Apr 15, 2020

Pennsylvania companies claim 4% of PPP loans, as pool quickly shrinks

More than $247 billion of the $349 billion Paycheck Protection Program (PPP) has been approved for use by American businesses as of Tuesday evening, according to the latest figures from the Small Business Administration, the federal agency overseeing the rollout of stimulus funds.More than $247 billion of the $349 billion Paycheck Protection Program (PPP) has been approved for use by American busi[...]

Apr 15, 2020

Harrisburg Airport gets $9.8M from CARES Act coronavirus relief funding

Harrisburg International Airport will receive $9.8 million in Federal Aviation Administration funding as part of the CARES Act, coronavirus relief legislation. It was one of 63 airports in the state to share in more than $239 million in funding.

Apr 14, 2020

Fed to offer liquidity to midstate lenders, small businesses

Additional funds would ease the strain of capital and liquidity constraints on banks originating PPP loans, but midstate financial institutions said in interviews this week that guidelines for the additional funds and the PPP as a whole are still pending from the Fed and the Small Business Administration.

Apr 14, 2020

Gov. Wolf lifts sales tax prepayment requirements for 3 months

Businesses that collect Pennsylvania sales taxes will not have to make accelerated sales tax prepayments in April, May and June due to income shortfalls from social distancing requirements, Gov. Tom Wolf announced Tuesday.

Apr 10, 2020

Paycheck protection loan program hampered by uneven rollout

The Paycheck Protection Program (PPP) has caused a perfect storm for the midstate financial services sector — not just for the unprecedented scale of the loan program intended to sustain companies affected by the pandemic, but with day-to-day updates to guidelines about how to make funds available.

Apr 10, 2020

GIANT creates $250K COVID-19 fund to help small businesses in food industry

The GIANT Co. of Carlisle has established a $250,000 emergency fund to help support small businesses in Pennsylvania’s food supply chain that have been impacted by the COVID-19 pandemic.

Apr 9, 2020

Tread carefully before invoking ‘Force Majeure’ to break a contract

The term and its potential impact in contracts are being scrutinized due to business interruptions and shutdowns caused by coronavirus, or Covid-19. In Pennsylvania mandatory shutdowns ordered by Gov. Tom Wolf in March have rendered many everyday business practices illegal.

Apr 9, 2020

CARES Act tax modifications promote cash flow, worker retention…but come with a catch

Modifications to the U.S. tax code under the CARES Act, signed into law on March 27, are designed to help companies hold onto capital and retain employees until the COVID-19 pandemic subsides, federal officials and local accounting professionals say.

Apr 8, 2020

Three loan opportunities that could help small businesses survive COVID-19

Federal officials are working with local lenders to help small businesses pay the bills and keep workers on furloughed status — a kind of induced economic freeze — so they are positioned to make a successful economic rebound on the other side of the COVID-19 pandemic.

Apr 7, 2020

Treasury Department asks Congress for $250B more for paycheck protection funds

In a statement Tuesday, U.S. Senate Leader Mitch McConnell, R-KY, said members of Congress are working to draft a bill purposing “emergency liquidity” for businesses that are struggling to retain workers amid the economic fallout caused by the COVID-19 pandemic.

Apr 7, 2020

PA CARE Package program now includes banks from all over U.S.

The list of financial institutions affiliated with PA CARE Package, a program slated to facilitate the rollout of the $2.2 trillion CARES Act in Pennsylvania, is growing and now includes banks from across the country with branch locations in the commonwealth, as well as some based in the midstate.

Apr 3, 2020

New PHFA chief brings a passion for finance, public policy

Newly installed as the CEO and executive director of the Pennsylvania Housing Finance Agency, Robin Wiessmann said she is ready to take her life’s experience in finance and public policy to help build on the 47-year legacy of the agency.