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The original item was published from 3/26/2020 6:47:46 PM to 3/27/2020 9:30:36 AM.

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COVID-19 Updates Business Resources

Posted on: March 25, 2020

[ARCHIVED] PIDA approves COVID-19 Working Capital Access Program

pida loans

The Pennsylvania Industrial Development Authority board has approved guidelines for a new emergency response program that provides zero-percent interest loans of up to $100,000 with terms of three years. This COVID-19 Working Capital Access Program will be administered through PIDA, which requires all loan applications to be submitted through a certified economic development organization. For Westmoreland County, applications must be submitted through the Economic Growth Connection of Westmoreland

The CWCA Program is available to small businesses located in the state that employ 100 or fewer full-time employees worldwide, including businesses in the agricultural, service and hospitality sectors. In addition to the loan application documents, applicants will need to provide:

  • Individual Credit Reports – For any individual with an ownership stake of 20 percent or more in the operating entity. (EGC can pull these, if needed; there’s a fee $50 fee to do so.)
  • One Year of Tax Returns – Most recent year-end, accountant-prepared financial statements or most recent filed tax returns.
  • All Invoices AND Signed General Ledger Details – There currently are questions as to which to include. Have both ready to send to ensure we have all necessary information.

Associated fees: There will be an $84 UCC filing fee, other fees (if applicable).

The maximum loan amount will be $100,000 for working capital with a zero-percent interest rate, subject to the statutory requirement for the agriculture sector, and a term of three years. These loans will be awarded on a first-come, first-served basis. These are used to reimburse businesses for working capital expenses incurred within the past three months (50 percent of expenses for retail/service sector businesses for the prior six months up to a maximum of $100,000).

To view the program guidelines PDF, click here. To download a PDF application, click here.

To ensure the quickest possible turn-around on funding, the EGC asks applicants to submit only COMPLETE applications. Anything less than a fully complete application will greatly slow down processing and may negatively impact the applicant’s ability to access funding.

All loan applications should be submitted to Disaster@egcw.org. Please contact any of the following ECG staff with questions:

To view the PIDA page for the CWCA program, click here.

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