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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 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 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.

PA COVID-19 Working Capital Access (CWCA)

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.

City of Philadelphia's COVID-19 Small Business Relief Fund

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:

  • 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 — Up to $100,000 per business for those with annual revenue between $3 million and $5 million.
Note: This program is currently closed.

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.

Bucks Back to Work Small Business Grant Program

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. 

Chester County Main Street Preservation Grant Program

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 Delco Strong Small Business Support

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. 

MontcoStrong Small Business Grant Program

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:

  • a tiered grant award system based on gross revenue
  • a maximum of 30 full- and part-time employees
  • a greater emphasis on supporting minority, women, and veteran-owned businesses
  • changes in allowable use of grant funds and business eligibility.
The updated guidelines, updated program FAQ, and additional information are available on the program webpageNote: This program is currently closed.
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