Hospitality industry businesses in the Lehigh Valley can begin applying next month for part of $12.4 million in grant funding allotted to the county through 2021 Act 1.
2021 Act 1, formerly Senate Bill 109, was signed into law by Gov. Tom Wolf on Feb 5 and distributes $145 million in grant funds through the COVID-19 Hospitality Industry Recovery Program.
The funds are currently being issued to Certified Economic Development Organizations and Community Development Financial Institutions in each of Pennsylvania’s 67 counties and are expected to be allocated by Feb. 28.
Lehigh Valley counties will receive the following funds to distribute to their businesses:
The application process varies depending on the county.
Grant awards will be based on company size or three months of average monthly operating costs based on 25% of the total business operating expenses reported on that business’s federal tax return at a maximum allotment of $50,000.
A business can apply for the funds if it:
• Has 300 total employees by full-time equivalent or less and a net worth of $15 million or less.
• Sustained a minimum annual revenue decline of 25% or quarterly revenue loss of 25% or greater in any quarter when comparing quarterly revenue between 2019 and 2020.
• Has a NAICS designation within the accommodation sector or food services and drinking places subsector.
• Is not permanently closed.
• Submits a W-9, 2019 tax return and other financial/payroll information at the time of application.