Assistance & Guidance for Small Businesses and Nonprofits impacted by Coronavirus (COVID-19) and Suppliers

Resources

Small Business Services Business Outreach Page

Small businesses may qualify for no- and low-interest loans and employee retention grants. Check the SBS business outreach page for updates and details. Call 311 to learn about these Small Business Services programs and sign up to receive updates from NYC SBS: https://lp.constantcontactpages.com/su/k4l47Hv.

SBS webinars for small businesses eventbrite.com/o/nyc-department-of-small-business-services-5423713077.

Sign up to receive more information on City programs if your business has been affected by COVID-19.

IRS page on coronavirus for businesses, individuals and other taxpayers: irs.gov/coronavirus.

Through April 3, 2020. NYC Employee Retention Grant Program
Available to New York City businesses with one to four employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. Eligible businesses will receive a grant covering up to 40% of their payroll for two months. Businesses can access up to $27,000. Gather the appropriate documents. Call 311 for assistance. WHEN THIS PROGRAM IS CLOSED YOU CAN APPLY FOR: the NYC Small Business Continuity Loan Fund (see below) and the federal SBA Disaster Loan Fund. Businesses and the Paycheck Protection Program through the SBA (see below).

NYC Small Business Continuity Fund (Zero-Interest Loans)
Businesses with fewer than 100 employees who are seeing a decrease in revenue of 25% or more will be eligible for zero-interest loans up to $75,000 to help mitigate profit losses.

New York Small Business Services Resource Fairs
Small Business Resource Fairs provide information about requirements and guidelines to re-opening, safety plans, financial assistance, regulatory changes, employee support, licensing, inspections, and more. They also have a small business hotline—888-SBS-4NYC or 888-727-4692—to answer questions about the latest guidelines and regulations. For more information on all of the SBS services, call 311 or visit nyc.gov/sbs.
Browse the schedule eventbrite.com/o/nyc-department-of-small-business-services-5423713077.

Creatives for Kitchens, a new nonprofit, is a collective of volunteer art directors, designers, developers, and writers offering their services pro bono to small restaurants impacted by the COVID-19 lockdown. Specifically, creative professionals will help with light creative design & development work, e.g., updating menus, flyers, website copy, signage, etc. To date, over 350 creative volunteers have signed-up. For more information visit creativesforkitchens.org.

Firms interested in earning City certification should visit sbsconnect.nyc.gov https://sbsconnect.nyc.gov to complete the application. For application assistance, call 888-SBS-4NYC or dial 311. Certified firms are eligible for the city’s procurement process.

FEMA and SBA programs

Federal Small Business Administration (SBA) Disaster Assistance Loans
As a small business, small agricultural cooperative, small business engaged in aquaculture, or private non-profit organization, you may borrow up to $2 million. Choose 'Economic Injury' as the reason for the loan request. Gather the appropriate documents. Read more sba.gov/coronavirus.  sba.gov/funding-programs/disaster-assistance. 

7/11/2020 Economic Injury Disaster (EIDL) loans are still available at very affordable terms, including a 3.75% interest rate for small businesses and 2.75% for non-profit organizations, a 30-year maturity, and an automatic deferment of one year before monthly payments begin. Every eligible small business and non-profit is encouraged to apply to get the resources they need. Learn more about SBA's disaster assistance https://www.sba.gov/funding-programs/disaster-assistance.

7/11/2020 The U.S. Small Business Administration announced the conclusion of the Economic Injury Disaster Loan (EIDL) Advance program, which provided U.S. small businesses, non-profits and agricultural businesses a total of $20 billion in emergency funding.

3/30/2020 The U.S. Small Business Administration confirmed yesterday that business owners who have already applied for its Economic Injury Disaster Loans MUST REAPPLY using a revamped website: covid19relief.sba.gov/#/.

7/5/2020 The application period for the SBA Paycheck Protection Program (PPP) has been extended to August 8, 2020.

April 3, 2020. SBA Paycheck Protection Program (PPP)   sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp. An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. *IF* owners use these loans to pay workers rather than lay them off, the "loans" are forgiven. These loans are first-come, first served. Ask your business's bank if they offer the federal SBA Paycheck Protection Program. If your bank offers the program: They will walk you through the application process. If your bank does not offer the program: Visit this link with a list of traditional SBA banks:
sba.gov/offices/district/ny/new-york/lender-reports/new-york-district-office-loan-production-through-3rd-quarter-2019. NOTE:  On April 27 The SBA re-opens the PPP relief package with $320 billion of new funding aimed at helping small businesses.
Banks, including the smaller community banks, will begin acceptiong loan applications on Monday, April 27. Loan forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. View the application home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf.

6/19/2020 U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application. that applies to borrowers that: are self-employed and have no employees; OR did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%. EZ Forgiveness Application  Full Forgiveness Application

The U.S. Department of the Treasury CARES Act home.treasury.gov/policy-issues/cares (for workers, for businesses, for governments)

6/2/2020 The Small Business Administration (SBA) announced that it is setting aside $10 billion of round two funding for the Paycheck Protection Program to be lent exclusively by Community Development Financial Institutions (CDFIs). CDFIs expand economic opportunity for low-income communities by providing access to financial products and services for local residents and businesses. The dedicated funds will help ensure that the funding reaches communities in need of relief during the COVID-19 pandemic. You can find a list of CDFIs in NY-12 on Rep. Carolyn Maloney's website maloney.house.gov/issues/coronavirus-covid-19/help-for-small-businesses.

6/5/2020 Paycheck Protection Program Flexibility Act (H.R. 7010) Increases Loan Term for New Loans to a minimum maturity of five years. Current PPP borrowers would still be subject to the 2-year term, but lenders and borrowers may mutually agree to modify the loan terms. Extends Loan Forgiveness Covered Period to 24 weeks from the loan origination date or December 31, 2020. Borrowers who have already received loans may elect to use the eight-week period. Modifies 75% Payroll Rule To be eligible for forgiveness, the payroll cost threshold is reduced from 75% to 60%, allowing 40% of the loans to be used for non-payroll costs. Deferral Period Extended to 10 months. Exemption Based on Employee Availability, between February 15, 2020 and December 31, 2020, the reduction in full-time equivalent (FTE) employees calculation does not apply if the borrower, in good faith, is able to document an inability to rehire individuals who were employees on February 15, 2020 and an inability to hire similarly qualified employees for unfilled positions by December 31, 2020. The new law also provides relief to businesses that are unable to return to pre-COVID-19 levels of business activity due to compliance with federal guidelines related to sanitization, social distancing or other safety requirements related to COVID-19. FICA Deferral Extended, PPP borrowers can defer the employer portion of FICA tax deposits until the end of 2021 and 2022. [Source: Marks Paneth LLP, CARES ACT - SBA Loan Update email of 6/5/2020.]

More information on PPP including how to apply will available from the Small Business Administration sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program.

5/3/2020 Updated FAQ about the PPP home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf.

5/24/2020 The U.S. Small Business Administration and Department of the Treasury have released the Paycheck Protection Program Loan Forgiveness Application to help small businesses seek forgiveness at the end of the eight week period following the receipt of the loan. If you would like assistance with the application, make an appointment at sbdc@pace.edu or visit the Pace Small Business Development Center pacesbdc.org/ppp. 

Congresswoman Carolyn Maloney offers: If you need help with a federal agency please reach out to her office at 212-860-0606.

4/21/2020 Piermont Bank is taking applications for the Paycheck Protection Program (PPP) loans for the next round of funding from Washington. Diane McEvaddy, Deposit Relationship Manager 212-266-9253, 917-623-3584, dmcevaddy@piermontbank.com, www.piermontbank.com, 4 Bryant Park, Third Floor, New York, NY 10018.

4/7/2020 Paycheck Protection Program loans: Frequently Asked Questions (FAQs)

4/6/2020 If you're a small business owner with less than five employees, Columbia Law Professor Tim Wu has been putting together a team of Columbia law students to help owners like you apply for the $349 billion in Paycheck Protection Program loans, the employee retention loans created by the CARES Act passed by Congress. To keep them from being overwhelmed, please email Manhattan Borough President Gale Brewer at gbrewer@manhattanbp.nyc.gov with "Columbia Law PPP" in the subject line.

4/3/2020 Small Business Loans: The application for the Federal Paycheck Protection Program (PPP) opens today for businesses and non-profits under 500 people. It is first come, first serve, apply at sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources. These are forgivable loans for: payroll up to $100,000/employee, interest on mortgages, rent, and utility payments. The City is still providing the Small Business Continuity Fund-- loans for businesses with up to $75,000 to businesses with up to 99 employees.

5/3/2020 Employee Retention Credit – CARES Act
The IRS has posted updated Frequently Asked Questions (FAQs) to IRS.gov providing answers regarding the Employee Retention Credit under the CARES Act. The Employee Retention Credit under the CARES Act encourages businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act.

How to apply for the Paycheck Protection Program manhattanbp.nyc.gov/cares-act-for-small-business

4/19/2020 NEW: SBA Express Bridge Loans sba.gov/funding-programs/loans/coronavirus-relief-options/sba-express-bridge-loans enable businesses with existing relationships with an SBA Express Lender to access up to $25,000 quickly. These loans can be used to help small businesses overcome the temporary loss of revenue they are experiencing and can be used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan https://www.sba.gov/disaster-assistance/coronavirus-covid-19#/.

SBA guidance on loan resources sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

SBA.gov/Disaster

Sign up for SBA updates: sba.gov/updates

The Federal Emergency Management Agency (FEMA) will reimburse and help eligible nonprofits providing relief related to the coronavirus outbreak. Nonprofits designated as essential, such as hospitals, nursing homes, and laboratories, or non-essential, such as community centers, houses of worship, homeless shelters and performing arts organizations, are both able to apply.  fema.gov/news-release/2020/03/23/coronavirus-covid-19-pandemic-public-assistance-simplified-application.  

4/4/2020 SBA Clarifies Eligibility of Faith-Based Organizations to Participate in Paycheck Protection and Economic Injury Disaster Loan Programs
Source Press Release Number 20-31, sba.gov, Contact: Press_Office@sba.gov,  Telephone 202-205-7036
Sign up for SBA updates sba.gov/updates.

3/31/2020 SBA Programs - Scams and Fraud Alerts sba.gov/document/report--sba-programs-scams-fraud-alerts.

7/12/2020  The Federal Reserve has established the Main Street Lending Program
This program supports small and medium-sized businesses impacted by the COVID-19 pandemic. The program will operate through three facilities, including: Main Street New Loan Facility (MSNLF), Main Street Priority Loan Facility (MSPLF) and Main Street Expanded Loan Facility (MSELF). For more information, including how it works, term sheets and how to get started visit bostonfed.org/supervision-and-regulation/supervision/special-facilities/main-street-lending-program/main-street-lending-program-overview.aspx.

New York State's New York Forward Loan Fund program (NYFLF)

Gov. Cuomo announced on 5/23/2020 that the state is launching a $100+ million loan program for small businesses. The loan program will focus on supporting small businesses that were less likely to receive federal loans, especially women and minority-owned businesses, and very small businesses with 20 or fewer employees. Learn more at esd.ny.gov/nyforwardloans. Pre-applications for the New York Forward Loan Fund will be open on May 26, 2020 at 12pm EDT. Priority will be given to industries and regions that have been reopened. This is not a first-come, first-served loan program. Apply at esd.ny.gov/nyforwardloans-info. (still accepting applications as of 7/12/2020).

The Mayor's Fund Small Business Emergency Grant Program
6/5/2020 Helping Small Businesses: The Mayor’s Fund has secured $500,000 in initial funds, thanks to SOMOS Community Care, to support a Small Business Emergency Grant Program for small businesses who were impacted by looting and experienced damage to their storefronts. These Business Emergency Grants of up to $10,000 per business will be offered to help with recovery including repairs, security systems, locks and more, starting in the Bronx. The City will also provide access to emergency legal assistance and insurance claim support.The Mayor’s Fund to Advance New York City will work with Small Business Services to assess the level of need throughout the city, with the intent to raise funds for repairs of businesses in other boroughs. www1.nyc.gov/office-of-the-mayor/news/409-20/mayor-de-blasio-small-business-emergency-grant-program. 6/11/2020 Signature Bank (NASDAQ:SBNY), a New York-based full-service commercial bank, will donate $750,000 in funds. The grant will help impacted minority and women-owned businesses as well as those with annual revenues of less than $1.5 million.

Other grant & loan progams

8/7/2020 Lowe's-LISC partnership: This next round of small business grants will open on August 31st, but you should sign-up for their notifications to ensure you are among the first to apply. They will offer grants of $20,000 to small business owners to help meet their most immediate needs. Eligible expenses include: paying rent and utilities; meeting payroll; paying outstanding debt to vendors; upgrading technology infrastructure; other immediate operational costs. Their focus is primarily on small businesses owned or led by minorities and women. Apply now.

8/7/2020 Citizens Committee for NYC Neighborhood Business Grants
These grants of $5,000 - $10,000 support small businesses. Application information and eligibility tfaforms.com/4842203?eType=EmailBlastContent&eId=23bdc41b-575b-4fc0-9503-91c4772a0367. Applications will be reviewed on a rolling basis.

6/6/2020 The Institute of Real Estate Management (IREM) announced that the organization’s IREM Foundation has established a COVID-19 Relief Fund to support real estate managers and their local communities affected by the pandemic. Related article: IREM Establishes COVID-19 Relief Fund, June 4, 2020, cooperator.com, by Cooperator Staff. Donations can be made to the COVID-19 Relief Fund through the IREM Foundation irem.org/about-irem/irem-foundation/annual-fund-contributions. Donors can select a specific chapter for their donation or direct their donation to the worldwide relief fund.

8/7/2020  Facebook: This new grant program was just announced, but the application process has not yet opened. They plan to offer $100 million in cash grants and ad credits to Black-owned businesses in the US that have been hurt by the COVID crisis. Apply now.

4/20/2020 Facebook grants facebook.com/business/boost/grants. Small Business Grants Program: offering $100M in cash grants and ad credits to help during this challenging time. To be eligible to apply, you must: Be a for-profit company. Have between 2 and 50 employees. Have been in business for over a year. Have experienced challenges from COVID-19. Be in or near a location where Facebook operates (The NYC metropolitan area is eligible). 

4/10/2020 Freelancers Relief Fund freelancersunion.org/resources/freelancers-relief-fund/freelancers-relief-fund-eligibility-guidelines. Applications have been temporarily closed due to the overwhelming response. Grants are open to all freelancers, but notifications are sent only to members. Membership is free and you can join at the above link. Freelancers Relief Fund is operated by Working Today, a nonprofit subsidiary of Freelancers Union, and provides assistance of up to $1,000 per household to qualifying freelancers to cover lost income and essential expenses.
Freelancers Union survey https://www.surveygizmo.com/s3/5507278/Coronavirus-Member-Survey

4/4/2020 Thryv’s Foundation Small Business COVID-19 Grant Program is offering grants to small businesses. Grants are first-come, first served. Applications are due April 30. Info and apply at thryv.com/thryvfoundation/?utm_source=businesswire&utm_medium=PR&utm_campaign=ThryvFoundation&utm_content=COVIDgrant

Renaissance Economic Development Corporation, an affiliate of Asian Americans for Equality, just announced its Emergency Small Business Relief Loan Fund to help the many independent neighborhood businesses imperiled by COVID-19. Learn more (or apply) at:
English - renaissance-ny.org/emergency-small-business-relief-loan-fund
Chinese - renaissance-ny.org/emergency-loan-fund-chinese
Korean - renaissance-ny.org/small-business-fund-korean
Spanish - renaissance-ny.org/emergency-fund-spanish

Small Business Continuity Fund loans. The Fund, a public-private partnership between Goldman Sachs 10,000 Small Businesses, Tapestry, Inc.’s Coach Foundation and Pursuit, offers interest free loans of up to $75,000 to small businesses in New York City as they deal with various challenges in response to the nove

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Sign up to receive more information on City programs if your business has been affected by COVID-19
Small Business Services Business Outreach Page