CDBG COVID-19 funding program for Lower Merion Township
For Lower Merion Township Business Owners and Residents:
The CDBG COVID-19 funding program guidelines and applications for the business assistance and residential mortgage/rental assistance programs.
Lower Merion Township’s Small Business (forgivable) Loan Program has set aside $265,000 in CDBG funds that is available to existing, locally owned, eligible businesses located within the commercial areas of the Township and have been in operation for a minimum of twelve (12) months preceding the application submittal date AND have received no other COVID-19 assistance funding from either the Federal, State, or County level. Micro enterprises are also eligible. There is no application fee.
Depending on the number of employees, a business may be eligible for a forgivable loan of up $5000 or $10,000. The Program will offer loans which will be forgiven with no principal or interest due if the business remains in continuous operation for at least two (2) years after the loan closes and 18 months after monthly payments begin. The forgivable loan is, in effect, converted to a grant if the business remains in continuous operation for at least two years.
Funding will occur as quickly as possible after approval and closing conditions are met. The Office of Community and Economic Development is accepting applications and close accepting applications on June 22, 2020. Funding successful applications will continue until funds are depleted or no longer necessary. Find the application and guidelines: at this link:
Feel free to forward this information to any business you think might have been financially impacted by COVID.
The deadline for submitting applications is June 22nd .