Important:

Our office is currently closed, but we continue to provide legal services by working remotely.

In light of Governor Wolf’s emergency declaration and current recommendations our office is currently closed.  Our attorneys and staff continue to work remotely, however, and we can assure you they are set up to respond to your calls, emails and all communications.  For more details on AMM operations during this time, read our full update.  

Thank you for your understanding, and please take care.

Financial Assistance for Small Businesses Injured by the COVID-19 Outbreak

Friday, 20 March 2020 19:38 Written by  Thomas P. Donnelly

The coronavirus pandemic has already caused massive financial impacts across nearly every industry in the Commonwealth of Pennsylvania.  Unemployment claims have skyrocketed, essentially all physical business locations are closed, and industry is struggling to convert to remote operations.  Unfortunately, it appears the financial crisis is just beginning.  

As a result of Governor Tom Wolf’s March 19, 2020 emergency declaration, Pennsylvania small businesses are eligible for Coronavirus relief programs through the federal Small Business Administration. Emergency Injury Disaster Loan proceeds can be applied to satisfy ordinary and necessary business expenses that would have been paid by the business from operating funds in the absence of the pandemic and impact on the business climate.  Economic Injury Disaster Loans are only available if the “SBA determines the applicant is unable to obtain credit elsewhere”.  Rested but available lines of credit or borrowing capacity may render the applicant ineligible.  These SBA loans are in addition to other programs under consideration by the federal government including measures to provide tax relief.  Additional information and the SBA application can be found at https://disasterloan.sba.gov/ela/. You will be required to provide financial information including tax returns so be prepared when commencing the process.

On a state government level, the Pennsylvania Department of Community and Economic Development and the Industrial Development Authority are planning to make resources available although defined programs are still under development. Reports indicate as much as $61 million will become available through PIDA with applications being published as early as next week. Government and agency websites are struggling to report the most current information and updates to available programs.  The Pennsylvania Department of Economic Development will update information as it becomes available.  Updates can be found at http://dced.pa.gov/resources.

Bucks County government also contemplates financial assistance.   In a press conference on March 19, 2020, Commissioner Harvie indicated that five county agencies have begun planning additional resources for businesses and employees. Further information regarding County plans and programs has not yet been made available.

 

Last modified on Tuesday, 31 March 2020 18:10
Thomas P. Donnelly

Thomas P. Donnelly

Tom’s practice focuses on commercial litigation and transactions. In litigation, Tom represents both Plaintiffs and Defendants. Throughout his career, he has undertaken the representation of both individual and corporate clients in subject matters concerning fraud, contracts, employment agreements, breach of fiduciary duty, securities violations, real estate and insurer bad faith. Tom’s clients include individuals and businesses local to the Philadelphia area, as well as national corporations.

To view Thomas' full bio, click here.

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