Statement from the Pennsylvania Bankers Association regarding the Paycheck Protection Program: Pennsylvania's banks are committed to supporting their local small businesses. The federal government's Paycheck Protection Program (PPP), which is expected to go into effect on Friday, holds the promise of providing much-needed relief. We have been working with the Small Business Administration (SBA) and U.S. Treasury Department to make sure the program allows banks to deploy these funds as quickly and efficiently as possible to the businesses that need it. At this time, guidance from the Treasury Department and the program's standard operating procedures from SBA are still being developed. The business community's patience and understanding is appreciated as the banking industry receives direction on how this program will be offered.
The following are resources that provide helpful information you may need to navigate the current situation.
PPP payroll calculators for loan application (Excel spreadsheets) The PPP provides three scenarios for calculating maximum loan amounts depending on how long the business has been in operation and whether it’s seasonal.
PPP Loan Calculator 1 — Non-seasonal & In business 2/15/19-6/30/19 (will apply to most businesses that operated in 2019)
Pennsylvania Shared-Work Program This program is through the Unemployment Compensation Office which allows an employer to temporarily reduce the work hours of a group of employees and divide the available hours equaling rather than laying off any employees.
Deadline to file and pay federal income taxes are extended to July 15, 2020.
COVID-19 Response Fund for Western PA The loan program is designed to help businesses under 50 employees that are experiencing negative economic impacts in industries hit hard by the public health crisis. This fund is for small businesses in the following counties: Allegheny, Armstrong, Beaver, Butler, Clarion, Crawford, Fayette, Indiana, Greene, Lawrence, Mercer, Venango, Washington, and Westmoreland. COVID-19 Response Fund for Erie County The Erie County Gaming Revenue Authority (ECGRA) and Bridgeway have teamed up to provide patient loan capital to small businesses and nonprofits.
Resources for Business
Responding to COVID-19 in Pennsylvania Guide | VIEW