HARRISBURG — There may be some additional no interest state loans available to local small businesses impacted by the coronavirus. The Commonwealth Financing Authority has transferred $40 million to the Pennsylvania Industrial Development Authority.
State Senator John Gordner (R-27th, Berwick) says that means over $60 million for loans will be available for small businesses, he says they hope to have some of the money available next week. Gordner said small businesses are an essential part of our community and many are facing a hardship and the state can help them weather the storm.
He says loans of up to $100,000 will be available to small businesses to use as working capital. Interest rates will be dropped from three percent to zero percent. It also includes no payments during the first year of the loan. Comprehensive guidelines for the program are still being worked on at this time. More info at DCED.pa.gov.