Resources

CITY ASSISTANCE (SMALL BUSINESS SERVICES)

Common required documents for applications:

  1. Financial documents for two months in 2020 demonstrating revenue decrease due to COVID-19
  2. Financial documents showing your revenue for the same two months in 2019
  3. Financial documents showing your revenue for the full 2019 calendar year

 

NYC EMPLOYEE RETENTION GRANT PROGRAM– DEADLINE 4/3/20

https://www1.nyc.gov/nycbusiness/article/nyc-employee-retention-grant-program

Eligibility:

  1. Businesses with 1-4 employees
  2. Demonstrate that COVID-19 caused at least 25% decrease in revenue

 

Assistance: grant to cover 40% of payroll costs for 2 months

 

NYC SMALL BUSINESS CONTINUITY LOAN FUND

https://www1.nyc.gov/nycbusiness/article/nyc-small-business-continuity-loan-program

Eligibility:

  1. Businesses with 99 employees or fewer
  2. Demonstrate that COVID-19 caused at least a 25% decrease in revenue

 

Assistance: interest-free loan up to $75,000

 

FEDERAL ASSISTANCE (SMALL BUSINESS ADMINISTRATION)

FAQs: https://www.sbc.senate.gov/public/_cache/files/2/9/29fc1ae7-879a-4de0-97d5-ab0a0cb558c8/1BC9E5AB74965E686FC6EBC019EC358F.the-small-business-owner-s-guide-to-the-cares-act-final-.pdf

 

SBA ECONOMIC INJURY DISASTER LOAN

https://covid19relief.sba.gov/#/

Eligibility:

  1. All small business owners with less than 500 employees

 

Assistance: low-interest loan

  • May be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred
  • The SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

 

SBA PAYCHECK PROTECTION PROGRAM– OPENS 4/3

https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp

Eligibility:

  1. All small business owners with less than 500 employees

 

Assistance: forgivable loans to help cover payroll, rent, mortgage payments, utility costs

  • Payments are deferred for 6 months
  • If you maintain your workforce, portion of the loan used to cover the first 8 weeks of payroll will be forgiven
    • Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.  Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

 

SBA EXPRESS BRIDGE LOANS

https://www.sba.gov/document/support–express-bridge-loan-pilot-program-guide

Assistance: up to $25,000

  • Allows SBA Express Lenders to deliver expedited SBA-guaranteed financing while small businesses apply for and await long-term financing

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