On behalf of Gov. Tom Wolf, Department of Community and Economic Development Secretary Dennis Davin announced that 173 companies in 39 counties, including Bucks County, have received $14 million in funding during the third round of the COVID-19 Working Capital Access Program. The latest round of funding supports restaurants, wellness centers, wineries and breweries, consulting firms, salons and spas, and more. To date, more than $37 million was awarded to a number of diverse businesses.
“As we look forward to the reopening of our economy, we are thrilled to distribute additional CWCA loans to over 150 companies, including several that fall within counties which will be entering the yellow phase of mitigation efforts within the next week,” said Davin. “The Wolf Administration remains committed to supporting the state’s small businesses as we navigate COVID-19 together.”
A list of approved projects can be found here.
On March 25, Wolf announced that the Commonwealth Financing Authority authorized the transfer of $40 million to the Small Business First Fund for CWCA. PIDA authorized making $61 million available to provide loans of $100,000 or less to for-profit businesses with 100 or fewer full-time employees.
PIDA staff continue to review submitted applications for approval and are actively working with DCED’s Certified Economic Development Organizations to disburse CWCA loan funds at the time of approval. Information on future awardees will be released as it becomes available.
DCED continues to update its website, dced.pa.gov/resources/, with financial and other resources. Businesses seeking further guidance and clarification from DCED can also contact its customer service resource account at ra-dcedcs@pa.gov.
