Budgeting & Planning

Small Pennsylvania Businesses Can Apply for Loans Through the Small Business First Fund (SBD)

2020-03-25T13:55:11+00:00

The Commonwealth Financing Authority (CFA) is providing relief to Pennsylvania small businesses impacted by COVID-19. The CFA authorized the transfer of $40 million to the Pennsylvania Industrial Development Authority (PIDA).

The funding transfer will ultimately be combined with existing funds in PIDA’s Small Business First Program and will be used to provide zero interest loans to small businesses. Over $60 million for loans will be available to businesses with 100 or fewer full-time employees.

Loans of up to $100,000 will be available to small businesses to use as working capital. Interest rates are being dropped from approximately 3 percent to 0 percent.

Small businesses can apply through the Small Business First Fund (SBD), an existing PIDA loan program. More information is available at:
https://dced.pa.gov/programs/pennsylvania-industrial-development-authority-pida/

Please see the attached link from Senator Joe Scarnati's Website:
https://www.senatorscarnati.com/2020/03/18/scarnati-announces-funding-approval-to-help-small-businesses/

HBK will continue to follow developments and provide guidance and clarity surrounding COVID-19 business issues. To discuss COVID-19’s effect on your business, contact your HBK advisor.

About the Author(s)
Kevin McGinn, CPA, MST is a Senior Manager in HBK’s Blue Bell, Pennsylvania office and is a member of HBK's Tax Advisory Group. He has extensive experience in tax planning for high-net worth individuals and businesses in many industries such as distribution, manufacturing, service, and non-profit.
Hill, Barth & King LLC has prepared this material for informational purposes only. Any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or under any state or local tax law or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Please do not hesitate to contact us if you have any questions regarding the matter.

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