We are assisting businesses and non-profits which have been adversely impacted by the COVID-19 crisis. Below are a few of the emergency assistance programs that have been rolled out recently.
We have a more comprehensive summary of business relief resources that is updated daily to reflect the latest developments. To receive a free copy, please submit your email.
Federal
SBA Paycheck Protection Program (PPP)
Provides loans of up to $10M available to eligible small businesses and nonprofits. Loans are forgivable to the extent that proceeds are used within 8 weeks for payroll, healthcare expenses, mortgage interest and rent.
SBA COVID-19 Economic Injury Disaster Loan (EIDL) Program
Provides small businesses and nonprofits with loans up to $2 million to help overcome temporary loss of revenue. Long term repayment options, with interest rates not to exceed 3.75%.
SBA Express Bridge Loans (EBL) Pilot Program
Through participating SBA Express Lenders, small businesses can access expedited SBA-guaranteed bridge loan or term loan financing up to $25,000.
Federal Payroll Tax Credits
Through the Families First Coronavirus Response Act, eligible employers can take advantage of refundable tax credits to offset the costs of newly authorized paid sick leave and childcare leave benefits.
State and City
NYS on Pause
Governor Andrew Cuomo announced the “New York State on PAUSE” 10-point policy executive order effective at 8pm Sunday, March 22. Includes “Essential Businesses Guidance” to assist businesses in understanding if they are subject to mandatory workforce reductions.
PSC Order Utilities to Suspend Rate Increases
This Public Service Commission order effectively postpones rate increases for nearly 2 million consumers of New York American Water and National Grid upstate.
NYS Tax Filing Deadlines Extended In Response to COVID-19
The New York State personal income tax and corporation tax returns have been extended to July 15, 2020.
Private
Emergency Small Business Relief Loan Fund
Provides loans to small businesses with 50 employees or fewer and can demonstrate at least a 25% decrease in sales due to COVID-19. Eligible companies must be based in specific neighborhoods of Manhattan, Queens, or Brooklyn.
Facebook Small Business Grants
Program offers $100M in cash grants and credits for Facebook advertisements for up to 30,000 eligible small businesses worldwide.Food and Beverage Industry Relief Fund
Provides emergency funding to restaurant/bar owners and their employees.
NYC COVID-19 Response & Impact Fund
$75M loan fund for making loans to NYC nonprofit organizations working in the human services. Focus on assisting organizations working in essential healthcare, food delivery, homeless services, workforce development, education, and arts/culture.
Verizon-LISC Small Business Recovery Fund
LISC will 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 underserved communities.
Here are ways for New Yorkers can help during this crisis:
- Donate masks, gowns, and gloves, which are in short supply for doctors and nurses, to the Greater New York Hospital Association; if your business has previously purchased these items, or if you have them in storage, please contact Laura for more information
- Help Food Bank for New York City prepare for increased need
- Donate now to Citymeals on Wheels to help your elderly neighbors in need
- Support God’s Love We Deliver in providing emergency kits to all clients
- Share the mission of Invisible Hands to provide safe, free food deliveries for NYC’s most at-risk communities facing COVID-19
- Sign up for alerts from New York Cares to learn more about what city agencies and community partners are doing to help those most impacted by COVID-19
- Donate to the WHYHunger Rapid Response Fund to protect food access for all people by bolstering WHY’s work with emergency food providers, small-scale farmers, and food chain workers
- Secure masks, gloves, and hand sanitizer for police officers on patrol across the city through the New York City Police Foundation
- Broaden your reach by contributing to The New York Community Trust NYC COVID-19 Response & Impact Fund to aid nonprofit service providers struggling with the health and economic effects of the coronavirus; the fund will give grants and loans to NYC-based nonprofits that are trying to meet the new and urgent needs that are hitting the city
- Help the Robin Hood Foundation raise funds to put together a food program for their network of nonprofits to continue to serve low-income communities
