On June 30, PA begins offering grants of between $5,000 to $50,000 to small businesses affected by the COVID-19 pandemic. This is not a first-come, first served program and grants will become available in several separate offerings over the summer.
Who is Eligible?
A small business with 25 or fewer employees and annual revenues of less than $1M. Minority and women owned businesses have a separate pool of money set aside for their benefit.
Where to Apply
You have to contract Community Development Financial Institutions that serves your county.
dced.pa.gov/download/community-development-financial-institutions/?wpdmdl=94944&utm_source=newsletter&utm_medium=email&utm_content=CDFI%20link&utm_campaign=COVID-19%20Small%20Business%20Grants. For example, The Progress Fund and Bridgeway Capital serve Allegheny County.
Tax Treatment of Grant
Please be aware that the grant may be treated as taxable income even if the borrower is a corporation. Code Section 118(b)(2), as amended by the 2017 Tax Act. For partnerships see, LMSB 04-1007-069 (10/5/07)). Please consult your tax advisor for guidance about your specific circumstances.