Actively choosing hope:
Stepping up to the challenge
Like every other business, non-profit, school, and family in this community, we’re actively planning for the longterm impact of COVID-19. ASSETS is stepping up to this challenge and is committed to harnessing the full power of our existing resources, developing creative new solutions, and working to mitigate the negative impacts on Lancaster’s diverse small businesses and entrepreneurs.
ASSETS is continuing its mission to transform communities and ensure that every entrepreneur and small business has equal access to local resources during the COVID-19 crisis and beyond.
In the coming weeks, ASSETS will have a whole new set of COVID-specific programming and offerings. In the meantime, see what we’ve been up to since the crisis hit in the “ASSETS’ Top Focuses” section.
See “Top Recommendations” and “Additional Resources” below for immediate tips, funding options, and resources you can access right now.
Top recommendations for small businesses
We know times are confusing. Here are the top two things we think you should be considering right now.
Should you re-open?
On May 10th, some of our local elected officials recommended moving to the Yellow Phase on Friday, May 15th without consent of the Commonwealth of Pennsylvania. Other local elected officials have urged that we wait. So, what should you do?
The most important thing you can do is to understand the risks and potential repercussions of opening your business sooner than the State allows.
What does this mean? If you’re a non-essential business (or have not received a waiver) and are considering reopening, then you may risk losing any state licenses or business insurance you have. At a minimum, we recommend that you first seek trustworthy legal counsel to weigh all of these considerations before you make a decision.
If you need recommendations for legal counsel or just need a listening ear, we’re here. Although we cannot offer any legal advice, we can help point you in the right direction.
Round Two PPP applications are still open!
Banks are still accepting applications for the second round of the Payroll Protection Program, so if you haven’t applied, make sure to do it soon! If you have applied but haven’t heard from your bank, you can apply to a different bank. Search through list of banks processing PPP applications below.
Applications are open through June 3rd, or until funds run out. Remember, you have to have proof of payroll, so self-employed and sole-proprietors might not be eligible
- If you have not applied and have a bank: Contact your bank or lending institution ASAP. Many banks have streamlined their processes and updated their applications to make the anticipated second round go smoother.
- If you have applied but haven’t heard from your bank, you can apply to a different bank. Search for an SBA-approved lender below.
- If you have not applied and do not have a bank: Search for an SBA-approved lender below or reach out to us and we’ll connect you with a bank that can help.
ASSETS’ Top Focuses
In a few weeks, ASSETS will release a whole new set of COVID-specific programming and offerings for the upcoming year. In the meantime, here’s where we’re focusing our efforts.
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Loan Repayment Relief
We provided all of our pre-COVID borrowers with three-months of loan repayment relief so that they don’t have to worry about one more bill
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New, Highly-flexible Loans
So far, we’ve distributed $91,000 in new, highly-flexible loans to 9 businesses, many of whom shared that they would not have survived without this essential cash infusion.
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Personal communication
We’ve spent 200+ hours and counting with entrepreneurs providing COVID-specific technical assistance and mentorship
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Visit the Fund’s Landing Page »
Lancaster City Small Business Emergency Fund
We joined forces to create the Lancaster City Small Business Emergency Fund, a $1.5 million fund comprised of grants and loans for our Lancaster City businesses. The Fund is powered by ASSETS, Community First Fund, and the City of Lancaster, and is joined by the following funding partners: EnCourage Lancaster, Fulton Bank, High Foundation, Rodgers & Associates, Ferree Foundation, and James & Kanako Clarke.
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Read the 5/14 Press Release »
Lancaster County Economic Recovery (LCER) Plan
We’re thrilled to support the Lancaster County Chamber of Commerce and the Economic Development Company of Lancaster County as they lead the LCER Plan and safely move our county into a successful reopening. ASSETS is consulting with these two organizations and Community First Fund to develop the $25 Million Small Business Recovery and Sustainability Fund.
I don’t know how I would’ve been able to navigate during this pandemic if it wasn’t for the team at ASSETS.
Laurie Newman, Owner, Cafe 301
Back in March — like many other restaurants — Cafe 301 had to close their doors and let go of their employees. With a drop in sales and no curbside pick-up already in place, tensions were high and the future was unknown.
As Laurie worked to create a curbside pick-up program, she simultaneously applied for ASSETS’ Emergency Loan and […]
Check out all of our COVID-related stories & blogs!
Additional Resources
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SBA COVID-19 Guidance
Small Business Administration
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SBA Covid-19 Guidance: Spanish Materials
Small Business Administration
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SBA COVID-19 Funding Options. Updates are made almost daily so check this often!
Small Business Administration
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11-page PPP Loan Forgiveness Application, including instructions. Note: PPP can still only be forgiven for the original 8 weeks indicated by legislation
U.S. Dept of the Treasury
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Lancaster’s Coronavirus Business Resource Hub
Lancaster Chamber of Commerce
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Lancaster’s Coronavirus Business Resource Hub (In Spanish!)
Lancaster Chamber of Commerce
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Magic Johnson offering $100 million in loans to minority-owned & women-owned businesses left out of PPP loans
CNBC
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Forgivable Loans for Pennsylvania Small Businesses
PA 30 Day Fund
Visit »
Help ASSETS keep our small businesses alive during COVID-19
Now more than ever, ASSETS’ vital mission to create a diverse, inclusive economy where everyone can prosper is needed. Help us stay at the forefront of resource offerings, innovative solutions, and personalized care for our beloved small businesses.
Donate today »