SAPD to receive $4.3 in CARES funds
The Southern Alleghenies Planning and Development Commission will receive $4.3 million in CARES Act funds, according to U.S. Sen Bob Casey, D-Pa.
Economic development assistance programs in Pennsylvania will receive $35.5 million in new funding from the U.S. Department of Commerce’s Economic Development Administration.
The money will come through Revolving Loan Fund Program as a result of the Coronavirus Aid, Relief and Economic Security Act.
“I am pleased that Pennsylvania will receive this $35.5 million investment to help struggling small businesses and entrepreneurs that have been negatively affected by the coronavirus pandemic across Pennsylvania,” Casey said in a statement. I supported EDA funding in the CARES Act and will continue to fight for Pennsylvania’s small businesses, ensuring that minority-owned businesses receive funding and improving oversight so that these grants reach the truly small businesses that need it most.”
The CARES Act provides economic development assistance with $1.5 billion for programs to help communities support businesses during the coronavirus pandemic. The EDA’s Revolving Loan Fund Program provides access to capital to enable small businesses to grow and generate new employment opportunities and help them to retain jobs that might otherwise be lost, create wealth and support minority and women-owned businesses.