Wolf said with all of the commonwealth's counties moving to the “yellow” or “green” phase of reopening process, it's now time to focus on recovery, which he hopes this grant will do.
“Businesses will be able to use the grants to cover operating expenses during the shutdown, and to help them in their transition to reopening,” Wolf explained.
The governor said they're breaking down the funding in three ways.
He said $100 million will be going to the Main Street Business Revitalization Program, which will help businesses that “experienced losses” and whose operations were “directly affected” by the shutdown.
Another $100 million will go to businesses with socially and economically disadvantaged owners.
“When the economic downturns strike, these are the businesses that are often hit the hardest,” he said.
The remaining $25 million will go to loan deferrals and losses to lenders.
“If we fail to assist small businesses we rely on the landmarks of our Main streets, we're going to walk toward empty windows, leaving the fabric of our communities behind,” Wolf said.
This grant is on top of a $60 million business loan program that has helped more than 700 businesses throughout the state.
Officials say the money will be distributed by more than a dozen community finance institutions that will find these businesses in need across the state.
State health officials announced an additional 351 positive coronavirus cases, bringing the state total to 75,943 cases, and a total of 5,953 coronavirus-related fatalities.