The City of Philadelphia and the Philadelphia Industrial Development Corporation announced today that they are launching a $9 million grant and loan program for small businesses affected by widespread business closures mandated in response to the coronavirus pandemic.
The Philadelphia COVID-19 Small Business Relief Fund offers grants or zero-interest loans to Philadelphia small businesses impacted by COVID-19. The program will be administered by the Department of Commerce and Philadelphia Industrial Development Corporation (PIDC).
The goal of the program is to:
- Provide relief to small businesses in order to help them survive this crisis.
- Retain as many employees as possible.
- Help businesses avoid predatory lenders.
- Maintain the provision of goods and services for Philadelphia’s residents.
The COVID-19 Small Business Relief Fund has three tiers:
- Microenterprise Grants: $5,000 per business for businesses with less than $500,000 in annual 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: $25,000 to $100,000 per business for businesses with annual revenue between $3 million and $5 million.
Priority will be given to businesses that have a 50% loss of average revenue, have a plan and who are dedicated to keeping employees on the payroll as long as possible. Small business owners can apply for the program here.
PIDC will continue offering loans to small and midsize businesses. The COVID-19 Small Business Relief Fund will generally be considered as additional flexible funding from PIDC.
The City of Philadelphia extended tax filing deadlines in several areas. The new deadline to file Business Income and Receipts Tax and the Net Profits Tax is July 15. Commercial and residential property owners have until April 30 to pay their Real Estate Tax if they are unable to pay by March 31. The deadline to apply for an installment plan for the Real Estate Tax is April 30.
Businesses and nonprofits can also apply for disaster-assistance loans through the Small Business Administration.
Source: McCarthy & Co.