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Recovery Resources: Fed lending, Delco grants, Census, Chesco task force, St. Joe’s content

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Posted by: Unknown on Friday, May 1, 2020 at 2:00:00 pm
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Federal Reserve expands Main Street Lending Program
The Federal Reserve is expanding the scope and eligibility requirements of its Main Street Lending Program. The Fed has created a third loan option with increased risk sharing by lenders for borrowers with greater leverage; lowered the minimum size for loans under two options to $500,000 from $1 million; and increased the size of businesses eligible for the loans to 15,000 employees or $5 billion in annual revenue. The program will be funded by the Treasury Department with $75 billion from the Coronavirus Aid, Relief, and Economic Security Act. The Fed plans to announce a start date for the program soon.


Delco small business grant applications will be accepted next week
The Delaware County Economic Oversight Board will be accepting online applications for grants from the Delco Strong Small Business Support Grant Program from 12:00 a.m. to 11:59 p.m. on May 6. Paper applications will be accepted at the Delaware County Courthouse entrance, 201 W Front St., Media, from 12-4:30 p.m. on May 6th and 8:30 a.m. to 1 p.m. on May 7th. The Delaware County Redevelopment Authority and the Delaware Valley Regional Economic Development Fund have provided $1.75 million in funding for the program, which is open to for-profit businesses that employ fewer than 50 people; have annual revenue of $4.5 million or less; are located in an industrial or commercial district in the county; and are registered to conduct business or incorporated in Pennsylvania. Grants will be no larger than $7,500 and can be used on rent or mortgage payments, utility bills and inventory from Feb. 15 through May 20.


Counties working to increase census participation
Montgomery and Delaware counties have efforts underway to boost census participation. The Delco Counts 2020 Action Fund has awarded $58,000 to nonprofits working to encourage Census participation in neighborhoods that are at risk of being undercounted. The fund plans to issue a third round of grants but has postponed the deadline until further notice. Census data from is used to determine allocation of federal resources. According to the Census 2020 webpage, as of April 29 the self-response rates were 65.4 percent for Montgomery County, 60.2 percent for Delaware County and 65.5 percent for Chester County. Pennsylvania overall had a 56.2 percent self-response rate.


Chester County creates COVID-19 Business Task Force, extends property tax deadline
The Chester County commissioners have created the COVID-19 Business Task Force, which will consist of industry leaders from throughout the county teamed with representatives of businesses of diverse sizes and geographic locations in the county. The task force will provide input to the state on its reopening strategies; provide information and updates regarding re-opening and sector-specific mitigation strategies that will come with re-opening; and guide the development of the county’s economic recovery plan. The commissioners also have moved back the deadline for paying county property taxes to July 31 and extended the county government’s essential services-only operations at all county buildings through May 15.


St. Joseph’s offering free webinar series.
Main Line Chamber of Commerce Member St. Joseph’s University has launched a free series of webinars called “Unlimited Learning.” The next one, “Telehealth: Expanding Access to Care,” features Thomas Martin, an assistant professor in St. Joseph’s Department of Health Studies, and Dr. Peter Kowey, a member of St. Joseph’s board who is the William Wikoff Smith Chair in Cardiovascular Research at the Lankenau Institute for Medical Research and a professor of medicine and clinical pharmacology at Jefferson Medical College. It’s scheduled for 12 -1 p.m. on May 4. The webpage for the webinar series features links to register for upcoming webinars and view previous ones.


Cyber security advice from the U.S. Chamber
The novel coronavirus has millions of people spending more time than ever online and cyber criminals are seeking to capitalize. The U.S. Chamber of Commerce has some tips from the National Institute of Standards and Technology for protecting yourself and your business from coronavirus-related phishing attacks and keeping your online meetings secure.


IRS rules businesses can’t deduct expenses paid with PPP loans
Businesses that use loans that are obtained and forgiven under the Paycheck Protection Program to pay expenses can’t deduct those expenses on their taxes, the Internal Revenue Service ruled on April 30. The reason is that the loans won’t be taxed and deductions typically aren’t allowed on exempt income, according to Fox Business.


Pandemic keeping Narberth Ambulance busy
The coronavirus pandemic is taking such a mental and physical toll on medical professionals that Chris Flanagan, the volunteer chief of the Narberth Ambulance company, tells the Philadelphia Inquirer that he fears for his staff’s safety. Flanagan, a graduate of The Main Line Chamber of Commerce’s Leadership Main Line program and the superintendent of the Radnor Police Department, has imposed new protocols to protect Narberth Ambulance’s 50 paid staffers and 80 volunteers, including prohibiting them from hanging out at the station house when they aren’t on duty. Narberth Ambulance serves Lower Merion, Narberth, Haverford, Conshohocken and West Conshohocken. Roughly 90 percent of the coronavirus calls it responded to between March 15 and April 18 came from the 14 nursing homes and rehabilitation centers in its service area.


Best regards-Be safe,

 

Bernie

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Bernard Dagenais 
President & CEO 
The Main Line Chamber of Commerce 

 

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