At PECO, we share a companywide determination to power you through the COVID-19 national emergency by delivering essential energy services. We also share a deep commitment to support Federal, state, and local efforts to deliver financial assistance to our small business customers. Please visit the links below for important crisis support information. Make sure to check these resources regularly as the situation and availability of funds continues to evolve.
Thank you for being a valued PECO business customer. We will power through COVID-19 together.
Updated: March 24, 2021
The American Rescue Plan (ARP) includes about $50 billion in grants and loans for small businesses. Because the ARP legislation has only recently become law, some funds are not fully accessible. We recommend talking to your lender and familiarizing yourself with SBA's website <www.sba.gov> to see when these programs go live. Meanwhile, here's what we know about how our business customers can access the support they offer.
The Paycheck Protection Program, initially rolled-out last spring to help keep employees on the payroll, is open for applications through May 31, 2021. And now that the American Rescue Plan (ARP) is officially law, more funding is available.
The SBA is forgiving PPP loans paybacks if employee retention criteria are met and the funds are used for eligible expenses, which includes payroll costs, business mortgage interest payments, rent or utilities.
The Enterprise Center in West Philadelphia is providing PPP application assistance, but the applications themselves should go through participating banks or Community Development Financing Institutions (CDFIs) which are dedicated to affordable lending in low-income communities.
The Economic Injury Disaster Loan program is open to all small businesses that have suffered economic injury during the pandemic. Originally businesses could get up to $150,000 to use on everything from payroll to operational costs, but that cap has since increased to $500,000. Application for EIDL loans are made directly through the SBA website. Businesses should be prepared with gross revenue information as well as payroll data.
The SBA is offering a Shuttered Venue Operators grant program for theaters, museums and concert halls impacted by public health restrictions. The program received $15 billion in funding from the stimulus bill passed last December and received another $1.25 billion in the American Rescue Plan.
Applicants who show that they suffered a 25 percent decline or more in revenue could be eligible for grants up to 45 percent of their 2019 gross revenue, capped at $10 million.
Applications will be accepted directly through the SBA website starting April 8, 2021.
This is a new program established by the American Rescue Plan that includes $28.6 billion to help restaurants, bars, caterers, food trucks, and brewpubs that were disproportionately affected by the pandemic, with $5 billion is set aside for establishments that made $500,000 or less in gross receipts in 2019.
Phased rollout of Restaurant Revitalization Fund is expected to begin in early April. Much like the venues program, applications go directly through the SBA.
Pennsylvania allocated $145 million in grant funds to support hospitality industry businesses adversely affected by the pandemic. Each county received funds based on population proportion, and the counties established grant programs for eligible businesses within their jurisdiction.
Applications are being accepted by County Economic Development Organizations (EDOs) and Community Development Financing Institutions (CDFIs) March 12, 2021 through April 2 or 12, 2021 depending on the jurisdiction.
The Economic Development Organizations administering the CHIRP program in PECO's service territory include:
Or click here and select the county in which your business is located for a list of CDFIs also assisting in the administration of the CHIRP programs.