COVID-19 Pandemic Resources and Information
Please note that as of March 20, 2020 our offices are closed to the public by order of Governor Wolf.
Our staff is working remotely to assist all businesses at this time. If you have concerns regarding emergency
financing programs during this pandemic please email our team at RapidResponse@abcdcorp.org
CURRENT EMERGENCY SMALL BUSINESS FUNDING
Pennsylvania’s COVID-19 Working Capital Access (CWCA) –
Program is administered by the Pennsylvania Industrial Development Authority (PIDA) and provides critical working capital financing to small businesses located within the Commonwealth that are adversely impacted by the COVID-19 outbreak (program guidelines). **NOTE: All CWCA loan applications in Blair County must be submitted through ABCD Corp.**
We’re Here To Help You…Every Step of the Way!!!
*Funds are limited. First to qualify and submit all required documents will be processed in the order they were received.*
- Contact email@example.com to notify our staff that you intend to apply for CWCA funding.
- You will be assigned a Loan Officer from ABCD’s staff to assist on your application. Your Loan Officer will reach out to you via email.
- Send your most recent year-end accountant prepared financial statements OR your most recently filed tax return, along with your Debt Schedule (excel) to your Loan Officer. Written permission should also be given to allow ABCD Corp to pull a credit report on any 20% or more owner of your business, should you qualify for the program as stated in #4 below.
- In order to qualify for CWCA, your business must show a 1:1 debt service coverage ratio (DSCR) for the most recent financial period. After receiving your most recent tax returns and debt schedule, your loan officer will calculate your DSCR to see if you are eligible.
- If your business meets the minimum criteria, your Loan Officer will notify you and begin the application process. Your loan officer will direct you to the remaining forms (all are listed below) and supply any additional information that will be needed.
- When forms are completed, they should be emailed to your Loan Officer who will compile and begin the online application.
- The application will be completed and submitted by your Loan Officer.
- Upon submission, the Dept. of Community and Economic Development will initiate communication with ABCD Corp and/or you to notify you of approval or any other developments.
**Please note there will be a commitment fee totaling 1% of the loan amount if you are awarded funding through the program. This fee can be paid to ABCD Corp through proceeds of the CWCA loan.
CARES Act Small Business Owner Resources:
- Small Business Owners Guide to the CARES Act (pdf) – Complete document outline the Frequently Asked Quesions from the US Senate Committee on Small Business & Entrepreneurship. **NOTE: Below are quick links to sections within the above FAQs document for easy reference**
- Paycheck Protection Program for Small Businesses FAQs – This is capital for covering the costs of retaining employees. Must apply through an SBA 7a Lender locally.
- Emergency Economic Injury Grant FAQs – A quick infusion of a smaller amount of cash to cover you right now. Must apply through an SBA 7a Lender locally.
- Small Business Debt Relief Program FAQs – Information regarding payments if you have a current SBA loan.
- Small Business Counseling & Training
- Small Business Contracting
- Small Business Tax Provisions
Federal disaster loans for small businesses. Please note that this program is completed by the individual business through an online portal. The team at ABCD can provide guidance on the information needed and process but the application is not processed through our offices.
RESOURCES AND INFORMATION
The Altoona Blair County Development Corp is continuously monitoring all of the federal, state and local organizations for pertinent information as it relates to the companies, employees and residents of Blair County impacted by the COVID-19 pandemic. Our highest priority and concern is for the health and safety of our community members, family and friends so please continue to abide by the CDC and Governor’s recommendations to assist in the curbing of this virus during these unprecedented times.
In regards to assisting the businesses and employees of Blair County we have compiled resources and information below, but do not hesitate to contact us for support by emailing our team at RapidResponse@abcdcorp.org We will continue to update these resources as they become available. Stay safe and we will all get through this.
- US Dept. of Labor Families First Coronavirus Response Act Guidance
- PA Office of Unemployment for Employees – Information specific to employees impacted by COVID-19
- PA Office of Unemployment FAQs for Companies
- PA Dept. of Community & Economic Development – Business Resources specific to COVID-19
- Blair County Chamber’s News Alert – Updates on business closures, modified times, etc.