The Coronavirus Financial Bridge Loan Program provides interest-free loans on a nonsectarian basis to residents of Allegheny, Beaver, Butler, Westmoreland, Washington, and Armstrong counties whose income has been impacted by the COVID-19 outbreak. Loans to individuals/couples are up to $5,000. Loans to small business can be up to $7,500. These loans are intended to address:
- Lost wages due to being unable to go to work
- Childcare costs due to school closures
- Small business losses
- Canceled study abroad programs
- Related medical costs
Loan applicants must provide written substantiation of these costs.
Applicants must have a family income lower than $115,000.
Coronavirus Financial Bridge Loans are repayable in monthly installments of $150–250 depending on the size of the loan. Repayments begin two months after the loan is received. Small business loan repayment may be deferred longer.
A cosigner is required for all loans, unless the borrower is a homeowner with a credit score of 670+. If the borrower or cosigner is married, both spouses must borrow/cosign together.
Who may be a cosigner:
Cosigners must meet the following criteria:
- Be residents of Pennsylvania
- Have a credit score of 670+
- Be younger than 75
- If married, both spouses must cosign
Who may not be a cosigner:
Even if they meet the requirements above, the following people may not cosign on a loan:
- Persons living in the same household as the borrower
- Persons who currently have an HFL loan
- Persons whose income would make repaying the loan a hardship