HARRISBURG – The Pennsylvania Industrial Development Authority, PA Minority Business Development Authority and Commonwealth Financing Authority are deferring business loans.
In addition, both the maturity dates and amortization schedules of all applicable loans are extended by three additional calendar months.
The announcement was made in a press release Wednesday by the Department of Community and Economic Development Secretary Dennis Davin.
“As we look to the future for a phased reopening of Pennsylvania’s economy, it is imperative that we provide relief to businesses affected by the administration’s stay-at-home order,” said Davin.
“Businesses statewide have been cooperative and made sacrifices for the health and safety of their communities, and we are committed to supporting them through the next steps ahead.”
PIDA borrowers with payments due in April, May and June of 2020 are deferred. All other terms and conditions of all applicable loans remain unchanged.
PMBDA borrowers with payments due in April, May and June of 2020, including principal, interest and any associated feeds 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 April, May and June of 2020, 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.
DCED continues to update its Web site with financial and other resources.
Businesses seeking further guidance and clarification from DCED can also contact its customer service resource account at ra-dcedcs@pa.gov.
For the most up-to-date information on COVID-19, Pennsylvanians should follow www.governor.pa.gov and www.doh.pa.gov.