|Posted:||April 7, 2020 10:32 AM|
|From:||Representative Tim Briggs|
|To:||All House members|
|Subject:||Aiding Life Sciences During COVID-19|
The COVID-19 pandemic has touched the lives of every Pennsylvanian, and all of us have been asked to sacrifice. Residents and businesses, alike, have been doing their part to stop the spread of the virus.
Pennsylvania's Life Sciences and other innovation communities are no exception. The state’s Life Sciences businesses employ thousands of Pennsylvania residents in the areas of biotechnology, medical device development, diagnostics, pharmaceuticals, research, and investment. They, like all businesses, are struggling in the current economic environment.
To aid Pennsylvania businesses and their employees impacted by the pandemic, the COVID-19 Working Capital Access loan program was created to provide no-interest loans of up to $100,000 to eligible businesses. To distribute the $61 million available as quickly as possible, an existing program within the Pennsylvania Industrial Development Authority was utilized. Unfortunately, some program requirements of the existing program exclude life science entities from loan eligibility due to the way life science entities are structured.
Applications to the COVID-19 Working Capital Access loan program have already exceeded the funding available. Therefore, I am introducing legislation to transfer $100 million from the Rainy Day Fund to re-open the program. My legislation would also ensure Pennsylvania’s life sciences entities have equal access to loans through this program.
Please join me in sponsoring this legislation to help all of our employees and businesses.
Introduced as HB2514