HARRISBURG – State Sen. Gene Yaw (R-23) today applauded more than $850,000 in COVID relief funding for fifty-two local small businesses across the 23rd Senate District.
Supported by Senator Yaw, the COVID-19 Relief Statewide Small Business Assistance Program was developed in partnership with state lawmakers and allocated through the state budget, which included $2.6 billion in federal stimulus funds through the Coronavirus Aid, Relief and Economic Security (CARES) Act, of which $225 million was earmarked for relief for small businesses.
Businesses in Bradford (11), Lycoming (25), Sullivan (5), Susquehanna (2) and Union (9) counties were awarded grants that ranged from $5,000-$40,000 though the COVID-19 Relief Program. For a complete list, click here. The money can be used to cover operating expenses for the duration of the shutdown and the transition period to re-opening; technical assistance, including training and guidance for business owners as they stabilize and relaunch their businesses; debt payment relief for Community Development Financial Institutions (CDFIs) Pennsylvania borrowers; and loan loss reserves for CDFIs.
“This is a decisive effort that will help area businesses impacted by the coronavirus and the decline in consumer activity,” Sen. Yaw said. “I understand these funds will not solve all of the problems faced by local business. I can only hope it will help prevent additional business closures and job loss.”
Yaw noted that businesses in every county were approved for grants in this round of funding, and, according to the Wolf Administration, 52 percent are historically disadvantaged businesses. To date, more than 10,000 businesses were approved for $192 million in grants through the COVID-19 Relief Program.
The Department of Community and Economic Development (DCED) distributed the funds to the CDFIs, which are administering the grants.
For more state-related news and information, visit Senator Yaw’s website at www.SenatorGeneYaw.com or on Facebook and Twitter @SenatorGeneYaw.
Rita Zielonis, Chief of Staff