WASHINGTON, D.C. >> U.S. Secretary of Commerce Wilbur Ross announced on August 3 that the Department’s Economic Development Administration (EDA) is awarding $35.5 million in CARES Act Recovery Assistance grants to Pennsylvania to help small businesses impacted by COVID-19.
The grants will capitalize and administer Revolving Loan Funds (RLFs) that will provide critical gap financing to small businesses and entrepreneurs that have been adversely affected by the coronavirus pandemic across Pennsylvania.
“President Trump is working diligently every day to support our nation’s economy following the impacts of COVID-19 through the CARES Act,” said Secretary of Commerce Wilbur Ross. “These investments will provide small businesses across Pennsylvania with the necessary capital to rebound from the coronavirus pandemic and, in turn, create a stronger and more resilient state economy for the future.”
“These investments come at a crucial time to help Pennsylvania’s and our nation’s economy come roaring back and provide hard-working Americans with new opportunities,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “Small businesses are the lifeblood of our communities, and EDA is pleased to invest these CARES Act funds so that Pennsylvania businesses have access to capital to respond to and recover from the coronavirus pandemic.”
Locally, a $2.4 million grant is being awarded to the Bucks County Industrial Development Authority to capitalize and administer an RLF that will provide coronavirus impacted businesses in Bucks County with loans to help them respond to the pandemic.
“I am happy to see the Bucks County Industrial Development Authority receive this $2.4 million grant to help our businesses respond to the ongoing COVID-19 pandemic,” said Congressman Brian Fitzpatrick (PA-01). “This CARES Act Recovery Assistance grant will provide another source of capital and much-needed boost to impacted businesses throughout my community. We are all united in this fight, and we are most effective when all levels of our government—federal, state, and local—are working together to help our community.”
These current EDA RLF grantees are some of the more than 850 existing, high-performing EDA RLF, Economic Development District, University Center, and Tribal grant recipients invited to apply for supplemental funding under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The CARES Act, signed into law by President Donald J. Trump, provides EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to the coronavirus pandemic.
On May 7, Secretary Ross announced that EDA is accepting applications for CARES Act Recovery Assistance funding opportunities.
EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) (PDF) program, provides a wide-range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic. For complete information, please visit our recently updated EDA CARES Act Recovery Assistance page.