For small businesses interested in being connected to SBA 7A lenders to assist in facilitating applications for the Paycheck Protection Program – a forgivable loan fund created by the CARES Act – 2020: use the form found HERE.
This
information will be used to assist the Bronx Chamber of Commerce in partnership
with Bronx business improvement districts in gathering initial information from
small businesses so we are prepared to assist in packaging your forgivable loan
application over the next 2-3 weeks.
Alternate Side Parking
(ASP) citywide will be suspended for an additional two weeks through
Tuesday, April 14th. Any New Yorker under isolation who has
received a ticket can appeal to the Department of Finance and should
provide medical documentation or testimony, which will be taken into
consideration when their case is reviewed. For additional questions call 311.
Enforcing Closure of
Non-Essential Construction Work
Following new State
restrictions temporarily halting all non-essential construction, the Department
of Buildings formulated specific guidance and agency operating protocols to
implement these new emergency orders. Moving forward, only emergency
construction work, essential facilities construction work, and work that is
performed by a sole worker on a job site is permitted in New York City until
further notice.
Emergency Construction
Work includes the following:
Projects necessary to protect
the health and safety of a building’s occupants
Any emergency work ordered by
the Department
Restoration work for essential
services such as heat, hot water, or electricity
Work necessary to repair a
condition that severely affects life, health, safety or property
Any work where it would cause
an unsafe condition to halt the project before it is finished
Essential Facilities
Construction includes:
Roads, bridges and transit
facilities
Utility work
Hospitals or Health Care
Facilities
Transitional or Homeless
Shelters
Affordable Housing
Other essential facilities as
directed by the Department
All other work
regulated by DOB, and not covered by the above, is required to suspend
operations until further notice. In addition, DOB will be rescinding all
previously issued After Hours Variance (AHV) permits. Going forward AHV permits,
required to perform any work at night or on the weekend, will only be issued
for approved essential or emergency work. Non-essential construction sites must
submit a request to continue work and be approved by DOB. Requests can be
submitted at www.nyc.gov/dobnow.
Department of
Buildings inspectors will be regularly inspecting construction sites citywide
to ensure that they are complying with the emergency order; that non-essential
construction operations have been suspended where required, and proper safety
measures have been implemented. All sites, essential or non-essential must
maintain appropriate social distancing measures, including for elevators, meals
and entry and exit. Violations of social distancing or non-essential
construction work will lead to enforcement actions from the Department, and
subject to fines of up to $10,000 starting on Tuesday, March 31.
Any construction site
that has been halted due to this emergency order must be properly secured and
maintained at all times in order to safeguard the public throughout the
duration of time while operations at the site are suspended. The owner of the
site is legally responsible to ensure the sites are kept safe. See below some
of the requirements for suspended construction sites in the city:
Weekly safety inspections of
the site by the owner, or an individual designated by the owner
Accurate logs of each of these
required safety inspections must be kept at the site at all times
All public sidewalk and
walkways adjacent to the sites must be maintained in a safe condition
All garbage, debris, and
standing water must be removed from the site
Helping NYC’s Small
Businesses
The Department of
Small Business Services started the NYC Employee Retention Grant program as an
immediate response to the economic setbacks small businesses were facing
because of the coronavirus outbreak. The City moved swiftly to provide service
to businesses that have up to 4 employees with this grant and has been
successful in serving over 1,200 businesses with the allotted $10 million for
the grant program, an average of $7,800 for each grant. This grant program will
officially close to applicants on Friday at 5pm, and the City will
continue to serve small businesses through the Small Business Continuity Fund,
which is also first come first serve. This loan gives up to $75,000 to
businesses with up to 99 employees. Businesses can use this loan to supplement
their payroll costs, for working capital, inventory, and other investments.
Eligible owners who would like to learn more about the loan program should
call 311 or
visit nyc.gov/covid19biz. The City is also working to
connect small businesses to the programs and loans offered by the United States
Small Business Administration. SBS will be offering technical assistance to
ensure that NYC small businesses are best prepared to fully access business
assistance programs funded by the federal stimulus.
Postponing Annual Tax
Lien Sale Until August
The City will postpone
its annual tax lien sale until August, as residents continue to cope with the
COVID-19 outbreak.
Property owners who
are facing hardships making their property tax payments can take advantage of
several existing Department Of Finance programs. These include exemption
programs to lower the amount of taxes owed, standard payment plans, or a new
Property Tax and Interest Deferral (PT AID) program, for those who qualify.
More information on those programs can be found on the agency’s website.
Stay Informed
Nearly 800,000 New
Yorkers have signed up for the City’s COVID text notification system to get
regular updates on the latest developments with coronavirus in New York City
text COVID to 692-692. New Yorkers can text COVIDESP to 692-692 for
updates in Spanish. You will receive regular SMS texts with the latest news and
developments. If you have any questions on finding medical care call 311.
How the CARES Act and Other Recent New York State and New York City Legislation Address Business Interruption and Employment
Within the past few days the United States government, the State of New York and the City of New York adopted legislation intended to provide economic relief to businesses and individuals impacted by the Covid-19 emergency. The following is a review of various loans, loan forgiveness provisions, and other benefits created by these recent acts. *
U.S. Federal Laws
On March 27, 2020, an approximately $2 trillion coronavirus response bill, the Coronavirus Aid Relief, and Economic Security (“CARES”) Act (H.R. 748), was signed into law.
The CARES Act:
1. Provides Forgivable Loans to Small Businesses
Under the CARES Act’s Paycheck Protection Program, the Small Business Administration (the “SBA”) will back loans of up to $10 million from banks to businesses with not more than 500 employees for those businesses to pay employee salaries, paid sick or medical leave, health insurance premiums, and basic immediate operating expenses like mortgage, rent, and utility payments (“Covered Expenses”).
Borrower Eligibility
There are very few borrower requirements to obtain a loan under the CARES Act. Those requirements include a good-faith certification that the borrower (a) needs the loan to continue operations during the Covid-19 pandemic, (b) will use the funds to retain workers and maintain payroll, or pay the other immediate operating costs, (c) does not have any other pending application
under this program for the same purpose, and (d) has not received duplicative amounts under this program from February 15, 2020 until December 31, 2020.
Eligible businesses include
private and public non-profits, sole proprietorships, individuals who
are self-employed, and businesses with not more than 500 employees (including full-time and part-time employees) per location. For businesses in the hospitality and
dining industries, there is a special eligibility rule: if the business has more than one physical location, it employs not more than 500 employees per physical location, and it is assigned to the “Accommodation and Food services” sector (Sector 72) of the North American Industry Classification System, that business is eligible for a loan.
Notably, the CARES Act includes a “Sense of the Senate” that the SBA should issue guidance to lenders to ensure that the processing and disbursements of loans prioritizes small businesses in underserved and rural markets, small businesses owned by individuals who are socially or economically disadvantaged, women owned businesses, and businesses that
have been in operation for less than two years.
The Loan Amount
The maximum loan amount (the “Loan Amount”) is the lesser of (a) 2.5 multiplied by the average total monthly payroll costs incurred from the previous one-year period (plus the outstanding amount of any loan that the business received under the SBA’s Disaster Loan Program between January 31, 2020 and the date on which that loan may have been refinanced as part of the Paycheck Protection Program
(“Prior SBA Loan Amount”)), or (b) for businesses that were not in existence from February 15, 2019 to June 30, 2019, 2.5 multiplied by the average total monthly payroll costs incurred from January 1, 2020 to February 29, 2020 (plus any Prior SBA Loan Amount), or (c) $10 million. Payroll costs include compensation to independent contractors
(including compensation based on commission) up to $100,000 in one year.
Loan Forgiveness
A borrower is entitled to loan forgiveness in an amount equal to Covered Expenses paid during the 8-week period following loan origination (the “Loan Forgiveness Covered
Period”). Forgiveness is subject to reduction based on a reduction of the business’s employees, and wages and salaries as explained below (the “Forgiveness Amount”).
To calculate the Forgiveness Amount, the Act instructs to multiply the total of the Covered Expenses incurred during the Loan Forgiveness Covered Period by the result of dividing the average number of full-time equivalent employees (“FTEEs”) that the business employed per month during the 8-week Loan Forgiveness Covered Period, by (at the election of the borrower) either (a) the average number of FTEEs that the business employed per month from February 15, 2019 to June 30, 2019, or (b) the average number of FTEEs that the businesses employed per month from January 1, 2020 to February 29, 2020. The Act also provides that employees whom the business laid off between February 15, 2020 and April 26, 2020, but
rehired by June 30, 2020 will, in effect, be treated as employed individuals
during the 8-week Loan Forgiveness Covered Period so as to not reduce the Forgiveness Amount.
The Forgiveness Amount
will be reduced by the amount of employee salary reduction in excess of 25% of that employee’s total salary during the most recent full quarter during which the employee was employed before the Loan Forgiveness Covered
Period. Thus, if the business did not reduce employee salary or wages during the Loan Forgiveness Covered Period by more than 25%, the Forgiveness Amount will not be reduced in this manner.
It is important for businesses to document the use of its funds received under the program pursuant to the documentation provisions
in the CARES Act because businesses that to do not properly document their use may be ineligible for loan forgiveness.
Application Process
Businesses can apply for the loans through private sector lenders authorized by the SBA who can use their own paperwork to process the loans. It is estimated that it will take about two weeks for the SBA to approve each loan, and to guarantee it against default. Lenders will not distribute the loan money to businesses until
the SBA has assured it that each loan is fully backed, so it may take at least two weeks from applying for the loan for businesses to start receiving the loan money.
SS
SS Owners
CS
Business owners are not required to provide personal guarantees or use their assets as collateral for
the loan. There are no fees associated with
obtaining the loan, and interest rates are capped at 4%.
2. Provides Emergency EIDL Grants
The CARES Act provides, in certain circumstances, emergency Economic Injury Disaster Loan (EIDL) grants of up to $10,000 from the SBA to small businesses for those businesses to use the funds for, among other things, providing paid sick leave for employees, maintaining payroll, meeting increased costs due to an interrupted supply chain, and making rent or mortgage payments. It is currently uncertain as to what impact, if any, obtaining an emergency grant under this provision may have on applications made under the Paycheck Protection Program.
3. Expands Unemployment Benefits
Under the CARES Act’s temporary Pandemic Unemployment Assistance Program, workers not usually eligible for state and federal unemployment benefits—such as independent contractors, and people who are self-employed or who have a limited work history—may receive unemployment benefits if they are unable to work because of the Covid-19 pandemic.
Anyone who self-certifies that they are able and available to work but is unemployed or partially unemployed because of the Covid-19 pandemic is considered a “covered individual.” If workers have the ability to work remotely with pay, they are not eligible for these benefits.
Under the CARES Act, unemployment benefits
are available for the weeks of unemployment, partial unemployment, or inability to work caused by Covid-19 beginning on or after January 27, 2020 (the date on which the Secretary of Health declared Covid-19 a public health emergency) and ending on or before December 31, 2020, and shall continue to be available as long as the individual’s unemployment, partial unemployment, or inability to work continues, for up to 39 weeks. Individuals will
receive the amount that would be calculated under state law plus $600 each week for up to four months, as opposed to the usual three months. Additionally, the standard one-week waiting period is waived, so laid off employees immediately qualify
for benefits.
4. Provides Refundable Payroll Tax Credit to Employers
esse
For businesses whose operations were fully or partially suspended by a government entity
due to the Covid-19 pandemic or had a decrease in gross receipts of 50% or more compared to the same quarter last year, the CARES Act provides for a refundable payroll tax credit equal to 50% of the first $10,000 in wages per employee. This payroll tax credit can be claimed for employees who are retained but who do not work during the Covid-19 pandemic. Businesses with 100 or fewer full-time employees can claim the payroll tax credit for all employees’ wages—whether the employer is open for business or has been ordered to close. Businesses with
more than 100 full-time employees can claim the credit for employees who are retained but who do not work due to the Covid-19 pandemic.
New York City
and New York State
Laws
Employers that employ at least two employees in New York State seeking to avoid layoffs should also know about the Shared Work Program, which provides partial unemployment benefits
to employees who are working reduced hours. To participate, employers must
design a “Shared Work Plan” and apply to participate here at least one week before the proposed effective date. After an employer’s plan is approved, participating employees must file unemployment insurance
Shared Work claims. Eligible employees include those who qualify to receive unemployment insurance benefits in New York state and who normally work no more than 40 hours per week. Covered employees may receive up to 26 weeks of regular Shared Work benefits in one year. Currently, it is unclear how employers would take advantage of the New York State Shared Work Program and the Federal Paycheck Protection Program simultaneously. One potential scenario is that the reduction in salary and wages under the Shared Work Program may reduce the amount of the loan forgiveness under the Paycheck Protection Program.
Under New York City’s Employee Retention Grant Program, small business in New York City (including nonprofits) that have been in operation for at least six months, with one to four employees that can demonstrate at least a 25% decrease in revenue as a result of the Covid-19 pandemic may be eligible to receive a grant covering up to 40% of their payroll for two months, for a maximum of up to $27,000. This program was implemented to help New York City businesses retain employees. More information can be found here.
Under New York City’s Small Business Continuity Loan Program, businesses in New York City with fewer than 100 employees that can demonstrate at least a 25% decrease in revenue as a result of the Covid-19 pandemic, and that it has the ability to repay the loan, may be eligible for an interest-free loan up of up to $75,000 to help retain employees and continue business operations. More information can be found here.
*Evolving Regulation and Implementation Procedures
The foregoing is intended as a summary of the various measures enacted within the past few days. The legislation examined above was understandably passed under exigent circumstances. Most, if not all, of the above will be subject to rules-making and interpretation. Therefore, implementation structures, procedures and
subsequent regulations may
vary from the analysis presented above.
For questions about the foregoing and further developments, please contact us.
* Required Disclaimer: This alert is provided for informational purposes and does not constitute, and should not be considered legal advice. Specific facts and circumstances will differ. Neither the transmission nor the receipt of this information shall create an attorney-client relationship between
the transmitter and
the recipient. You should not take, or refrain from taking, any action based upon information contained
in this alert without consulting legal counsel of your own choosing. Under applicable professional rules of conduct, this informational publication may
be considered attorney
advertising.
Important Deadline: The NYC Employee Retention Grant Program will officially stop accepting applications on Friday, April 3, 2020, at 5 p.m. Please visit nyc.gov/covid19biz to apply and for more information about this program.
The NYC Employee Grant Program is an immediate response to small businesses affected by the COVID-19 outbreak and was put in place to provide services for 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. Who Can Apply?Businesses, including non-profits, must:Be located within the five boroughs of New York CityDemonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenueEmploy 1-4 employees in total across all locationsHave been in operation for at least 6 monthsHave no outstanding tax liens or legal judgementHave not received an insurance reimbursement for the same payroll costs ———————————————————————————————-
The Greater New York Chamber is open and here to assist your business! Questions? email helana@chamber.nyc or call 212-686-7220 or 212-CHAMBER
For more information on the Greater New York Chamber of Commerce e mail helana@chamber.nyc or call 212-686-7220
CBDOs – Apply for Avenue NYC Commercial Revitalization Grants!
Avenue NYCCommercial Revitalization grants fund community-based
development organizations to carry out programs targeting commercial
districts in low- and moderate-income communities.
In City Fiscal Year
2021 (FY21), the program will include:
Grants
of up to $100,000 per year over three years; maximum possible award of
$300,000Dedicated
funding for a full-time program managerAssistance
for grantees to complete a Commercial District Needs AssessmentIn-depth
group trainings and capacity building support
The program will
help grantees to assess neighborhood needs and implement impactful,
data-driven projects. Read the
Avenue NYC Commercial Revitalization Program Guidelines.Applications are due
on April 5, 2020.
Citywide Nonprofit Management Technical Assistance Providers –
Apply for Avenue NYC Organizational Development Grants!
Avenue NYCOrganizational Development Grants are specifically intended to
fund nonprofit organizations to provide services and technical assistance
to enhance the project and fiscal management, program execution,
legal compliance, leadership and strategic capabilities of
community-based development organizations (CBDOs) implementing commercial
revitalization activities benefiting low- to moderate-income communities across
the five boroughs.
Grantees will be
awarded up to $100,000 per year for a period of one
year. Read the
Avenue NYC Organizational Development Program Guidelines.Applications are due
on April 5, 2020.
Help for New York Nonprofits: the NYC COVID-19 Response &
Impact Fund
The NYC COVID-19
Response & Impact Fund was 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, because New York is the cultural capital of the nation.
Check out resources
for the nonprofit community by Candid to advance your work during the
COVID-19 crisis.
Free tips and videos
organized by topic:
Fundraising
with individual donorsFundraising
for specific projects/causesFighting
burnoutStorytelling
and communicationsGovernance
and talent managementCollaborationGrow
as a leader and/or fundraiserRacial
equity
Visit Candid’s Websitehttps://blog.candid.org/post/candid-resources-to-advance-your-work-during-the-coronavirus-crisis/
Attend our upcoming webinar!
[Upcoming Webinar]
Good Governance: New York State and New York City’s Employment Laws
New York City and
New York State regulations aimed at protecting employees, and sometimes
even individuals who are not employees, have proliferated over the past few
years. This webinar will help make sense of them all, from criminal
background checks to sick leave to new rules for independent contractors,
not to mention employment protections for interns. The webinar will also
cover the latest updates on laws to combat sexual and other harassment.
Date: Thursday, April 23
Time: 12:00 – 1:00 p.m.
Webinar dial-in info
will be shared once you RSVP.
The
Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350
billion to help small businesses keep workers employed amid the pandemic and
economic downturn. Known as the Paycheck Protection Program, the initiative
provides 100% federally guaranteed loans to small businesses.
Importantly, these loans
may be forgiven if borrowers maintain their payrolls during the crisis or
restore their payrolls afterward.
The administration soon
will release more details including the list of lenders offering loans under
the program. In the meantime, the U.S. Chamber of Commerce has issued this
guide to help small businesses and self-employed individuals prepare to file
for a loan.
Here are the questions you may be asking— and what
you need to know.
Am I ELIGIBLE?
status.
You are eligible if you are:
• A small business with fewer
than 500 employees
• A small
business that otherwise meets the SBA’s size standard
• A
501(c)(3) with fewer than 500 employees
• An
individual who operates as a sole proprietor
• An
individual who operates as an independent contractor
• An
individual who is self-employed who regularly carries on any trade or business
• A
Tribal business concern that meets the SBA size standard
• A
501(c)(19) Veterans Organization that meets the SBA size standard
In
addition, some special rules may make you eligible:
• If you
are in the accommodation and food services sector (NAICS 72), the 500-employee
rule is applied on a per physical location basis
• If you
are operating as a franchise or receive financial assistance from an approved
Small Business Investment Company the normal affiliation rules do not apply
REMEMBER: The 500-employee threshold includes all employees: full-time,
part-time, and any other status.
In
evaluating eligibility, lenders are directed to consider whether the borrower
was in operation before February 15, 2020 and had employees for whom they paid
salaries and payroll taxes or paid independent contractors.
Lenders
will also ask you for a good faith certification that:
1. The
uncertainty of current economic conditions makes the loan request
necessary to support ongoing operations
2. The borrower will use the loan proceeds to
retain workers and maintain payroll or make mortgage, lease, and utility
payments
3. Borrower does not have an
application pending for a loan duplicative of the purpose and
amounts applied for here
4. From Feb. 15, 2020 to Dec. 31, 2020, the
borrower has not received a loan duplicative of the purpose and
amounts applied for here (Note: There is an opportunity to fold emergency loans
made between Jan. 31, 2020 and the date this loan program becomes available
into a new loan) If you are an independent contractor, sole proprietor, or
self-employed individual, lenders will also be looking for certain documents
(final requirements will be announced by the government) such as payroll tax
filings, Forms 1099-MISC, and income and expenses from the sole proprietorship.
What
will lenders be LOOKING FOR?
In
evaluating eligibility, lenders are directed to consider whether
the
borrower was in operation before February 15, 2020 and had
employees
for whom they paid salaries and payroll taxes or paid
independent
contractors.
Lenders
will also ask you for a good faith certification that:
1.
The uncertainty of current economic conditions makes the loan
request
necessary to support ongoing operations
2.
The borrower will use the loan proceeds to retain workers and
maintain
payroll or make mortgage, lease, and utility payments
3.
Borrower does not have an application pending for a loan
duplicative
of the purpose and amounts applied for here
4.
From Feb. 15, 2020 to Dec. 31, 2020, the borrower has not
received
a loan duplicative of the purpose and amounts applied
for
here (Note: There is an opportunity to fold emergency loans
made
between Jan. 31, 2020 and the date this loan program
becomes
available into a new loan)
If
you are an independent contractor, sole proprietor, or self-employed
individual,
lenders will also be looking for certain documents
(final
requirements will be announced by the government) such as
payroll
tax filings, Forms 1099-MISC, and income and expenses from
the
sole proprietorship.
WHAT WILL LENDERS NOT BE
LOOKING FOR?
• That the borrower sought and was unable to obtain
credit elsewhere.
• A personal guarantee is not required for the loan.
• No
collateral is required for the loan.
How
much can I BORROW?
Loans can be up to 2.5 x the borrower’s
average monthly payroll costs, not to
exceed $10
million.
How
do I calculate my average monthly PAYROLL COSTS?
sum of
INCLUDED
payroll costs
+
sum of
EXCLUDED
payroll costs
=
PAYROLL
COSTS
Act
INCLUDED
Payroll Cost:
1. For Employers: The sum of payments of any compensation
with
respect to employees that is a:
• salary, wage, commission, or similar compensation;
• payment of cash tip or equivalent;
• payment for vacation, parental, family, medical, or
sick leave
• allowance for dismissal or separation
• payment required for the provisions of group health
care benefits,
including insurance premiums
• payment of any retirement benefit
• payment of state or local tax assessed on the
compensation
of the employee
2. For Sole Proprietors, Independent Contractors, and
Self-Employed
Individuals: The sum of payments of any compensation to
or
income of a sole proprietor or independent contractor
that is a
wage, commission, income, net earnings from
self-employment, or
similar compensation and that is in an amount that is not
more than
$100,000 in one year, as pro-rated for the covered
period.
EXCLUDED
Payroll Cost:
1. Compensation of an individual employee in excess of an
annual salary
of $100,000, as prorated for the period February 15, to
June 30, 2020
2. Payroll taxes, railroad retirement taxes, and income
taxes
3. Any compensation of an employee whose principal place
of
residence is outside of the United States
4. Qualified sick leave wages for which a credit is
allowed under section
7001 of the Families First Coronavirus Response Act
(Public Law 116–
5 127); or qualified family leave wages for which a
credit is allowed
under section 7003 of the Families First Coronavirus
Response Act.
NON
SEASONAL EMPLOYERS:
Maximum loan =
2.5 x Average total monthly
payroll costs incurred during
the year prior to the loan date
For businesses not
operational in 2019:
2.5 x Average total monthly
payroll costs incurred for
January and February 2020
SEASONAL
EMPLOYERS:
Maximum loan =
2.5 x Average total monthly
payments for payroll costs for
the 12-week period beginning
February 15, 2019 or March 1,
2019 (decided by the loan
recipient) and ending
June 30, 2019
Will
this loan be FORGIVEN?
Borrowers are eligible to have their loans forgiven.
How
Much?
A borrower is eligible for loan forgiveness equal to the
amount the
borrower spent on the following items during the 8-week
period
beginning on the date of the origination of the loan:
• Payroll costs (using the same definition of payroll
costs used to
determine loan eligibility)
• Interest on the mortgage obligation incurred in the
ordinary
course of business
• Rent on a leasing agreement
• Payments on utilities (electricity, gas, water, transportation,
telephone, or internet)
• For borrowers with tipped employees, additional wages
paid to those employees
The loan forgiveness cannot exceed the principal.
How
could the forgiveness be reduced?
The amount of loan forgiveness calculated above is reduced
if there
is a reduction in the number of employees or a reduction
of greater
than 25% in wages paid to employees. Specifically:
Reduction based on reduction of number of employees
Reduction based on reduction in salaries
What
if I bring back employees or restore wages?
Reductions in employment or wages that occur during the
period
beginning on February 15, 2020, and ending 30 days after
enactment
of the CARES Act, (as compared to February 15, 2020)
shall not reduce
the amount of loan forgiveness IF by June 30, 2020 the
borrower
eliminates the reduction in employees or reduction in wages.
WHAT’S
NEXT?
Look out for more information about eligible lenders and
additional guidance from the SBA soon.
For more guidance and resources for small businesses,
visit uschamber.com/co
Join WE NYC for
our first ever virtual event held in partnership with Dig
Down Media and Women.nyc. This event will focus on economic
relief programs for small business related to the impact of COVID-19.
Experts from the New York City Department of Small Business Services and WE
Connect Mentor Ramona Cedeno, Founder, CEO, and CPA of FiBrick Financial
Services, will share information on emergency financial
assistance. Please check this page for updates on how to access the
virtual platform and learn more about COVID-19 assistance and guidance for
businesses at:https://www1.nyc.gov/site/sbs/businesses/covid19-business-tips-faqs.page.
Thanks
to our partners:
A
leader in live streaming and media technology consulting, Dig
Down Media has over 15 years experience in the industry.
Founded by Ian Busching, a streaming media specialist, the company has worked
with several international organizations, including NBC Sports, Coca-Cola,
Dunkin’, NASCAR and the National Hockey League (NHL), to implement media tech
solutions. To learn more, go to: https://digdownmedia.com/
Women.nyc is
a New York City government initiative based out of the Economic
Development Corporation that gives women real tools to succeed
in their careers and businesses.
Ramona Cedeno is the Founder and CEO of FiBrick Financial Services, an accounting outsourcing and tax planning firm working primarily with tech startups to help them build sound accounting and finance processes that support operational and strategic goals. Ramona has over 15 years of experience as a Financial Controller for large and small companies, with a track record of successfully devising and deploying innovative strategies that enhance financial performance.If you have questions about this WE Connect Event or would like additional information about WE NYC, please e-mail wenyc@sbs.nyc.gov or visit we.nyc
The new Cares act is a massive new law designed to provide assistance to businesses and individuals during the Covid-19 crisis. For an excellent summary of its provisions, click here and here.
Regional Enrichment Centers are for children who are New
York City residents, and whose parents/guardians are in certain fields noted
below (initially: health care, FDNY, NYPD, OEM and some NYCTA roles).
Regional Enrichment Centers will be open 7:30am – 6:00pm Monday-Friday,
starting on Monday, March 23rd. Children who are enrolled can attend anytime
during open hours.
During this extraordinarily challenging time, the Throggs Neck Bid wishes to thank those who continue to serve our community. Those who work in hospitals, members of the NYPD, the Fire Department, EMS, Sanitation, transportation staff, food services, and, of course, those we have contracted with to provide extra cleanups for the BID area, you are all heroes, and we salute you!
DURING THE COVID-19 EMERGENCY, THE BID REMAINS IN OPERATION, EVEN WHEN OUR PHYSICAL OFFICE IS CLOSED. PHONE US AT 347-281-8323. EMAIL US AT throggsneckbid@gmail.com
Is your restaurant or grocery store selling meals or food for take-out or delivery? Let us know and we’ll mention you on our Facebook page!
The U. S. Small Business Administration and the
NYC Business Solutions have programs to assist small businesses impacted by the
COVID-19. Details of loan and grant programs in place and being finalized.
The Bronx SBDC at Lehman College business
advisors ready to assist. Contact us via our email at sbdc.bronx@lehman.cuny.edu or
leave message at 718-960-8806.
For additional information, contact:
Clarence Stanley, Executive Director CLARENCE.STANLEY@lehman.cuny.edu
Small Business Development Center
Lehman College School of Continuing &
Professional Studies
250 Bedford Park Blvd. West, Carman Hall 128
Bronx, NY 10468
(718) 960-8697
Cell (718-960-8806
Fax (718) 960-7340
Assistance &
Guidance for Businesses Impacted Due to Novel Coronavirus
Mayor Bill de Blasio announced on March 8 that
the City will provide relief for small businesses across the City seeing a
reduction in revenue because of COVID-19. Businesses with fewer than 100
employees who have seen sales decreases of 25% or more will be eligible for
zero interest loans of up to $75,000 to help mitigate losses in profit.
Below is some
information to help you and your business stay safe and prevent the spread of
germs. This is a rapidly changing situation, visit the NYC Health website for more
up-to-date information, including FAQs for employers.
We encourage you
to sign up to receive updates, and please
continue to monitor your email – we will send information regarding the new
loan and grant program for impacted small businesses, including application
links, in the coming days.
Here is some information to
help your business combat the spread of germs and tips to address changing
behavior.
Eligibility Criteria for the NYC Employee Retention Grant
Program
Businesses,
including non-profits, must:
Be located within the five boroughs of New York City
•
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
Eligibility Criteria for the NYC Small Business Continuity
Fund
Businesses
must:
Be located within the five boroughs of New York City
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
We
will be in touch as soon as possible about the application process and next
steps.
You can help your businesses begin to gather the documents they
are likely to need in preparation
As
part of the applications, businesses will be required to demonstrate a revenue
decrease by providing documentation such as: point-of-sales reports, bank
statements, quarterly sales tax filings, 2019 tax returns, or CPA-certified
profit & loss statements.
The
situation is quickly changing. We recommend visiting www.nyc.gov/coronavirus for
the most up-to-date information from the NYC Department of Health. You can also
visit www.nyc.gov/covid19biz for best business
practices and updates regarding financial assistance.
