The City of Philadelphia, through the Philadelphia Industrial Development Corporation (PIDC) launched the COVID-19 Small Business Relief Fund (the “Fund) on March 23, 2020. The Fund consists of a $9 million-plus grant and loan program to support struggling and barely afloat businesses in the city. The grant contains three different types of loans. There are: (1) Microenterprise Grants (2) Small Biz Grants; and (3) Small Biz Zero Interest Loans.
A. Basic Information
The following table provides pertinent details on the various relief programs under the umbrella of the Fund.
|RELIEF PROGRAM||ELIGIBLE BUSINESSES||AMOUNT AVAILABLEPER BUSINESS||WHAT YOU’LL NEED TO APPLY|
|Microenterprise Grant||Annual revenue under $500,000||$5,000 Grant||
|Small Biz Grant||Annual revenue between $500k & $3Million||Up to $25,000 Grant||
|Small Biz Zero-Interest Loan||Annual revenue between $3Million & $5Million||$25,000 – $100,000 Loan||
B. Application Process
To apply for assistance please complete the application here. All three grants can be applied for with the same application. Application volume is expected to be high and businesses should understand that the wait time for a determination could be significant. Applicants should be aware that in order to process the high volume of applications, the review committee will consider the following in determining how to award grants:
- The number of jobs that the business sustains during a normal business cycle (pre-COVID-19 levels).
- The business demonstrates that it has lost a significant share (50% or more) of revenue due to the COVID-19 pandemic.
- The business demonstrates a strong chance of remaining open post COVID-19.
- The business has experienced loss of revenue from other situations in addition to COVID-19, such as recent public works projects (i.e. water main breaks, utility repairs, street closures).
- The business provides jobs to low-income individuals and/or is located in a zip code with high poverty.
- The business has operated consistently for two years or more.
- For sole proprietors/independent contractors, priority will be given to those who are located in zip codes with high poverty and/or those that sustain multiple sub-contractors during normal business (pre-COVID-19 levels).