Will Philadelphia's New Coronavirus Relief Funds Be Enough?

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Will Philadelphia's New Coronavirus Relief Funds Be Enough?

Will Philadelphia's New Coronavirus Relief Funds Be Enough?

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Philadelphia, PAPhiladelphia Funds - The Kenney Administration and Philadelphia City Council today announced a new commitment of 30 million dollars in Coronavirus Aid, Relief, and Economic Security (CARES) Act funding to aid renters and small businesses during the COVID-19 pandemic.

Philadelphia Pledges an Additional 30 Million in Coronavirus Relief Funds

The funding comes from the federal Coronavirus Relief Funds (CRF) that the City received from the U.S. Treasury. The CARES Act authorized these funds to states, local governments with populations of 500,000 or more, and tribal governments. Since May 2020, the City has utilized federal, state, and local funding to assist thousands of tenants and small businesses.

This latest fund allocation brings the City’s direct support for small business assistance to $38.7 million and for rent relief to $39.4 million. When combined with other state and philanthropic funding sources, small businesses and nonprofits in Philadelphia will have received over $100 million in support. Nearly $68 million has been spent or committed to helping Philadelphia renters.

Of the $30 million, only $10 million will be committed to providing small business relief through the Commonwealth’s COVID-19 Relief Pennsylvania Statewide Small Business Assistance program. This new funding will be used to provide grants for some of the Philadelphia-based applicants who remained unfunded after the second round of grants announced by the Commonwealth.

As COVID-19 numbers continue the surge In the city It's not hard to understand why many small business owners Are fearing new impending safety measures and restrictions. Which will undoubtedly create another round of closings due to the pandemic this year.

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