Gov. Wolf, state Democrats propose $1.7B for small businesses

© Shutterstock

Gov. Tom Wolf and his Democratic colleagues in the General Assembly have proposed a $1.7 billion spending plan for small businesses struggling from continually rising costs.

Under the plan, uncommitted American Rescue Plan Act (ARPA) funds would be used to provide direct relief. This includes the $225 million recapitalization of the Small Business Assistance Program. Businesses would be eligible for grants between $5,000 and $50,000 that could be for various expenses.

In addition, Wolf proclaimed May 1-7 as Pennsylvania Small Business Week. The state Department of Community and Economic Development will be visiting local businesses during walking tours in several cities statewide.

“Pennsylvania’s small businesses are the cornerstones of our communities, and we must do everything we can to invest in their success,” Wolf said. “In addition to the economic benefits they generate, small businesses also contribute to the culture and fabric of the communities in which they reside. During Small Business Week, I urge every Pennsylvanian to join me in thanking – and supporting – our local businesses.”

More than 1 million small businesses employ approximately 2.5 million people in Pennsylvania. In 2019, 88.2 percent of exported goods were made by small businesses.

For every $100 spent at a small business, $48 goes back into the local economy.