Department of Community and Economic Development Secretary Dennis Davin warned Pennsylvania businesses to be cognizant of potential scams related to the administration of Small Business Administration loans. DCED has received reports of small businesses contacted by individuals posing as loan agents asking for payment to apply for a loan.
“While this pandemic has showcased some of the very best amongst us in our state stepping up, there are individuals who unfortunately will take advantage of vulnerable citizens,” said Davin. “The Wolf Administration is committed to the safety, rights, and wellbeing of Pennsylvania’s business owners, and reminds everyone that no one needs to pay for services to apply for SBA loans.”
On Friday, March 27, the president signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which contained $376 billion in relief for American workers and small businesses. In addition to traditional SBA funding programs, the CARES Act established several new temporary programs to address the COVID-19 outbreak, such as the Paycheck Protection Program, Economic Injury Disaster Loan Emergency Loan Advance, SBA Express Bridge Loan, and SBA Debt Relief. The application process is simple and the Pennsylvania Small Business Development Centers offer application assistance free of charge.
In addition to the free services offered by the PA SBDC, the SBA is also broadcasting at least two free weekly webinars to individuals who may need further assistance.
All 16 SBDCs across the commonwealth have been conducting one-on-one consulting with a multitude of applicants since the SBA loan application opened. Each business is served by a center in the SBDC network, determined by the county in which their business is located.
Resources and information for businesses is regularly updated at dced.pa.gov/resources/. Businesses seeking guidance or clarification from DCED can receive assistance from the department by reaching out [email protected].
