Coronavirus Relief: Wolf Administration To Defer Business Loan Payments
HARRISBURG (KDKA) - The Wolf Administration along with the Department of Community and Economic Development announced they are deferring payments on business loans for three months.
"As we look to the future for a phased reopening of Pennsylvania's economy, it is imperative that we provide relief to businesses affected by the administration's stay-at-home order," said DCED Secretary Dennis Davin. "Businesses statewide have been cooperative and made sacrifices for the health and safety of their communities, and we are committed to supporting them through the next steps ahead."
The loans that will have deferred payments are from the Pennsylvania Industrial Development Authority, Pennsylvania Minority Business Development Authority, and Commonwealth Financing Authority.
All three loans will have their payments due in April, May, and June deferred.
PMBDA borrowers will not have interest accrued, CFA borrowers, except for PENNWORKS loans, will also have no interest accrued.
Businesses that need more information or clarification can find them on the Department of Community and Economic Development's website.