Help For Small Business – Pennsylvania Edition
Though things have been changing daily in response to the Covid-19 pandemic, it looks like many of us will be waiting until Mid-May for restrictions to start lifting on “non-essential” businesses. Coping with this as a 1099 employee or small business owner can be challenging. We decided to put together a help for small business guide. This guide provides options for those who cannot file for traditional unemployment benefits.
Filling for Pandemic Unemployment Assistance (PUA)
The first question to ask is, “Am I eligible?” Individuals covered under PUA include the self-employed (e.g. independent contractors, gig economy workers, and workers for certain religious entities), those seeking part-time employment, individuals lacking sufficient work history, and those who otherwise do not qualify for regular unemployment compensation or extended benefits, per the Pa Office of Unemployment Benefits.
You can review requirements for eligibility and file here: File for PUA
Paycheck Protection Program Loan Information
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding. The next round of stimulus is sure to appropriate more funds to the program. So, get your application in order so you can apply when it’s available again. You can find more information here: PPP Loans
COVID-19 Working Capital Access Program (CWCA)
The COVID-19 Working Capital Access (CWCA) Program, administered by the Pennsylvania Industrial Development Authority (PIDA), provides critical working capital financing to small businesses located within the Commonwealth that are adversely impacted by the COVID-19 outbreak. The maximum loan amount is $100,000 and is only for businesses of 100 or fewer full-time employees. Find more information here: CWCA
In conclusion, we hope that this information can help you navigate this ever-changing situation we are all in. We will do our best to update this page as new information presents itself. Please subscribe to our blog for updates. Stay safe everyone!