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In an effort to contain the spread of COVID-19, the City of Philadelphia has banned a number of low-profile businesses until further notice. We are fully aware of the impact these measures have on business. However, many Covid 19 loans have helped US residents survive to this day.

Even though many residents have lost their jobs, the power is still trying to financially provide for a separate category of people who are not able to provide themselves financially independently using Covid 19 loans or basically any other payday loan, like the ones you can get at Directloantransfer.

Federal Loan Assistance Programs Covid-19

The Coronavirus Relief and Economic Security Act (CARES) provides $ 376 billion in financial assistance to small businesses. Learn more about what the CARES Act means for small businesses in Philadelphia providing Covid 19 assistance. 

Covid-19 Assistance Programs in Philadelphia:

The Payroll Protection Program is a new guaranteed loan program from the Small Business Administration (SBA). A Covid -19 loan will help small businesses cover salary costs during the crisis. Recent changes to the federal Paycheck Protection Program (PPP) are intended to make it easier for small businesses to receive financial assistance through COVID 19 loans.

The changes outlined in the Payroll Protection Covid 19 Program Flexibility Act include:

  • Instead of eight weeks, borrowers now have 24 weeks from the date they receive PPP funds to use;

  • Businesses will now be able to allocate up to 40 percent of PPP funds to non-wage expenditures, although the categories of these expenditures are still limited to utility bills and mortgage interest payments;

  • According to covid 19 loans, more than 60 percent of the funds can be used to pay wages to American citizens up from 75 percent;

  • The SBA's Economic Disaster Covid 19 Loans (EIDL) offer up to $ 2 million in financial aid to every small business;

  • Enterprises will now have up to five years to repay any part of the Covid-19  loan that has not been forgiven whereas they had only two years initially;

  • Small business owners can apply for an economic disaster Covid 19 loan of up to $ 10,000 that does not need to be repaid. The funds will be available within three days of the approval of the application;

  • Covid 19 loans can be term loans or used to bridge the gap when applying for a loan from SBA to compensate for economic damage in case of natural disasters.

Additional Financial Assistance Including Covid-19 Loans

  • State's $225 Million Small Business Grant Program: Businesses affected by COVID-19 are also encouraged to apply later this month for a new $ 225 million subsidy program. Eligible businesses will be able to use the subsidies to cover operating costs and technical assistance including training and methodological assistance to entrepreneurs during the period of business stabilization and restart, during the suspension, and preparation for reopening. Covid 19 applications can be made through community development financial institutions;

  • The Philadelphia Industrial Development Corporation (PIDC) Restart Philadelphia Loan Fund program provides flexible Covid 19 loans ranging from $ 25,000 to $ 250,000 to small businesses to help them meet the needs of opening and adapting their business models to new conditions and opportunities created by the COVID-19 pandemic. The funds will go to businesses that have historically been disadvantaged (businesses with at least 51% owned and operated by Black, Hispanic, Native American, Asian and Pacific peoples) and businesses located in high-income areas;

  • The Pennsylvania 30 Day Nonprofit Foundation provides non-collectible loans to small businesses registered in the state of Pennsylvania. An uncollectible Covid-19 loan is an immediate financial aid designed to meet payroll obligations and maintain health insurance coverage for employees;

  • The Philadelphia Industrial Development Corporation (PIDC) has a list of resources for business owners affected by COVID-19, including a breakdown of funding programs that remain available;

  • The nonprofit Entrepreneur Works provides Covid 19 loans to entrepreneurs and existing businesses. They have small business loan options and personalized guidance;

  • Enterprise Center Capital Corporation's COVID-19 Loan Fund offers loans to small businesses that meet the following criteria: the business is located in Philadelphia, has been operating for at least 6 months before the COVID-19 pandemic, and has documented economic damage;

In addition, Enterprise Center partnered with Brandywine Realty Trust to set up the Philadelphia COVID-19 Small Business Growth Fund to support minority-owned contractors and associated small businesses affected by the pandemic. The fund will provide flexible low-interest Covid 19 loans to eligible businesses;

  • West Philadelphia Financial Services Institution provides loans to small businesses in Philadelphia;

  • The Neighborhood Development Fund (NPF) offers small business loans and business development services to entrepreneurs and businesses in affected communities;

  • The William Penn Foundation, the Vanguard Group of Companies, and the Reinvestment Fund are working together to support child care businesses in Philadelphia as they fight to keep their businesses alive amid the COVID-19 pandemic;

  • The Philadelphia Emergency Fund for Stabilizing Early Education provides Covid 19 grants to minimize the loss of volume and quality of learning so that children and adults continue to have access to high-quality early education after the crisis ends;

  • KIVA (an organization that gives entrepreneurs access to zero interest in small business loans) has increased their size and stocks;

  • Finanta Emergency Loan is available to entrepreneurs whose businesses have been affected by COVID-19 and other emergencies. Loans are available in the range of $ 5000- $ 15000 (excluding Closing Fees);

  • The Women's Opportunities Resource Center provides Covid 19 low-interest loans, professional services, and referrals to partner banks and community loan funds for small businesses