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Grant program helps put PA small businesses on the path to recovery
HARRISBURG, PA — Pennsylvania State Treasurer Joe Torsella announced his strong support for a new grant program for small businesses that were impacted by COVID-19 mitigation efforts and subsequent business closures.
“Small businesses are at the heart of our state’s economy, but they are also the most vulnerable in times of crisis. Millions of families in Pennsylvania rely on small businesses for goods, services, and jobs. This program will help them get back on their feet, and on the road to recovery,” said Joe Torsella, Pennsylvania State Treasurer.
“I want to thank Governor Tom Wolf and the Pennsylvania General Assembly for prioritizing the recovery of small businesses in the allocation of CARES Act funding. Over the next few weeks, Treasury will continue to review the needs of the small business community in Pennsylvania including potentially building upon this initiative by examining Treasury practices and programs, and seeking creative new ways to partner with others to help small businesses recover at this important time.”
The program is funded through the Coronavirus Aid, Relief, and Economic Security (CARES) Act, as part of the recently enacted state budget. Grants awarded under this program can go towards operating expenses during the business shutdown and transition to re-opening, and for technical assistance including training and guidance for business owners as they stabilize and relaunch their businesses.
The funds will be distributed from the Department of Community and Economic Developments, and the grants will be issued by Community Development Financial Institutions, which primarily serve low income and minority communities.