Loans Available To Small Businesses Impacted By Coronavirus Outbreak

March 26 • By Frank R. Bartle

Pennsylvania has released information on how small business owners can apply for the state’s COVID-19 Working Capital Access (CWCA) Program, which offers loans up to $100,000.

The program is intended to provide support for operations for small businesses that have been adversely impacted by the coronavirus outbreak. To be eligible, a business must be a for-profit corporation, limited liability company, partnership, proprietorship or other legal business entity in the Commonwealth of Pennsylvania and have 100 or fewer full-time employees worldwide at the time of applying.

Loan terms are three years with a zero percent interest rate for most businesses. The maximum loan is $100,000.

The program is administered by the Pennsylvania Industrial Development Authority. Applications must be submitted through a Certified Economic Development Organization (CEDO). A CEDO will work with businesses to determine if the program can assist a business and will help with the application.