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File #: 200405    Version: 0 Name:
Type: Resolution Status: ADOPTED
File created: 6/25/2020 In control: CITY COUNCIL
On agenda: Final action: 6/25/2020
Title: Honoring the Pennsylvania 30 Day Fund for providing immediate financial assistance through forgivable loans to small businesses locally and statewide during the COVID-19 crisis and encouraging Philadelphia's small businesses to apply for the program.
Sponsors: Councilmember Domb, Councilmember Parker, Councilmember Green, Councilmember Gilmore Richardson, Councilmember Bass, Councilmember Thomas
Attachments: 1. Signature20040500
Title
Honoring the Pennsylvania 30 Day Fund for providing immediate financial assistance through forgivable loans to small businesses locally and statewide during the COVID-19 crisis and encouraging Philadelphia's small businesses to apply for the program.
Body
WHEREAS, The Pennsylvania 30 Day Fund was created by Pennsylvania's business community to assist small businesses affected by the coronavirus pandemic; and
WHEREAS, The founders of the Pennsylvania 30 Day fund heard from many small businesses, especially minority-owned, that it was difficult to cut through the red tape at the federal level to receive quick relief from initiatives like the Paycheck Protection Program ("PPP"); and
WHEREAS, The Pennsylvania 30 Day Fund is a nonprofit providing forgivable loans up to $3,000 to Pennsylvania's small businesses. The forgivable loan is meant to provide immediate financial relief, within three days of approval, to small businesses experiencing a crippling cash flow problem; and
WHEREAS, Pennsylvania businesses qualifying for assistance from the Fund are small businesses that employ three to 30 people, based in Pennsylvania and operating for at least one year, and are owned and operated by a Pennsylvania resident; and
WHEREAS, The funds dispersed to small businesses by the Pennsylvania 30 Day Fund do not need to be repaid. If businesses who receive the Fund's assistance do, at a later date, wish to "pay it forward" to another Pennsylvania small business in need of assistance, they may do so by directing those dollars back to the Fund, which will disburse the funding to another Pennsylvania business in need; and
WHEREAS, The Pennsylvania 30 Day Fund was founded by business leaders and other stakeholders across the state. We thank the founders and advisory board members Jeff Bartos, Roger Braunfeld, Jeffery Brown, Richard Phillips, and they are joined on the Advisory Board by Cassandra Bailey, Jeff Brown, Maia Comeau, Thomas P. Nerney, Mustafa Rashed and Tony Payton...

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