Irish Chamber member, Jim Malone, Principal at Post & Schell, P.C., has shared these timely articles from attorneys at his firm on the impact of COVID.
http://www.postschell.com/publications/1755-employment-tax-aspects-coronavirus-response-act
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Resources to assist individuals and organizations through this crisis:
The City of Philadelphia and PIDC (Philadelphia Industrial Development Corp.) have launched the $9 million Philadelphia COVID-19 Small Business Relief Fund. The $9 million fund offers a mix of new grants and zero-interest loans to small businesses in Philadelphia that make under $5 million in annual revenue and are facing an unprecedented challenge due to the ongoing global pandemic.
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News from the Department of Community and Economic Development (DCED): Governor Tom Wolf’s request to the U.S. Small Business Administration (SBA) for a disaster declaration was granted for all 67 counties in the Commonwealth. Pennsylvania businesses economically affected by COVID-19 are now eligible for SBA Economic Injury Disaster Loans and may apply through the SBA loan portal.
Small businesses unable to secure a loan elsewhere are eligible to apply for credit of up to $2 million at a 3.75% interest rate and nonprofit organizations at 2.75% for a timeframe of up to 30 years (all individually negotiated). Loans are for operating capital such as payroll and fixed debts that are unable to be paid due to the impact of COVID-19. For more specific information, contact your local SBA office.
