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Crisis Support for Businesses

Financial Assistance during COVID-19 Crisis

At PECO, we share a companywide determination to power you through the COVID-19 national emergency. We also share a deep commitment to keeping you informed as we work to deliver essential energy services. The programs listed on this page provide important crisis support information for our business customers. Visit the links below for more detailed information and program specifics on loans and grant opportunities. Please make sure to check these resources regularly as the situation and availability evolves.

Thank you for being a valued PECO business customer. We will power through COVID-19 together.

U.S. Small Business Administration

  • The Paycheck Protection Program rules were altered under the Paycheck Protection Program Flexibility Act of 2020, officially signed into law June 5, making it more friendly to small businesses. It gives small businesses more time to use the emergency loans by extending the original eight-week period in which they must use the money to 24 weeks, by December 31, to qualify for loan forgiveness. The bill also changes the original 75/25 rule, which required recipients to use three-quarters of the money for payroll costs to be eligible for loan forgiveness. The new ratio is at least 60% on payroll and no more than 40% on other costs including mortgage interest, rent and utilities.

  • The Economic Injury Disaster Loan and Loan Advance Program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue. A loan advance of up to $10,000 will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and the loan advance will not have to be repaid.

  • The SBA Debt Relief Program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis. Under this program, the SBA will pay the principal and interest of new 7(a) loans issued prior to September 27, 2020, and will pay the principal and interest of current 7(a) loans for a period of six months.

  • The SBA Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly, providing cash while waiting for decision and disbursement on Economic Injury Disaster Loan. 

Minority Business Development Agency

The CARES Act appropriates $10 million for the Minority Business Development Agency to provide counseling, training, and education on federal resources and business response to COVID-19 for small businesses through the Minority Business Centers and Minority Chambers of Commerce.

Main Street Lending Program

The Federal Reserve established a Main Street Lending Program designed to help small- and medium-sized businesses recover from, or adapt to, the impacts of the pandemic.

The program offers four-year loans with floating rates, and principal and interest payments deferred during the first year.  

The loans range in size from $500,000 to $200 million– intended to support a broad set of employers.

For inquiries regarding the Main Street Lending Program click here or email mslp@bos.frb.org.

Pennsylvania's Small Business Grant Programs

The COVID-19 Relief Statewide Small Business Assistance Program will open its second application window at 9AM on August 10. This will be the final opportunity to apply for the program. The application window will remain open for 15 business days, closing at 11:59PM on August 28.

Pennsylvania small businesses are encouraged to apply for relief if they:

  • Had 25 or fewer full-time employees prior to February 15, 2020
  • Have annual revenues of $1 million or less, and
  • Were economically impacted by COVID-19 

All applications must be made through a Community Development Financial Institution (CDFI) in the county where their business is located.

If you already applied during the first application window, you will be notified of your status by August 10. You do not need to reapply in the second round. Qualified applications will be automatically rolled over into this next funding round for consideration.

City of Philadelphia and Goldman Sachs PPP

The City of Philadelphia and Goldman Sachs announced a $10 million initiative to provide Paycheck Protection Program (PPP) loans for local small businesses. The loans will be focused on small businesses in the region's urban communities, including non-profit organizations, that have been unable to submit an application with an approved PPP lender. The loans will be offered through the initiative’s partnership with community development financial institution Lendistry.

City of Philadelphia and Philadelphia Industrial Development Corporation

The City of Philadelphia and Philadelphia Industrial Development Corporation (PIDC) unveiled two new grant and loan programs for small businesses impacted by COVID-19 shutdowns and damages from looting in recent weeks. Both are targeted at businesses in historically disadvantaged communities to help them prepare to reopen and recover financially.    

  • The Restart PHL Loan Fund from the PIDC will deliver $3 million in loans to small black- and brown-owned businesses that have less than $5 million in annual revenue to cover costs tied to staying open or growing. The funds can be used for working capital, inventory, mobilization, technology, re-hiring and employee training. A loan application with more details will be released later in June.
  • The Restore and Reopen Program, a partnership between Philadelphia's Commerce Department and the Merchants Fund, is starting with $1.4 million to provide grants to businesses in historically disadvantaged communities that saw damages from looters during recent protests. The grants can cover the costs for vandalism, inventory loss or other expenses so the business can reopen. Applications for the Restore and Reopen Program will be available here soon.

Bucks Back to Work Small Business Grants

The Bucks County Board of Commissioners allocated $6 million for the Bucks Back to Work Small Business Grant program, providing up to $25,000 or 25% of annual operating expenses, whichever is lower, in funding to Bucks County’s small businesses and sole proprietors that have been impacted by Covid-19. Note: This program is currently closed, but you can check this portal for updates.

Chester County Main Street Preservation Grant Program

The Chester County commissioners set up a $5 million fund for the Main Street Preservation Grant Program, providing grants of up to $25,000 to small businesses and agricultural enterprises in the county that were unable to take advantage of federal and state coronavirus response programs. Grant funds cover working capital costs necessary to maintain a business as during COVID-19 disruption, including payroll, rent, mortgage, supplies, and other operating expenses. Note: This program is currently closed, but you can check this portal for updates.

Delco Strong Small Business Grants – Round 2

Delaware County is accepting a second round of Delco Strong grant applications with a total of $14 million from the Federal CARES Act. Eligible small businesses and nonprofit organizations are encouraged to apply. Eligibility requirements for the program and application instructions are available here. The deadline for submitting Delco Strong 2 applications has been extended to Tues, July 14, 2020.

MontcoStrong Small Business Grants- Round 3

The Montgomery County Board of Commissioners has approved $10 million in economic development funds for Round 3 of the MontcoStrong Small Business Grant Program:

  • Eligible small businesses can apply for a grant to cover their accounts payable between June 1, 2020, and October 31, 2020, along with rent and mortgage payments and debt service amounts on loans and credit cards for the same period.
  • The eligibility criteria include having a physical location in Montgomery County, reporting gross revenues of not greater than $15 million on the last federal tax return, and employing no more than 50 employees as of July 1, 2020.
Businesses that received a grant in the first or the second round may not apply again. Additionally, small businesses that applied for a grant but were not awarded funding in the first and second rounds must apply again to be considered in Round 3.
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