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Financial Assistance for Businesses Impacted by COVID-19

It is safe to say these past weeks have been among some of the most tumultuous and emotional that any of us can remember in our lifetimes. The impact of the coronavirus outbreak has been felt by individuals and families, companies and communities, around the world.

Please find below a summary of resources to support small businesses. We will periodically update this list.

Federal  Stimulus Package
FAQ from New York Times 

NYC Employee Retention Grant Program
The City is offering small businesses with fewer than 5 employees a grant to cover 40% of payroll costs for two months to help retain employees. 

To be eligible businesses, including non-profits, must:

  • Demonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenue 
  • Employ 1-4 employees in total across all locations
  • Have been in operation for at least 6 months
  • Have no outstanding tax liens or legal judgements
  • Be located within the five boroughs of New York City

MORE INFO/APPLY

NYC Small Business Continuity Loan Fund
Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible to apply for zero interest loans of up to $75,000 to help ensure business continuity.

To be eligible businesses must:

  • Demonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenue
  • Employ 99 employees or fewer in total across all locations
  • Demonstrate ability to repay the loan
  • Have no outstanding tax liens or legal judgements
  • Be located within the five boroughs of New York City

MORE INFO/APPLY

U.S. Small Business Administration (SBA) Economic Injury Disaster Loan Program
The SBA has agreed to offer targeted, low-interest disaster recovery loans to impacted businesses to help overcome the temporary loss of revenue they are experiencing. Here are some key points about the Economic Injury Disaster Loans (EIDL):

  • They’re available to qualifying small businesses with no other access to credit and can be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. – The interest rate is :
    • 3.75% for small businesses and 2.75% for non-profits.
    • Long-term repayment options, up to a maximum of 30 years.

MORE INFO/APPLY

NYC Fines
Mayor Bill de Blasio announced the City is expanding relief for small businesses, including eliminating fines for first time violations and expanding the universe of violations that will have cure periods.

MORE INFO

Facebook Small Business Grants Program
Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where we operate. We’ll share more details as they become available.

MORE INFO

New York Community Trust COVID-19 Response & Impact Fund
Created to aid nonprofit service providers struggling with the health and economic effects of the coronavirus. It will give grants and loans to NYC-based nonprofits that are trying to meet the new and urgent needs that are hitting the city. Priority will be given to nonprofits addressing essential healthcare and food insecurity as well as arts and culture,

MORE INFO/APPLY  

Procurement Opportunities
NYC EDC COVID-19 Emergency Supply Sourcing & Manufacturing is seeking businesses with the ability to quickly source and/or make needed medical supplies (e.g. face shields, gowns, ventilators, masks, and other products as needed) to support the City’s COVID-19 response. MORE INFO

New York State procurement opportunities MORE INFO

Additional Resources/Info

  • General NYC Guidance – MORE INFO

  • Tips for Addressing Changes in Customer Behavior Due to COVID- 19 – MORE INFO

  • Guidance for Restaurant Owners – MORE INFO

  • CDC Pandemic Planning Checklist

  • NYC Department of Small Business Services Emergency Planning Checklist

  •  Tax Deadline to FILE and PAY federal income taxes are extended to July 15, 2020. MORE INFO

  • Columbia University is waiving rent to local small businesses in its retail portfolio for the months of April and May to ease the hardships to these businesses and their employees due to the circumstances surrounding COVID-19. This action will provide economic relief to qualifying small businesses within Columbia’s 600,000 square feet of retail space in Morningside Heights, West Harlem, Manhattanville, and Washington Heights. MORE INFO

  • Governor Andrew M. Cuomo announced signed the “New York State on PAUSE” directive that all non-essential businesses statewide must close in-office personnel functions effective at 8PM on Sunday, March 22. MORE INFO

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