The Pike County Economic Development Authority (EDA) is helping local businesses to find funding and other resources to support them through the Coronavirus (COVID-19) public health crisis. Email EDA Executive Director Michael J. Sullivan or call 570-296-7332 for more information.
Pike County’s Small Business Forgivable Loan Program
Guidelines and Application Available at PikeForward.com
The Pike County Commissioners, through the Human Development Office, anticipate approximately $526,092 to be available for a new Small Business Forgivable Loan Program.
Loans of up to $20,000 per eligible business will be distributed beginning in August 2020. For the loan to be forgivable, businesses must retain or create at least one full-time equivalent job for a low- to moderate-income household by March 31, 2021 and then retain that position for an additional 12 months.
“We are grateful to our Human Development Executive Director Robert Ruiz and our consultant Hailstone Economic for their excellent work on navigating the process of repurposing and targeting Community Development Block Grant funding to help local businesses through the COVID-19 crisis,” say the Commissioners.
The full guidelines and application are available at PikeForward.com. For more information, contact Robert Ruiz at firstname.lastname@example.org or 570-296-3434.
The guidelines and application are also downloadable here --> Pike County Small Business Forgivable Loan Program Guidelines and Application.pdf (177.27 kb)
In addition, the Commissioners, in consultation with the Human Development Office and Hailstone Economic, are working on more programs to assist local businesses. State guidelines are expected to be released soon detailing potential uses for $5 million allocated to Pike County through the recently enacted state budget, which included $225 million earmarked for relief for small businesses through the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
On May 13, The Pocono Mountains Visitors Bureau is launching the Pocono Promise as a resource to help regional businesses prepare to reopen when the time comes. There is a free webinar for local businesses today to learn more. Here are the details:
Wed, May 13, 2020 - 2 PM - 3:30 PM (EST)
Please join my meeting from your computer, tablet or smartphone.
You can also dial in using your phone.
United States: +1 (312) 757-3119
Access Code: 176-436-933
On May 12, the Pike County Commissioners articulated their balanced, responsible approach to the reopening of businesses in Pike County as they safely navigate the COVID-19 crisis.
On April 27, The US government authorized additional
emergency economic relief for small businesses
that qualify for the Paycheck Protection Program.
Additional Funding Notice: The SBA resumed accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT.
With the additional funding provided by the new COVID-19 relief package, SBA will resume processing EIDL Loan and Advance applications that are already in the queue on a first come, first-served basis.
Visit the Small Business Administration website for more details.
On April 16, 2020, U.S. Treasury Secretary Steven T. Mnuchin and U.S. Small Business Administration Administrator Jovita Carranza issued the following statement regarding the Paycheck Protection Program and Economic Injury Disaster Loan Program:
“The SBA has processed more than 14 years’ worth of loans in less than 14 days. The Paycheck Protection Program is saving millions of jobs and helping America’s small businesses make it through this challenging time. The EIDL program is also providing much-needed relief to people and businesses.
“By law, the SBA will not be able to issue new loan approvals once the programs experience a lapse in appropriations.
“We urge Congress to appropriate additional funds for the Paycheck Protection Program—a critical and overwhelmingly bipartisan program—at which point we will once again be able to process loan applications, issue loan numbers, and protect millions more paychecks.
“The high demand we have seen underscores the need for hardworking Americans to have access to relief as soon as possible. We want every eligible small business to participate and get the resources they need.”
Unemployment Insurance Provisions in the CARES Act
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. A nearly $2 trillion economic stimulus package, the Act provides an estimated $260 billion in enhanced and expanded unemployment insurance (UI) to millions of workers throughout the country who are being furloughed, laid off, or finding themselves without work through no fault … LEARN MORE
The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act recently passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, as well as certain non-profits and other employers. This guide provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA.
Download The Small Business Owner's Guide to the CARES Act
Small Business Owners Guide to the CARES Act final - issued 3-27-20.pdf (238.28 kb)
Download the Coronavirus Emergency Loans Small Business Guide and Checklist
Chamber Of Commerce CARES Loan Information March 31 2020.pdf (82.70 kb)
U.S. Small Business Administration
in Response to the Coronavirus (COVID-19)
Download the Paycheck Protection Program FAQs for Small Businesses
Paycheck Protection Program FAQs for Small Businesses FINAL.pdf (65.49 kb)
Download a PowerPoint Presentation by the SBA
Coronavirus Briefing 03.27.20.pdf (2.34 mb)
Says Pike County EDA Executive Director Michael Sullivan:
There is one thing you should do right now for your company: make an application with the SBA loan. This loan is described as, "U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19)." (All of Pennsylvania became a "designated state" late last week.) These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%. This is a long-term loan that can be for as long as 30 years and the amortization payback is terrific. This option is ready for you now and the sooner you apply, the sooner the resolution.