Today, Department of Community and Economic Development (DCED) Secretary
Dennis Davin announced that the Pennsylvania Industrial Development
Authority (PIDA), Pennsylvania Minority Business Development Authority
(PMBDA), and Commonwealth Financing Authority (CFA) are extending
business loan deferrals by three additional calendar months.
“As we work on safely reopening Pennsylvania and as businesses continue
to slowly return to normal, it is imperative that we help the businesses
that were adversely affected by COVID-19,” said Davin. “These extended
loan deferrals will provide much-needed temporary relief and will
ultimately help Pennsylvania’s businesses bounce back from the economic
implications of the pandemic.”
In April, the administration first announced loan deferrals as a result
of the COVID-19 pandemic and the administration’s stay-at-home order.
PIDA borrowers except for loans under the traditional PIDA real estate
account, with payments due in July, August, and September of 2020 are
deferred. All other terms and conditions of all applicable loans remain
unchanged.
PMBDA borrowers with payments due in July, August, and September 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 and conditions of all applicable
loans remain unchanged.
CFA borrowers except for PENNWORKS loans, with payments due in July,
August, and September 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.
Businesses seeking further guidance and clarification from DCED can also
contact its customer service resource account at
ra-dcedcs@pa.gov.
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