The Economic Development Administration announced the awarding of $35.5 million in CARES Act Recovery Assistance grants to capitalize and administer Revolving Loan Funds that will provide gap financing to small businesses and entrepreneurs adversely impacted by the COVID-19 pandemic.

Award funds must be disbursed and lent or used for administrative costs (as permitted by the authorized budget) within 24 months of the award start date. At the end of this period, EDA may recoup any unspent funds, which will be added to the funds available for new CARES Act awards.

The full announcement can be read HERE.

The EDA investments announced 8/3/2020 are:

  • Regional Development Funding Corporation, Pittsburgh, Pennsylvania, will receive a $7.6 million EDA CARES Act Recovery Assistance grant to capitalize and administer a RLF to provide loans to coronavirus impacted small businesses in Allegheny County.
  • Philadelphia Authority for Industrial Development, Philadelphia, Pennsylvania, will receive a $7.45 million EDA CARES Act Recovery Assistance grant to provide gap financing to small businesses impacted by the coronavirus pandemic by capitalizing and administering an RLF to provide loans to businesses in the city of Philadelphia.
  • SEDA-Council of Governments, Lewisburg, Pennsylvania, will receive a $6.3 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide coronavirus impacted businesses in Centre, Clinton, Columbia, Juniata, Lycoming, Mifflin, Montour, Northumberland, Snyder, Union and Perry counties with loans to help them respond to the coronavirus pandemic.
  • Southern Alleghenies Planning and Development Commission, Altoona, Pennsylvania, will receive a $4.3 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide loans to coronavirus impacted businesses in Cambria, Blair, Huntingdon, Somerset, Bedford, and Fulton counties.
  • Bucks County Industrial Development Authority, Doylestown, Pennsylvania, will receive a $2.4 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide coronavirus impacted businesses in Bucks county with loans to help them respond to the pandemic.
  • The NEPA Alliance, Pittston, Pennsylvania, will receive a $2.1 million EDA CARES Act Recovery Assistance grant to capitalize and administer an RLF that will provide coronavirus impacted businesses in Carbon, Lackawanna, Luzerne, Monroe, Pike, Schuylkill, and Wayne counties with loans to help them respond to the coronavirus pandemic.
  • North Central Pennsylvania Regional Planning and Development, Ridgway, Pennsylvania will receive a $1.9 million EDA CARES Act Recovery Assistance grant to provide small businesses hard-hit by the coronavirus pandemic with loans by capitalizing and administering an RLF to impacted businesses in Cameron, Clearfield, Elk, Jefferson, McKean and Potter counties.
  • Indiana County, Indiana, Pennsylvania, will receive a $1.3 million EDA CARES Act Recovery Assistance grant to provide loans to small businesses impacted by the coronavirus pandemic by capitalizing and administering an RLF to provide loans to businesses located in Indiana County.
  • Southwestern Pennsylvania Commission, Pittsburgh, Pennsylvania, will receive a $1.1 million EDA CARES Act Recovery Assistance grant to provide gap financing to small businesses impacted by the coronavirus pandemic by capitalizing and administering an RLF that will provide loans to businesses in Allegheny, Armstrong, Beaver, Butler, Fayette, Greene, Indiana, Washington and Westmoreland counties.
  • Northeastern Pennsylvania Industrial Resource Center, Hanover Township, Pennsylvania, will receive a $550,000 EDA CARES Act Recovery Assistance grant to assist existing businesses and entrepreneurs impacted by the coronavirus pandemic with securing financing by capitalizing and administering an RLF to provide loans to coronavirus pandemic impacted businesses in Carbon, Schuylkill, Sullivan, Lackawanna, Tioga, Luzerne, and Wyoming counties.
  • Allegheny County Industrial Development Authority, Pittsburgh, Pennsylvania, will receive a $530,000 EDA CARES Act Recovery Assistance grant to establish a Revolving Loan Fund to provide lending capital to small businesses impacted by the coronavirus pandemic by capitalizing and administering an RLF to provide loans to businesses in Allegheny County.

These current EDA RLF grantees are some of the more than 850 existing, high-performing EDA RLF, Economic Development District, University Center, and Tribal grant recipients invited to apply for supplemental funding under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

We are in this together,

Brinker Simpson & Company, LLC

Disclaimer: This alert is for informational purposes only and does not constitute professional advice. Information contained in this communication is not intended or written to be used as tax advice & cannot be used by the recipient to avoid penalties that may be imposed under the Internal Revenue Code. We strongly advise you to seek professional assistance with respect to your specific issue(s).