The Bucks County Redevelopment Authority and Bucks County Commissioners have teamed up to provide relief to businesses affected by coronavirus. The “COVID-19 Emergency Economic Rapid Response Loan Program” will offer immediate assistance at an interest rate of zero.
$600,000 from the Municipal Grant Program will be readily available for Bucks businesses in the tourism and hospitality industries. The MGP generates its funds through revenues at Parx Casino in Bensalem.
But Parx Casino and many other tourist attractions are closed due to the ongoing pandemic. This hurts surrounding businesses which rely on tourism like restaurants and hotels.
“When crafting the legislation that created the Municipal Grant Program, it was always my
intention to see this money used to benefit the taxpayers in our communities. Now that we are facing the COVID-19 outbreak, I’m grateful our government organizations came together to help address this crisis,” said state Senator Tommy Tomlinson. “These critical funds will help businesses survive and sustain while we work to defeat the Coronavirus.”
Each company can apply for up to $8,000 to aid in cash flow. This could make the difference in staying open and keeping employees on payroll.
Businesses must meet certain requirements to be eligible:
- Are in the tourism or hospitality industry
- Have been operating for at least two years
- Are currently open and operating
- Can demonstrate profitability
Additionally, the applicant must be located in an MGP eligible municipality. These include Bensalem Township, Bristol Borough, Bristol Township, Hulmeville Borough, Langhorne Borough, Langhorne Manor Borough, Lower Southampton Township, Middletown Township and Penndel Borough.
The first round will go through Apr. 3, 2020. If there are any remaining funds, the loan program will open up to the rest of Bucks.
“We know the economic impact of the Covid-19 pandemic will be very serious, and that it has the potential to ruin the hard work and dreams of business owners and their employees in Bucks County,” said County Commissioners’ Vice Chairman Bob Harvie. “As the County Commissioners continue to develop other economic assistance initiatives, we hope this loan program we are launching with the Redevelopment Authority can provide some immediate relief to small businesses in our community.”
The BCRDA will oversee the program. An online application is available on the BCRDA website here. After applying, applicants could see funds within five business days.
Other details include:
- Term loan up to 36 months
- No payments due for first 120 days
- No penalty for early payoff
- No application fee
- No credit check required
- Personal Guaranty will be required
More information is available here.