Survey. We will be sharing the results upon completion of the survey. We also plan to use the data gathered to shape the content we provide to you, to ensure that we are continuing to provide helpful information that addresses your needs through all stages of this pandemic. Survey deadline is Tues...

Chamber calls on executives and companies to marshal available resources, talent, and unique capabilities to help small businesses in any way they can. To combat the economic destruction threatening the survival of small businesses in every town across America, the U.S. Chamber of Commerce today launched the Save Small Business Initiative — a nationwide program to address small businesses' immediate needs, mitigate closures and job losses, and mobilize support for long-term recovery. The Save Small Business Initiative features a four-part campaign including financial aid, resources and guidance, advocacy, and polling, as well as a call to action for the larger business community and government to help small businesses "Our nation is facing ...

BCEDC brings you this news, however, these loans were not associated with our organization.

"The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding. Similarly, we are unable to enroll new PPP lenders at this time."

Today, Department of Community and Economic Development (DCED) Secretary Dennis Davin announced the forbearance of loans administered by DCED. "This pandemic has presented new and unforeseen challenges to Pennsylvania's businesses, and the Wolf Administration has been committed to supporting our business community to the fullest extent every step of the way," said Sec. Davin. "This extended deferral will help ease the burden on small businesses and enable them to focus and prioritize their efforts as we work to mitigate the spread of COVID-19 in the commonwealth." Next week, Governor Tom Wolf and Sec. Davin will request loan deferrals for all borrowers with the Ben Franklin Technology Development Authority, the Commonwealth Financing Author...

The Bucks County Intermediate Unit is using its seven 3D printers and laser cutter to help in the fight against COVID-19. At most times, the Bucks County Intermediate Unit is busy delivering educational programs from school to school. Now, with schools shut down due to the new coronavirus, the agency has a new focus — making personal protection equipment for those fighting the virus.Lindsey Sides, the intermediate unit's supervisor of STEAM (Science, Technology, Engineering, Art and Math), learned that some 3D printers were being used to make masks and other equipment for medical workers and first responders.
She started investigating and, ultimately, got intouch with a professor at Cornell University who had mobilized a team that used 3D p...

Governor Tom Wolf today urged Pennsylvania manufacturers that currently are producing or can pivot to producing COVID-19-related supplies to submit their information to the newly developed Pennsylvania Manufacturing Call to Action Portal. "We're asking everyone to do their part to mitigate the spread of COVID-19, including ensuring that our health care system is prepared to care for patients and that there is access to critical personal protective equipment and products as more individuals and businesses take preventive measures," Wolf said. "Throughout our commonwealth's history, our manufacturing sector has answered the call to move us forward and contributed tremendously in times of turbulence. I call upon our private sector to be a part...

The SBA and Treasury Department have launched the new Paycheck Protection Program to help keep employees on payroll and small businesses operating. PLEASE NOTE WE ARE SHARING THE INFORMATION WITH YOU BUT BCEDC cannot administer the program, please contact your bank. PAYCHECK PROTECTION PROGRAM (PPP) INFORMATION FOR BORROWERS The Paycheck Protection Program ("PPP") authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. The loan amounts will be forgiven as long as: The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and Employee an...

​The spread of the COVID-19 virus continues to present new challenges for our communities, businesses, and Pennsylvania's economy. Governor Wolf has taken action to protect the public and businesses in order to slow the spread of the virus. On March 19, Gov. Wolf issued an order to close all non-life sustaining businesses. The complete list of non-life sustaining businesses is found on our website along with frequently asked questions for all life-sustaining businesses. Businesses that were ordered to close under this order and believe that they could help mitigate the COVID-19 crisis or provide essential services, have until Friday, April 3, 2020 at 5PM to apply for a Business Exemption Waiver. After that time...

We received additional clarification from the Department of Community and Economic Development (DCED) regarding businesses who are waiting for their waivers to be approved. If your business has submitted a waiver and has not received a response, please DO NOT resubmit a waiver. DCED is working quickly to process 25,000 waivers at this time and will respond to your waiver as soon as possible. Please see this link for a revised FAQ listing on submissions. If your business receives conflicting information from DCED on whether or not your business is essential, please contact my office at 215-541-2388. Those businesses requesting clarification on whether they are defined as life-sustaining should check this list, email the Department of Communi...