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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.

New! Comcast RISE Grants

Comcast Corp launched its new RISE program to assist small businesses hurt by Covid-19 with access to grants, free media, tech resources, and educational content. RISE stands for Representation, Investment, Strength and Empowerment and is especially focused on Black, Indigenous and People of Color-- BIPOC entrepreneurs. Grants up to $10,000 are directed at small and diverse businesses that have been in operations for three to five years.

For additional information and to apply, go to Comcast RISE.

U.S. Small Business Administration

In addition to traditional SBA funding programs, the Federal CARES Act established several temporary programs to address the COVID-19 outbreak. For information click here or follow these links:

  • The Paycheck Protection Program provided loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program. Note: This program closed as of August 8, 2020.
  • The Economic Injury Disaster Loan continues to provide economic relief to small businesses and non-profit organizations experiencing a temporary loss of revenue.
  • The SBA Debt Relief Program Under this program, the SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020.
  • The SBA Express Bridge Loans enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. 

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 provides grants ranging from $5,000 to $50,000 to small businesses 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. Applications for Round 2 will be accepted through October 19. Those who applied during Round 1 and have not been approved for funding do not need to re-apply. Those applications will automatically be reconsidered.

A listing of approved applications that have received funds or have a signed grant agreement as of Friday, September 4, 2020, is available here.

Philadelphia Covid-19 Small Business Relief Fund

Since the COVID-19 health emergency and corresponding economic crisis first began in March, the City of Philadelphia has distributed $13.3 million to 2,083 small businesses from its COVID-19 Small Business Relief Fund.

Note: This program is currently closed, but you can check this portal for updates.

For additional information on business assistance programs available in Philadelphia, visit the Philadelphia Industrial Development Corporation.

Bucks Back to Work Small Business Grants

$15 million available in second round

The second round of funding from the Bucks Back to Work Small Business Grant program launched Monday, September 14, with $15 million available for small businesses. The grants are funded through the county’s share of Federal Coronavirus Aid, Relief and Economic Security (CARES) Act money. Business owners that did not get approved for the first round of grants are encouraged to apply again. Click here for more information from Bucks County.

For additional information on business assistance programs in Bucks County, visit the Bucks County Economic Development Corporation.

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 maximum grants of $25,000 to small businesses and agricultural enterprises in the county that were unable to take advantage of Federal and State coronavirus response programs.

Note: This program is currently closed, but you can check this portal for updates.

For information on other business assistance programs in Chester County, visit the Chester County Economic Development Council.

Delco Strong Small Business Grants – Round 2

Delaware County launched a second round of Delco Strong grant applications with a total of $14 million from the Federal CARES Act funds. Eligible small businesses and nonprofit organizations were encouraged to apply by July 14.

Note: This program is currently closed, but you can check this portal for updates.

For information on other business assistance programs in Delaware County visit the Delaware County Commerce Center.

MontcoStrong Small Business Grants- Round 3

The Montgomery County Board of Commissioners made available $10 million in economic development funds to provide grants to eligible small businesses for Round 3 of the MontcoStrong Small Business Grant Program. Eligible businesses were encouraged to apply by July 17.

Note: This program is currently closed, but you can check this portal for updates.

For additional information on business assistance programs in Montgomery County, visit the Montgomery County Commerce Department.

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