Small Business Assistance programs

April 10, 2020

Updated April 10, 2020

There are numerous business assistance programs on the city, state and federal level.  Below please find summaries of current programs and links to learn more about each of them.

Federal:

CARES Act

The Coronavirus Aid, Relief, and Economic Security (CARES) is a $2.2 trillion federal disaster and economic relief bill for individuals and businesses. The bill was signed into law on March 27, 2020.  Review a 6-page summary HERE, or a more detailed summary HERE.

All assistance is being run through:

 

US small business administration

The federal government has authorized SBA to issue Economic Disaster Loans for businesses in NY State impacted by COVID-19.  Learn more about SBA assistance HERE.

Programs include:

  • Paycheck Protection Program: Provides a low-interest, no fee loan up to $10 million with payment forgiveness of up to 8 weeks of payroll based on employee retention and salary levels, and at least six months of deferral with maximum deferrals of up to a year.  Applications being accepted April 3, 2020.  NOTE: if you use the proceeds from the NYC Small Business Continuity Loan Fund for payroll costs, it may compromise your ability to receive loan forgiveness from the SBA.  Please check with your local bank or SBA resource partner for guidance.
  • Economic Injury Disaster Loans and Loan Advice: A low-interest, fixed rate loan up to $2 million.  Can be used to pay immediate expenses (payroll, bills/accounts payable, fixed debts).  Advance up to $10,000 awarded within three days of application.
  • SBA Debt Relief: As part of SBA’s debt relief efforts, the SBA will automatically pay the principal, interest, and fees of current 7(1), 504, and microloans for a period of 6 months.  The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020
  • SBA Express Bridge Loans: Businesses with existing relationships with an SBA Express Lender can access up to $25,000 quickly.  This loan can be used while apply for the EIDL Loan.
  • Guidance for Businesses and Employers
  • SBA Products and Resources
  • Government Contracting

Click HERE to find Local Assistance or call their 24 hour helpline at 800-659-2955

 

NYC small business services

NYC Small business assistance programs: 

  • Small Businesses continuity loan, businesses with >100 employees seeing a decrease in sales (25% +) may be eligible for 0% interest loans up to $75,000
  • Please complete this interest form if your business has been affected, and you are interested in obtaining information on financial assistance and City programs.
  • The City awarded over $1.14 million for businesses with >5 employees for a grant to cover 40% of payroll costs for two months to help retain employees.  This  grant program closed – Friday April 3