September 24, 2020
Kate Frese/for PhillyVoice
Philadelphia will receive $20 million in additional funding to distribute to small businesses impacted by the COVID-19 crisis. More than $33 million in relief has gone out so far, but the next round will target vulnerable businesses that haven't received assistance yet.
Philadelphia small businesses that have been hard hit by the coronavirus pandemic will have another opportunity to receive financial relief.
The city has received another $20 million for a second round of funding from the U.S. Treasury, which authorized payment through the federal CARES Act, officials announced Thursday.
Federal funds will be directed to the COVID-19 Relief Pennsylvania Small Business Assistance program, which has decided to let Philadelphia use the existing platform it had through the Department of Commerce in the first round.
Earlier this year year, the city awarded $13.3 million in grants to 2,083 small businesses in Philadelphia, including several prominent restaurants and other companies in need of help.
The statewide program also distributed $20.4 million in grants to 1,123 Philadelphia businesses in August.
The new round of funding will be used to provide grants to some of the applicants who remain unfunded after the second round. Priority will go to those in low- to moderate-income neighborhoods.
City officials estimate that small businesses are still in need of more than $300 million in assistance. They plan to continue advocacy at the state and federal levels to help match local investment and provide more flexible funding to those impacted by COVID-19.
