PA HB1049

Expands eligibility for the Second Stage Loan Program from only commercial lending institutions to also include community development financial institutions and certified economic development organizations

Removes the seven-year cap on business age, allowing businesses that have been in operation for more than seven years to qualify for loan guarantees (while maintaining the minimum two-year requirement)

Replaces fixed guarantee percentages (50% for first two years, 25% thereafter) with authority discretion to determine the maximum guarantee percentage based on outstanding principal

Requires loan applicants to demonstrate that proceeds will create or retain jobs in Pennsylvania and that borrowers are located within the lender's service area

Takes effect 60 days after enactment