City officials announced today that they have partnered with the Philadelphia Industrial Development Corporation (PIDC) to crate a fund for relief of small businesses in the city impacted by COVID-19 closures.
We are acutely aware of the potentially devastating impact that the spread of COVID-19 is having on small businesses in Philadelphia and around the country,” said Mayor Jim Kenney. “These businesses are the backbone of our city’s economy, and this fund will help some of our small businesses survive the COVID-19 crisis while also retaining as many jobs for workers as possible.”
The $9 million fund created by the city and PIDC, including a $250,000 donation from the Daniel V and Florence E Green foundation, will provide grants and zero interest loans to businesses that make less than $5 million in annual revenue. Acting Director of the City’s Department of commerce, Sylvie Gallier Howard, outlined the following offerings from the fund:
- Microenterprise Grants — $5,000 per business for businesses with less than $500,000 in annual revenue.
- Small Business Grants — Up to $25,000 per business for businesses with annual revenue between $500,000 and $3 million.
- Small Business Zero-Interest Loan — Up to $100,000 per business for businesses with annual revenue between $3 million and $5 million
“Philadelphia’s business community has been severely impacted, and we must do everything in our power to ensure that capital continues to flow to small businesses during this critical time,” said Sylvie Gallier Howard, Acting Commerce Director for the City of Philadelphia. “Acting quickly will help get businesses the funding they need to continue operations and preserve jobs.”
Applications are now available online at www.phila.gov/COVID-19-business-relief. The city said it would review applications on a rolling basis and that priority would be given to businesses that demonstrate revenue losses of more than 50 percent and have a plan to retain employees for as long as possible.
Tax Filing Extensions:
Kenney also announced that the city would extent filing and payment deadlines for collection of real estate taxes. Philadelphia will extend deadlies for the business income and receipts tax and the net profits tak until July 15.
The City will honor the federal extensions granted to businesses from the IRS for filing and payments until July 15, 2020 for the Business Income and Receipts Tax and the Net Profits Tax. This policy includes estimated payments. Real estate taxes due March 30 have been extended 30 days to April 30. The deadline to apply installment payment plans has also been extended until April 30
“Taxpayers who can file and pay their taxes by April 15, 2020 are strongly encouraged to do so,” the city urged in a press release. “This will help ensure continuity of City and School District operations.”