Help appears on the way for Pennsylvania’s small business owners, many of whom have taken a hit during the coronavirus shutdown.
The Pennsylvania Industrial Development Authority approved Monday $61 million in low-interest loans for the state’s small business owners, according Senator Scott Martin (R-13).
So, how much can those owners get?
According to a Senate release, loans of up to $100,000 will be available through the Pennsylvania Commonwealth Financing Authority for businesses with 100 or fewer full-time employees to use as working capital. According to the release, in addition to a low interest rate, there will be no application fees, and the terms will include no payments and no interest during the first year of the loan.
Funding was made possible when the CFA transferred $40 million in funding to PIDA.
Martin said turnaround on loan approvals could be made in “a matter of days,” after the application period is opened.
The Senate release said more information will be released on the program soon.
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