Rep. Jared Solomon Celebrates Announcement of New Small Business Relief Funding
Today, state Rep. Jared Solomon, D- Phila., heralded Gov. Tom Wolf's announcement of a new $225 million grant program to help small businesses impacted by COVID-19. Solomon worked closely with Republican colleagues and the governor's office to ensure that this funding gets in the hands of businesses who need it most, particularly businesses that have historically or systemically been unable to access such sources of money.
"A lot of money has flowed from Washington and Harrisburg to support small businesses, but almost none of the businesses in my district have seen a dime," Solomon said. "In an effort to prize expediency over equity, we've seen federal money like the PPP only go to those with pre-existing relationships with large banks. The small and micro-businesses of my area don't have those relationships. That's why this funding will be distributed differently, ensuring, among other things, that $100 million of the fund is going to those who have historically been left out."
Solomon will be working with the Department of Community and Economic Development (DCED), Community Development Finance Institutions (CDFIs) and other partners to ensure that the rollout of this fund helps everyone who needs it.