Money

The Department of Community and Economic Development (DCED) recently announced that Pennsylvania Industrial Development Authority (PIDA),  Pennsylvania Minority Business Development Authority (PMBDA), and Commonwealth Financing Authority (CFA) are extending business loan deferrals by three additional calendar months.

“As we work on safely reopening Pennsylvania and as businesses continue to slowly return to normal, it is imperative that we help the businesses that were adversely affected by COVID-19,” said  DCED Secretary Dennis Davin. “These extended loan deferrals will provide much-needed temporary relief and will ultimately help Pennsylvania’s businesses bounce back from the economic implications of the pandemic.”

These loans were first made available in April as a result of Gov. Wolf’s COVID-19 pandemic stay-at-home order.

PIDA borrowers, except for loans under the traditional PIDA real estate account, with payments due in July, August and September this year are deferred. All other terms and conditions of all applicable loans remain unchanged.

PMBDA borrowers with payments due in July, August and September this year, including principal, interest and any associated fees, are deferred. Accrual of interest that would be included with deferred payments is suspended. 

All other terms and conditions of all applicable loans remain unchanged.

CFA borrowers except for PENNWORKS loans, with payments due in July, August and September this year, including principal, interest and any associated fees, are deferred. Accrual of interest that would be included with deferred payments is suspended. 

All other terms of all applicable loans remain unchanged.

Any business that wants further information and guidance from the DCED can contact customer service resources at ra-dcedcs@pa.gov.

 

 

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