News

Important Lancaster Funding Update

The SBRSF is awarding grants that do not have to be paid back. The funding was received as part of the $150 billion CARES Act Coronavirus Relief Fund which directed federal dollars to states and eligible units of local government.  The total SBRSF size is $25 million, with distribution being broken into three phases. Phase 1 is capped at $10 million. Below are the key facts about SBRSF. 

Dates:

The application portal will be open from 7:00 am EST on Monday, June 15 to Friday, June 19 at 6:59 pm EST. This is not a first come, first serve application process. 

Eligibility:

All Lancaster County based for-profit, not-for-profit, sole proprietor, and agricultural entities meeting the following criteria:

  • 20 or less total employees by headcount on March 1, 2020*
  • Positive net profit or surplus after adding back depreciation reported on last submitted federal tax return
  • Passive businesses such as commercial and residential landlords are ineligible
  • Business must be compliant with all federal, state, and local laws

* Please note, this is the first round of funding. It is expected that future rounds will be available to businesses with a larger employee count.

Prepare Now:

Apply Online Here: https://recoverylancaster.com/grant-application/

Paper applications are available at Trout CPA - 1705 Oregon Pike, Lancaster, PA 17601 beginning Monday, June 15. Completed applications can be returned to Trout CPA and placed in the outside drop box prior to 6:59 pm on Friday, June 19.

If your organization meets the eligibility requirements, we encourage you to apply. For questions or assistance with the SBRSF grant application, please contact your accounting professional or contact us here: https://www.troutcpa.com/contact.