Senator Tom Killion (R-Chester and Delaware) today announced plans to introduce legislation which would establish a program to provide zero-interest loans to small businesses affected by COVID-19 community mitigation measures.
“As we see the current public health emergency unfold with COVID-19, we must act to provide resources for all of the residents of the Commonwealth including our employers,” wrote Killion in a memo to fellow senators, several of whom have signed on as co-sponsors.
The anticipated legislation would direct all state revenue from casino table games in the commonwealth to a fund within the Department of Community and Economic Development (DCED) for the creation of a zero-interest small business economic injury loan program. If enacted, it is expected the legislation would generate $125 million in relief for Pennsylvania small businesses.
“COVID-19 is an unprecedented public health emergency,” said Killion, the chairman of the Senate’s Community, Economic and Recreational Development Committee. “Our first priority is to protect the health and welfare of Pennsylvanians, and I commend Gov. Wolf and his administration for their leadership during this crisis.
“However, the economic ramifications of this emergency are already being felt, and as policymakers, we must do all in our power to limit those negative effects and provide relief to Pennsylvania’s small business owners.”