January 11, 2021
Paycheck Protection Program (PPP) Begins to Reopen January 11 – $284 billion was recently allocated for another round of the Paycheck Protect Program (PPP), a forgivable business loan offered through the federal government’s Small Business Administration (SBA) that helps businesses keep their workforce employed during the COVID-19 crisis.
The SBA and Treasury Department have announced that they are staggering the reopening of the program. Beginning Monday, January 11, community financial institutions will be able to initiate first-draw PPP loan applications, then offer second-draw PPP loans to qualifying businesses starting on Wednesday, January 13. The program will reopen to all participating lenders shortly thereafter and remain open through March 31.
Funds went quickly in the first round, so we recommend that businesses who intend to apply for PPP loans begin preparing their applications now. Read more about preparing your documents here. / Sign up for updates here.
NYC Launches Three New Mentorship Programs to Support Business Owners – Mayor Bill de Blasio and SBS Commissioner Jonnel Doris announced yesterday three new mentorship programs, Small Business Mentors NYC, BE NYC Mentors, and M/WBE Mentors. These programs will provide industry experts as guides for current and aspiring entrepreneurs seeking to start and grow a business in a post-COVID era. These programs are expected to serve 1,500 businesses in 2021. Read the press release here.
You can now sign-up for BE NYC Mentors and Small Business Mentors NYC upcoming sessions. M/WBE Mentors will host their first kickoff event later in January. For more information on each mentorship program, visit nyc.gov/businessmentors
Owner2Owners Learn More About Employee Ownership Conversion – Last month, the City launched Employee Ownership NYC, the nation’s largest municipal initiative for education and technical assistance around employee ownership and conversion. Transitioning a business to employee ownership can stabilize your business, preserve its legacy, and offer true wealth-building opportunities for your workers.
Employee Ownership NYC offers businesses and workers support in adopting this compelling business model. Business owners and employees can access these services at www.Owner2Owners.NYC or at 646-363-6592.
Reopening Resources for All Businesses – SBS has launched a number of resources to help businesses navigate the quickly changing regulatory environment and economic challenges due to COVID-19. Visit nyc.gov/covid19biz for current guidance and resources.
- Business Reopening Hotline – Business owners and employers can now call 888-SBS-4NYC (727-4692) to ask questions or find assistance
- Plain Language Industry Guides – Find clear guidelines about when and how to reopen your business, based on sector and industry.
- Webinars – Sign up for webinars to help you navigate each phase of reopening. These webinars will review State guidelines and best practices for reopening across sectors, assistance available for small businesses impacted by COVID-19, and more.
- Free Face Coverings – Find free non-medical PPE for you and your employees from a distribution partner located near you. You should contact partner organizations in advance, as most organizations have varying hours for pick-up.
- Find supplies – Check out the PPE + Reopening Supplies Marketplace
- NYC Business Solutions Centers are available to provide consultations for small businesses in need of financing assistance and support connecting to lenders and financing products. You can contact an account manager here.
