COVID-19 Working Capital Access Program Provides Relief to Hundreds of Additional Businesses
$14 Million in New Funds Awarded to Businesses in 39 Counties
Harrisburg, PA – Today, on behalf of Governor Tom Wolf, Department of Community and Economic Development (DCED) Secretary Dennis Davin announced that 173 companies in 39 counties have received $14 million in funding during the third round of the COVID-19 Working Capital Access Program (CWCA). The latest round of funding supports restaurants, wellness centers, wineries and breweries, consulting firms, salons and spas, and more. To date, more than $37 million was awarded to a number of diverse businesses.
“As we look forward to the reopening of our economy, we are thrilled to distribute additional CWCA loans to over 150 companies, including several that fall within counties which will be entering the yellow phase of mitigation efforts within the next week,” said Sec. Davin. “The Wolf Administration remains committed to supporting the state’s small businesses as we navigate COVID-19 together.”
On March 25, 2020, Governor Wolf announced that the Commonwealth Financing Authority (CFA) authorized the transfer of $40 million to the Small Business First Fund for CWCA. PIDA authorized making $61 million available to provide loans of $100,000 or less to for-profit businesses with 100 or fewer full-time employees.
PIDA staff continue to review submitted applications for approval and are actively working with DCED’s Certified Economic Development Organizations (CEDOs) to disburse CWCA loan funds at the time of approval. Information on future awardees will be released as it becomes available.
DCED continues to update its website with financial and other resources.
Businesses seeking further guidance and clarification from DCED can also contact its customer service resource account. For the most up-to-date information on COVID-19, Pennsylvanians should follow www.governor.pa.gov and www.doh.pa.gov.
Casey Smith, email@example.com