Governor Tom Wolf announces new loan program for businesses affected by COVID-19

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Tom Wolf

File-This feb. 5, 2019, file photo shows the dome of the Pennsylvania Capitol in Harrisburg, Pa. A bill that would have prohibited abortions because of a prenatal diagnosis of Down syndrome was vetoed Thursday, Nov. 21, 2019, by Pennsylvania’s Democratic governor. One day after it passed the Republican-controlled Legislature, Gov. Tom Wolf made good on a promise and rejected the legislation. (AP Photo/Matt Rourke, File)

HARRISBURG, DAUPHIN COUNTY (WBRE/WYOU-TV) Governor Tom Wolf announced Wednesday a new funding program called COVID-19 Working Capital Access Program (CWCA), which allows small businesses affected by the pandemic to apply for financial assistance.

The new program is funded through the Pennsylvania Industrial Development Authority’s (PIDA) Small Business First Fund. According to a press release, $60 million is available to provide loans of $100,000 or less to for-profit businesses with 100 or fewer full-time employees. Funds are expected to become available this week.

“My top priority is to save Pennsylvania lives, then save their livelihoods,” Wolf said in a statement. “I am utilizing every resource available to assist Pennsylvania’s business during this incredibly difficult time, and this small business funding availability is a step in the right direction. It will help provide a little peace of mind to hundreds of small business owners and their employees.”

“There’s been major disruption to small businesses and their employees,” said House Democratic Leader Frank Dermody in a statement. “This is a bipartisan down payment to get some working capital out quickly. Much more help is needed and we’ll keep working on that.”

All loan applications must be submitted through a Certified Economic Development Organization (CEDO). For the list of CEDO’s operating within Pennsylvania, click here.

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