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.
The Paycheck Protection Program authorizes up to $349 billion toward job retention and certain other expenses, including utilities. Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount. Loan payments will be deferred for six months. If the business maintains its workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses, including utilities. Loans will be available through SBA lenders, FDIC-backed banks, credit unions and fintech lenders, subject to certain approvals.
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 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.
Pennsylvania's CWCA Program provides financing for working capital, up to $100,000 at 0% percent interest rate from a statewide $60 million fund on a first come, first serve basis. Applications must be processed through the Certified Economic Development Organization designated for the county where your business is physically located. Note: This program is currently closed.
Philadelphia's COVID-19 Small Business Relief Fund is a $9 million grant and loan fund designed to help small businesses in the city maintain payroll obligations and preserve jobs impacted by the spread of the virus. The fund offers:
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.
The Bucks County Board of Commissioners has allocated $6 million to
establish the Bucks Back to Work Small Business Grant program. This grant program provides 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: Applications will be
available on Thursday, May 21 and will only be accepted between 5 a.m. and 9 p.m. on Tuesday, May 26, 2020.
The Chester County
commissioners have set up a $5 million fund for the Main Street Preservation Grant Program, which will provide 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
may be used to cover working capital costs necessary to maintain a business as
during COVID-19 disruption, including payroll, rent, mortgage, supplies, and
other operating expenses. To be eligible, businesses and enterprises must be
based in and physically located in Chester County, have been active in 2019 or
earlier, and have annual revenue of no more than $500,000. Note: This program is currently closed.
Delaware County has launched Delco Strong Small Business Support which will provide $1.75 million in grants for small businesses affected by COVID-19. Eligible applicants can apply for up to $7,500 and grant proceeds may be used for rent, mortgage, utilities and inventory. Note: This program is currently closed.
The Montgomery County Board of Commissioners are
making $5 million in economic development funds available to provide grants to
eligible small businesses in Montgomery County for Round 2 of the MontcoStrongSmall Business Grant Program. Round 2 includes new eligibility
parameters, strategically identified program priorities, and other changes that
are being incorporated to make the program more equitable and ensure more
businesses have an opportunity to compete for funding. Changes include: