COVID-19 | resources
GENERAL
Governor Cuomo signed an executive order mandating all non-essential businesses statewide must close in-office personnel functions effective at 8 p.m. on Sunday, March 22, and temporarily bans all non-essential gatherings of individuals of any size for any reason.
The State Department of Financial Services has issued a new directive to New York State mortgage servicers to provide 90-day mortgage relief to mortgage borrowers impacted by the novel coronavirus.
Governor Cuomo signed the bill guaranteeing job protection and pay for New Yorkers who have been quarantined as a result of novel coronavirus.
NEWS AND ARTICLES
How to Submit Your SBA PPP Loan Application and Calculate the Loan Amount - CLICK HERE
PROGRAMS FOR BUSINESS OWNERS
The Employee Retention Grant for small businesses with four or fewer employees is now available and includes space for you to add March revenue. Information about this, including eligibility, can be found at nyc.gov/covid19biz.
The City Department of Finance is now allowing for a waiver of penalties for DOF-administered business and excise taxes between March 16, 2020 and April 25, 2020. Taxpayers may request to have the penalties waived on a late-filed extension or return.
U.S. Small Business Administration (SBA)Economic Injury Disaster Loan Program
Small business owners in New York are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19) through the U.S. Small Business Administration (SBA).
Check out the NYSBDC application guide for an excellent step-by-step explanation of applying through the SBA's disaster loan portal. To apply you will need to complete and upload the below forms: You can also refer to the SBA process summary or contact the SBA directly at disastercustomerservice@sba.gov or (800)-659-2955.
Verizon Small Business Recovery Fund
Thanks to a $2.5 million investment from Verizon, LISC is offering grants to help small businesses fill urgent financial gaps until they can resume normal operations or until other more permanent financing becomes available.
LISC will use the Verizon funding to provide grants of up to $10,000 to businesses facing immediate financial pressure because of COVID-19—especially entrepreneurs of color, women-owned businesses and other enterprises in historically under-served communities who don’t have access to flexible, affordable capital.
What it can be used for?
Paying rent and utilities
Meeting payroll
Paying outstanding debt to vendors
Other immediate operational costs
Salesforce Care Small Business Grants
As part of Salesforce’s commitment to small businesses and giving back to the community, Salesforce is partnering with Ureeka to offer eligible small businesses the opportunity to receive a $10,000 grant to help them through the COVID-19 outbreak.
Renaissance Economic Development Corporation’s - Emergency Small Business Relief Loan Fund
Learn more (or apply) at: https://renaissance-ny.org/emergency-small-business-relief-loan-fund/
NYC Employee Retention Grant Program Application
This grants offers small businesses and nonprofits with fewer than 5 employees a grant to cover 40% of payroll costs (up to $27,000) for two months to help retain employees. CLICK HERE FOR MORE INFORMATION Applicants 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 judgments
NYC Small Business Continuity Fund (Zero-Interest Loans)
CLICK HERE FOR MORE INFORMATION
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.
Eligibility Criteria for the NYC Small Business - Continuity Loan 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
Northern Manhattan Emergency Recovery Fund
New York-Presbyterian Hospital, in partnership with Congressman Adriano Espaillat, have launched a $10 Million Emergency Recovery Fund for Northern Manhattan small businesses and non-profits. To apply click HERE
To qualify, businesses must be located or serve the Washington Heights, Inwood and Hamilton Heights communities, can demonstrate at least a 25% loss in revenue, been in operation for at least six months, non-profits must be an established 501(c)3, and small businesses must be a brick and mortar establishment with a maximum of 100 full and part-time employees.
Freelancers Relief Fund
Freelancers Relief Fund will offer financial assistance of up to $1,000 per freelance household to cover lost income and essential expenses not covered by government relief programs, including:
Food/food supplies
Utility payments
Cash assistance to cover income loss
100% of all donations will be distributed directly to freelancers in need. Applications for funding will open on April 2, 2020. CLICK HERE FOR MORE INFORMATION.
The U.S. Treasury Department released thePaycheck Protection Program Application. This application will allow eligible small business to apply for "loans to recover from the impact of the COVID-19 pandemic." For more information visit HERE.
LOAN TERMS & CONDITIONS
Eligible businesses: All businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries
Maximum loan amount up to $10 million
Loan forgiveness if proceeds used for payroll costs and other designated business operating expenses in the 8 weeks following the date of loan origination (due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs)
All loans under this program will have the following identical features:
Interest rate of 0.5%
Maturity of 2 years
First payment deferred for six months
100% guarantee by SBA
No collateral
No personal guarantees
No borrower or lender fees payable to SBA
Visit treasury.gov/cares for more information on SBA’s assistance to small businesses.
REAL ESTATE
What NYC renters need to know during the coronavirus pandemic- CLICK HERE TO READ MORE