At this time, program details are still in development. The PA CDFI Network is currently working with the PA Department of Economic and Community Development in support of program implementation. State and federally backed small business grants that do not need to be repaid will become available through select financial institutions before the end of June. The goal is for the application process and portal to be open by July 1st for a set period of time-not first come, first served. Businesses can visit the central informational website www.pabusinessgrants.com through which businesses can learn more about the program and the CDFIs deploying the grants. Applications are not being accepted at this time. Businesses will be eligible to apply w...

Spectacular news out of Washington last night: SBA reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19 today. "With the reopening of the EIDL assistance and EIDL Advance application portal to all new applicants, additional small businesses and non-profits will be able to receive these long-term, low interest loans and emergency grants – reducing the economic impacts for their businesses, employees and communities they support," said SBA Administrator Jovita Carranza. Remember, the SBA EIDL Loan and EIDL Advance is a separate program from today's Paycheck Protection Program. More flexible Use of Proceeds, longer repayment terms, and differe...

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...