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Daily Update COVID-19 From the Business Accountants at Wouch Maloney

Grant Applications for Small Businesses Impacted by COVID-19 in Pennsylvania Begin June 30th

A $225 million grant program for small businesses impacted by COVID-19 is now available to eligible small businesses throughout Pennsylvania. Applications for the first round of funding will be accepted for 10 days, beginning June 30th.

Individual businesses that had an annual revenue of $1 million or less before the COVID-19 pandemic are eligible to apply. Additional eligibility requirements include:

  • Must be physically located and certified to do business in Pennsylvania
  • At least 51% of their revenues must be generated in Pennsylvania
  • Have 25 or fewer full-time equivalent employees prior to February 15, 2020

If approved, small business owners can expect grants ranging from $5,000 to $50,000, which will be based on their annual revenues as documented in their most recent tax return.

The program will prioritize small business that are:

  • Owned and operated by low and moderate-income people; or
  • Located in areas of need including areas with a population having incomes significantly below the median income level, high levels of poverty, higher than average unemployment rates, or significant population loss; and
  • Types of businesses that were most impacted by the economic shutdown and experienced the greatest revenue losses.

Additional consideration will be given for the following factors:

  • Women-owned businesses
  • Communities targeted for business investment by state government programs like Main Street and Elm Street
  • Rural communities

At least 50% of the grants to small businesses will be awarded to Historically Disadvantaged businesses.

Businesses are encouraged to start gathering the items that will be necessary to apply. At a minimum, the following list of items will be needed to apply. Additional items may be specified later:

  • Government Issued Photo ID such as a Driver’s License or Passport
  • Business financial information:
    • Revenue from March 1st to May 31st for 2019 and 2020
    • Most recently submitted Federal Tax Return. 2018 or 2019 business and personal tax returns including Schedule C
    • If startup between January 1-February 15, 2020, Internal Profit & Loss Statement
  • Proof of Business Registration with PA Department of State, as applicable:
    • Articles of Incorporation (for corporations and LLCs); or Fictitious Name Registration/“Doing Business As” (Sole Proprietors); or Business License (if applicable)
  • Bank Account Information

To start your application, click here.

To read the entire press release from Governor Tom Wolf, click here.

 

 

 

DISCLAIMER: The WM Daily Update COVID-19, COVID-19 Business Resources and COVID-19 Client News Alerts and other related communications are intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.

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