124735249_web1_shelby

Hunt on for Luzerne County polling locations in light of state primary election extension

124771621_web1_Coronavirus

Luzerne County COVID-19 cases at 150, 3 deaths; statewide total at 4,087

HAZLETON &mdash; In light of the impact COVID-19 is having across Pennsylvania, CAN DO is reaching out to business and industry throughout Greater Hazleton to let them know assistance is available for those who need guidance accessing the various funding programs available to help continue their operations or connect to resources in the event they need to temporarily close their doors.
				The Small Business Administration (SBA) announced its Economic Injury Disaster Loan Program (EIDL) &mdash; a loan program for small businesses, less than 500 employees, who have been impacted financially by COVID-19.
				Money may be used to help meet working capital needs or normal business operating expenses through the related disaster&rsquo;s recovery period.
				Small businesses can request loans up to $2 million. The interest rate for EIDL loans is 3.75 percent fixed for small businesses and 2.75 percent for non-profit o(501 c 3). The term on EIDL loans is up to 30 years to assist small business with low monthly repayments options. Additionally, the EIDL also defers payments for one year after initial loan disbursement.
				SBA Administrator Jovita Carranza said, &ldquo;We&rsquo;re very encouraged that banks and financial institutions are responding to the President&rsquo;s efforts to mobilize an unprecedented public-private response to the coronavirus (COVID-19) outbreak. As a result, most small businesses that need credit during these uncertain times will be able to obtain it. However, our goal is to ensure that credit is available to any and all small businesses that need credit but are unable to access it on reasonable terms through traditional lending channels.&rdquo;
				Carranza went on to say, &ldquo;To that end, the SBA is relaxing the criteria through which states or territories may formally request an economic injury declaration, effective immediately. Furthermore, once an economic injury declaration has been made in a state or territory, the new rules allow the affected small businesses within the state or territory to apply for a disaster assistance loan.&rdquo;
				Businesses that wish to apply for disaster assistance from the SBA can visit: https://www.sba.gov/funding-programs/disaster-assistance.
				In addition to SBA&rsquo;s Economic Injury Disaster Loan Program, the Pennsylvania Industrial Development Authority (PIDA) announced the COVID-19 Working Capital Access Program (CWCA), which provides critical working capital financing to small businesses located within the Commonwealth that are adversely impacted by the COVID-19 outbreak.
				An eligible small business enterprise is a for-profit corporation, limited liability company, partnership,proprietorship or other legal business entity located in Pennsylvania and having 100 or fewer full-time employees worldwide at the time of submission of the application.
				Eligible costs in include:
				&#8226; Working capital, which for purposes of this program is considered capital used by a small business for operations, excluding fixed assets and production machinery and equipment.
				&#8226; Any eligible working capital cost, as defined above, incurred by the eligible business enterprise three (3) months prior to submission of the loan application will count as an eligible cost toward either the loan amount or, if applicable, the matching investment requirement. Retail/service enterprises are able to incur eligible working capital costs up to six (6) months prior to submission of the loan application.
				Please note that evidence of eligible working capital costs incurred equal to the amount of the total project cost will be required prior to the loan being disbursed.
				The maximum loan amount is $100,000. No match is required except for retail/service enterprises in which case the CWCA program is able to finance 50% of eligible working capital costs up to $100,000. There are no job retention/creation requirements.
				The interest rate will be set by the PIDA Board. Loan terms are three years with a 12-year amortization. In addition, no payments will be due and payable during the first year, principal and if applicable, interest payments will be due monthly for years two and three, and a balloon payment will be due and payable at the end of the third year.
				CAN DO Business Development Specialist Mark Minnig said, &ldquo;CAN DO is here to help businesses and industries throughout Luzerne County navigate these challenging times, especially those small businesses who are most impacted by these events. In addition to helping you choose and apply for the financing you need, we can also connect you to our network of business partners at the local, regional and state level who can answer any additional questions you may have.&rdquo;
				For more information on CAN DO&rsquo;s business financing programs, visit www.hazletoncando.com/financing/business-finance or reach out to Mark Minnig, Business Development Specialist directly at mminnig@hazletoncando.com or 570-455-1508 ext. 2007.

CAN DO assisting small businesses affected by COVID-19 to access loans