Financial assistance for small businesses impacted by the corona virus

The PIDA-CWCA loan program is now accepting applications.  Please note this program is first come first serve and is expecting to have high demand.

PIDA COVID-19 Working Capital Assistance Fund (CWCA) - https://dced.pa.gov/programs/covid-19-working-capital-access-program-cwca/

Note: Must apply through a Certified Economic Development Organization. CEDOs in our area:

• Cumberland Area Economic Development Corporation –

o Webpage - https://cumberlandbusiness.com/news/covid-19-working-capital-assistance-fund-cwca-now-open/

o Email to send requests: cwcarequest@cumberlandbusiness.com

• Capital Region Economic Development Corporation

o Intent to apply form at bottom of page: https://www.harrisburgregionalchamber.org/cwca/

o Email to send information: credc@hbgrc.org

• York County Economic Alliance - https://www.preparedyork.com/pennsylvania-industrial-development-authority-pida-covid-19-working-capital-assistance-fund-cwca/)
• EDC Lancaster –

o Website: http://edclancaster.com/covid-19/

o Email to send information: apply@edcfinancecorp.com

Eligibility Requirements

CWCA loans are available to Pennsylvania for-profit businesses with less than 100 full-time employees worldwide. Applicants will be asked to prove that they have spent the requested loan amount in the past 3 months on direct business expenses such as payroll, utilities, rent, inventory etc. Additionally, retail and specific service-based organizations will be asked to demonstrate a 1:1 match on business expenses over the past six months – i.e. such businesses will need to verify they spent at least $200,000 on direct business expenses in order to request the maximum $100,000 loan amount.

CWCA Loan Highlights

• $100,000 maximum loan per business
• 3 year term; 12 year amortization
• No payments for initial 12 months; monthly amortized payments for the following 24 months; one sum payment for the remaining balance in the 37th month
• 0.00% fixed interest rate for businesses; 2.00% fixed interest rate for production agriculture
• Personal or corporate guarantees are required for all individual and/or corporate business owners owning greater than or equal to 20% of the applicant business

 A few notes on these loans:

• Application guidelines are now available on the websites listed at the top of this page.

Businesses should note that loans will be allocated on a first come, first served basis state-wide. Demand is expected to far exceed supply and businesses will be turned away.

• Applicants will need the following information:
• A company profile sheet.
• A summary of the economic hardships experienced by the business, including the business closure date (if applicable).
• A signed W-9 form for the applicant business.
• A signed business entity certification.
• Most recent year financials (accountant prepared or filed tax returns).
• Interim financials last full year statements through current OR an income statement.
• A debt schedule summarizing existing business debt and required monthly payments.

For the guarantors (individual and/or corporate business owners owning 20% or more of the applicant business):

o A signed certification sheet

o Individual guarantors: a signed Personal Financial Statement dated within the last 12 months

o Corporate guarantors: most recent year of financial statements