Felice outlines programs
Virus funds still available for businesses
LEWISTOWN — Funds are still available for small businesses that have been affected by the pandemic.
Mifflin County Industrial Development Corporation President Nick Felice outlined provisions of programs available locally, regionally and through the federal government during the Rotary Club of Lewistown’s meeting on Tuesday.
Felice described the difference between two major loan programs that have been offered — Paycheck Protection Program (PPP), offered through local banks and Economic Injury Disaster Loan (EIDL), offered through the federal government.
EIDL offers as much as $150,000 with up to a $10,000 economic relief advance to businesses based on the number of full-time employees, while PPP offers up to $10 million and is intended to pay expenses like salaries, commissions, health benefits, he said.
EIDL, Felice said, offers a 3.75 percent interest rate for for-profit businesses, and 2.75 percent for non-profits. Loan payments are due one year from the origination date. EIDL offers no loan forgiveness.
Any unforgiven portion of the PPP loan has a 1 percent interest rate. There is a six-month deferral on PPP loan payments.
Tuesday, Felice said, was the last day to apply for grants available locally through Community Development Financial Institution (CDFI).
Of the 17 grants available in Pennsylvania, two were available locally for businesses with 25 employees or less.
“Those funds were for staffing, personal protective equipment, quantifiable losses, anything you can prove that you were negatively affected by COVID,” Felice said.
For information on how to apply for PPP and EIDL loans, visit www.sba.gov.