Philadelphia recently announced it is allocating an additional $20 million from federal Coronavirus Relief Funds to the COVID-19 Relief Pennsylvania Small Business Assistance program.
Pennsylvania’s Community Development Financial Institution network will distribute the funds in the form of grants to Philadelphia businesses in low- to moderate-income neighborhoods.
“Philadelphia’s small businesses are crucial to the health and well-being of our communities, providing tens of thousands of jobs for residents, along with countless goods and services,” Mayor Jim Kenney said. “While the COVID-19 pandemic continues to affect everyday life, we recognize that additional support is needed for our small businesses, and that is why the City has prioritized such relief. This $20 million for grants will be deployed as quickly as possible to prevent closures and protect jobs, and our administration will continue to advocate for the state and federal governments to match the level of local investment being made to help meet the needs of small businesses impacted by COVID-19.”
The program launched in June and was awarded its first round of grants in August. A total of 1,123 businesses received $20.4 million. The grant recipients for the second round will be announced this week.
The city also distributed more than $13.3 million to small businesses earlier this year.