Financing support is vital to your business during this challenging time. We are here to guide you in the right direction as you seek solutions.
Paycheck Protection Program (PPP)
Businesses That Can Apply
Starting Monday, Jan. 11, businesses that have not received any Paycheck Protection Program loans can apply for one. Businesses must apply through community financial institutions, which work to help low-income, minority and disadvantaged customers.
On Wednesday, Jan. 13, businesses that already received funding can apply for more. Those businesses must also go through community financial institutions.
It’s not clear when the Paycheck Protection Program loan process will be allowed to go through more traditional lenders and bigger banks.
How Paycheck Protection Program Loans Can Be Used
The new paycheck protection program loans can cover eight to 24 weeks of business and businesses can decide the timeline.
The program is providing more flexibility for seasonal workers.
Along with payroll, supplies and rent, the loans can also be used for operating expenses, property damage costs and supplier costs.
Paycheck Protection Program Reopens January 11
On January 8, 2021, the U.S. Small Business Administration, in consultation with the Department of Treasury, announced that the Paycheck Protection Program (PPP) will re-open the week of January 11, 2021, for new borrowers and some existing PPP borrowers. The initial wave of loans issued on Monday, January 11, and Wednesday, January 13, will only be available to community financial institutions, but the PPP will open up to all eligible lenders shortly after.
SBA has provided information for small business owners looking for a PPP loan, which can be found here. Additional information from SBA and the Department of the Treasury can be found at the below links.
Economic Injury Disaster Loan (EIDL)
SBA REVISED EIDL PROGRAM NOW AVAILABLE!
The SBA is launching a new round of Economic Injury Disaster Loan (EIDL) Advances - called Targeted EIDL Advance - which provides eligible businesses with $10,000 in total grant assistance. If you received the EIDL Advance last year in an amount less than $10,000, you may be eligible to receive the difference up to the full $10,000. The combined amount of the Targeted EIDL Advance and any previously received Advance will not exceed $10,000.
Businesses eligible for the Targeted EIDL Advance must meet ALL the following eligibility criteria:
- Located in a low-income community, as defined in section 45D(e) of the Internal Revenue Code. The SBA will map your business address to determine if you are in a low-income community when you submit your Targeted EIDL Advance application.
- Suffered economic loss greater than 30 percent, as demonstrated by an 8-week period beginning on March 2, 2020, or later, compared to the previous year. You will be required to provide the total amount of monthly gross receipts from January 2019to the current month-to-date.
- Must have 300 or fewer employees. Business entities normally eligible for the EIDL program are eligible, including sole proprietors, independent contractors, and private, nonprofit organizations. However, agricultural enterprises, such as farmersand ranchers, are not eligible to receive the Targeted EIDL Advance.
Main Street Lending Program
The Federal Reserve established the Main Street Lending Program (Program) to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic.
IRS COVID-19 Related Tax Credits
Eligible Employers may claim tax credits for qualified leave wages paid to employees on leave due to paid sick leave or expanded family and medical leave for reasons related to COVID-19 for leave taken beginning on April 1, 2020, and ending on December 31, 2020.
Shuttered Venue Operators Grant
The Shuttered Venue Operators (SVO) Grant program was established by The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues, to be administered by the Small Business Administration’s Office of Disaster Assistance.
Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.
Who can apply
Eligible entities include:
- Live venue operators or promoters
- Theatrical producers
- Live performing arts organization operators
- Relevant museum operators, zoos and aquariums who meet specific criteria
- Motion picture theater operators
- Talent representatives, and
- Each business entity owned by an eligible entity that also meets the eligibility requirements
Other requirements of note:
- Must have been in operation as of Feb. 29, 2020
- Venue or promoter must not have received a PPP loan on or after Dec. 27, 2020
COVID-19 Hospitality Industry Recovery Program (CHIRP)
The COVID-19 Hospitality Industry Recovery Program (CHIRP) will allocate $145 million in funding assistance to the hospitality industry businesses adversely affected by the COVID-19 pandemic. The program requires counties to establish grant programs for eligible businesses.
Grant funds provided to counties will be awarded to eligible businesses as defined in Act 1 of 2021 to alleviate revenue losses and pay eligible operating expenses due to the COVID-19 pandemic. The county will contract with one or more Certified Economic Development Organizations (CEDO) or Community Development Financial Institutions (CDFI), which in turn will disburse the funding through grant agreements with eligible businesses.
Lebanon County should have $1.6 million available in grants. Once the funds are available, the County will utilize a CDFI or EDC to administer the grant process for applicants. The application process for businesses is not open yet but details about the program can be found by clicking on the More Information button below.
COVID-19 Relief Statewide Small Business Assistance
The COVID-19 public health crisis has impacted every Pennsylvanian in every community. The recently enacted state budget includes $2.6 billion in federal stimulus funds through the Coronavirus Aid, Relief, and Economic Security Act (CARES).
Application window for the first round of funding is expected to open on June 30th and remain open for 10 business days. Applications will continue to be accepted after 10 business days but will be considered for future rounds of funding. Additional rounds will be announced soon.
Within this allocation, the Department of Community and Economic Development has been allocated $225 million for COVID-19 relief to small businesses through a distribution to Community Development Financial Institutions (CDFIs).
Pennsylvania Industrial Development Authority (PIDA) Low-Interest Loans
The PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs and for the development of industrial parks and multi-tenant facilities. Loan applications are packaged and underwritten by a network of certified economic development organizations (CEDOs) that partner with PIDA to administer the program.
Contact the Lebanon Valley Economic Development Corp. for any questions or application assistance.
The Pennsylvania 30 Day Fund Offers Forgivable Loans
The Pennsylvania 30 Day Fund is a non-profit recently launched to provide forgivable loans of $3,000 to Pennsylvania small businesses struggling as a result of the COVID-19 pandemic. Eligibility criteria is simple.
- Employs between 3 and 30 people
- Based in Pennsylvania and operating for at least a year
- Owned and operated by a Pennsylvania resident
- Operate as a for-profit business.
Independent Contractors: Guide to CARES Act Relief
If you are an independent contractor or self-employed individual, you may be eligible for Paycheck Protection Program (PPP) loans/grants, SBA’s Economic Injury Disaster Loans (EIDL), and/or Unemployment Compensation for losses of income related to the coronavirus pandemic.
City of Lebanon Small Business Recovery Assistance Program
The City of Lebanon Small Business Recovery Assistance Program is a new forgivable loan program developed to provide emergency assistance to businesses struggling under the financial impact of COVID-19.
This fund is intended to support inclusive and diverse small business environments within Lebanon City. Businesses with up to $1 million in annual revenue may apply.
This is NOT a first-come, first-serve fund.
All applications will be equally considered. You must be in good standing with the City of Lebanon (current on taxes, have all required permits, no outstanding fees) in order to receive any funding.
Lebanon County has received $1.6 million in federal funding as part of the newly created COVID-19 Hospitality Industry Recovery Program (CHIRP). Lebanon Valley Economic Development Corporation (LVEDC), will administer the program.
To receive funding, hospitality-related businesses must have had at least a 25-percent reduction in revenue and not received relief via other coronavirus-related federal assistance programs, including the Payroll Protection and Small Business Administration loan programs, among others.
CHIRP applications will be accepted starting March 15, and will be time-stamped on a rolling basis through June 15 or until funding has been expended, whichever occurs first. Funding will be awarded at a minimum of $5,000 per application and a maximum of $50,000 with payments occurring in $5,000 increments.
Myerstown Vitality Partnership has partnered with Customers Bank to deliver PPP to Local Businesses
Please refer to forms below in English & Spanish for PPP Prep Sheets.
Community First Fund Small Business Loans
We’re here for you in these uncertain times and we want to help see your business through the COVID-19 crisis. Community First Fund offers financing to small businesses in moderate to low income communities in central and eastern Pennsylvania. We focus on business loans for minorities, women, nonprofit organizations, community development, educational opportunity, access to food and healthcare resources, and affordable housing… all intended to help build healthy communities.