The Commonwealth Financing Authority (CFA), Pennsylvania Industrial Development Authority (PIDA), and the Pennsylvania Minority Business Development Authority (PMBDA) will be deferring loans in response to the COVID-19 pandemic.
In addition, the maturity dates and amortization schedules of all applicable loans have been extended by three calendar months.
“As we look to the future for a phased reopening of Pennsylvania’s economy, it is imperative that we provide relief to businesses affected by the administration’s stay-at-home order,” Department of Community and Economic Development Secretary Dennis Davin said. “Businesses statewide have been cooperative and made sacrifices for the health and safety of their communities, and we are committed to supporting them through the next steps ahead.”
CFA borrowers who do not qualify for PENNWORKS loans and who have payments due in April, May, and June will have principal, interest, and fees deferred. Accrual of interest with deferred payments is suspended.
PIDA borrowers with payments due in April, May, and June will have payments deferred.
PMBDA borrowers with payments due in April, May, and June will have principal, interest, and fees deferred. Accrual of interest with deferred payments is suspended.
Terms and conditions on all other applicable loans from all three agencies remain unchanged.