PHILADELPHIA (KYW Newsradio) — Pennsylvania Gov. Tom Wolf is freeing up $145 million of the state's money to help businesses hit hardest by the coronavirus pandemic. The money is coming from the state's workers’ compensation fund.
Wolf said federal funding has not been enough to help businesses across the state, which is why he's initiating this transfer of money to the general fund.
“Those $145 million will be available for the general assembly to appropriate them for either loans and or grants to businesses in need, including restaurants and bars,” he explained.
He’s hoping the assembly can get the money to businesses in a timely fashion.
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“The money is available and is ready to be distributed. Our businesses — they simply cannot afford to wait,” Wolf said.
Wolf added the fund where the money is coming from has to have a $500 million surplus. Because the fund has more than that, the money being redistributed is part of the surplus, which he has the power to transfer.
“We'll continue to pursue every possible avenue and every funding method to try and help everyone hurt by the pandemic,” Wolf said.