| As you know, this is a rapidly changing situation and we are here to support you, whether you are a business owner or a jobseeker. Please see below for a roundup of new developments as of April 8, 2020. NYS On Pause has been extended until April 29, 2020, keeping schools and nonessential businesses closed for an additional two weeks. Financial assistance for businesses impacted by COVID-19 is now available through the U.S. Small Business Administration (SBA). SBA loans will be available on a first-come-first-served basis, so it is important to submit your application as soon as possible. You should reach out to the SBA for guidance on how any other financial awards could impact your SBA award. If you have questions related to the SBA programs, find a local SBA partner. More information here. |
| Economic Injury Disaster Loans and Loan Advance A low-interest, fixed rate loan up to $2 million Can be used to pay immediate expenses during an emergency (payroll, bills/accounts payable, fixed debts) Advance of up to $10,000 awarded within three days of application, which can be used keep employees on payroll, to pay for sick leave, meet increased production costs, or pay business obligations Learn more about the EIDL + Advance Click here |
| Paycheck Protection Program A low-interest, no fee, loan up to $10 million for small businesses, self-employed individuals, and others to help with cash flow and retain employees; if employers maintain payroll, a portion of the loan will be forgiven To apply, reach out to your existing bank and ask if they are a participating lender; if so, your bank can walk you through the application If your bank does not offer the program, reach out to a traditional SBA bank or contact your local SBA resource partners for more information Please note: If you use the proceeds from the NYC Small Business Continuity Loan Fund for payroll costs, it may compromise your ability to receive loan forgiveness from the SBA; please check with your local bank or SBA resource partner for guidance |
| Learn more about the PPP Click here . |
| SBA Express Bridge Loan Businesses with existing relationships with an SBA Express Lender can access up to $25,000 quickly. This loan can be used while applying for the EIDL loan This loan must be repaid in full or in part by proceeds from the EIDL loan |
| SBA Debt Relief As part of SBA’s debt relief efforts the SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020 |
| Lastly, please note that scammers are targeting businesses with loan and grant fraud. Beware of phishing emails and robocalls, and double check any web addresses to make sure that they are associated with the correct government agency. For more information and quick tips, follow the NYPD Crime Prevention Division on Twitter using handle @nypdcpd. Additional Resources |