SBA loan types eligible: 7(a), community advantage, 504 and microloans. These companies are not endorsed by the City of New York. Visit the Empire State Development website to learn more about these programs. New York State small businesses are eligible for a number of relief benefits from the U.S. Small Business Administration (SBA) - part of the $2 trillion federal stimulus bill (CARES Act). The PPP provides $349 billion in loans to small business, nonprofits, sole proprietors and other eligible entities with fewer than 500 employees. 1. Loans of up to $10 million can be obtained to cover certain business costs including employee payroll, rent, insurance, paid sick or medical leave, interest on mortgage obligations and utilities. Guidance on Essential Businesses Small businesses and nonprofits must employ 20 or fewer full-time equivalent (FTE) employees; Small businesses must have gross revenues of less than $3 million per year; Nonprofits must provide direct services and have an annual operating budget of less than $3 million per year; and, An eligible small business or nonprofit must, PPP loans cover costs incurred February 15, 2020 – December 31, 2020, Up to 24 weeks of eligible expenses may be forgiven, Loan repayments will be deferred until eligible expenses are approved, For SBA loans made prior to March 27, 2020. Supervision by DFS may entail chartering, licensing, registration requirements, examination, and more. Pre-applications for the New York Forward Loan Fund are now open. Get info for employers and employees, notice of employee rights, timekeeping tools, and more. With COVID-19 still around, protect yourself from getting the flu and needing medical care. Get the latest health guidance, resources for individuals, businesses, nonprofits, and ways to help. 2. Business loans. If you would like to purchase additional masks or other non-medical Personal Protective Equipment (PPE), the City has compiled a list of non-medical PPE manufacturers and suppliers. For small businesses and, you are encouraged to prepare your pre-application in advance by taking advantage of the application preparation resources available here. The SBA loans are part of the $2 trillion federal stimulus bill (CARES Act) passed on March 27—and an additional $484 billion aid package signed on April 24. Click here for more information on how to apply. Applications will be reviewed on a rolling basis. Connect through the link below. Select a topic below for information to help you and your business, including tips to stay safe and prevent the spread of germs. New York State is working to support small businesses throughout the COVID-19 crisis, by providing up-to-date resources and information about economic recovery and COVID-19-related loans, funding and business counseling. U.S. Small Business Administration (SBA) COVID-19 Loans. Businesses like Osteria 57, a small restaurant, have been hit particularly hard with loss of patronage. Download our Reopening Guidelines Webinars flyer and share with other businesses. If you are a small business with fewer then 100 employees looking to secure free face coverings for your employees, find a distribution partner located near you. These are often highly local, so most options are only available to a select few businesses. Guidance issued by the Department of Economic Development applies to each business location individually and is intended to assist businesses in determining whether they are an essential business and steps to request such designation. New York State small businesses are eligible for a number of relief benefits from the U.S. Small Business Administration (SBA) - part of the $2 trillion federal stimulus bill (CARES Act). New York State and business leaders have partnered to enlist industry volunteers to help businesses with guidance on SBA loan applications. The EIDL program provides small businesses and nonprofits with low-interest loans of up to $2 million to help overcome other financial losses due to COVID-19. Check out our NYC Business Reopening Guide and NYC Restaurant Reopening Guide to find out when and how you can safely reopen your non-essential business. If you have any questions, you can call our hotline: 888-SBS-4NYC (888-727-4692). 748, the Coronavirus Aid, Relief and Economic Security Act (CARES Act), legislation that was passed into law to provide relief to eligible individuals impacted by the Coronavirus pandemic.. These programs are expected to be in high demand from small businesses across the country. Eligible businesses can apply for the SBA to pay interest and principal payments for 6 months on their existing SBA loans. The NYFLF is specifically timed to support businesses and organizations as they proceed to reopen and have upfront expenses to comply with guidelines (e.g., inventory, marketing, refitting for new social distancing guidelines) under the New York Forward Plan. The New York Small Business Development Centers (NYSBDC) provides small business owners and entrepreneurs in New York with the highest quality, confidential business counseling, training, and business research at no cost. Learn how to get assistance for small businesses impacted by Novel Coronavirus. This is not a first-come, first-served loan program. You can also browse a list of lenders in New Yorkcompiled by the Em… These programs are expected to be in high demand from small businesses across the country. The ESD website also has information about the statewide community network of Small Business Development Centers, Entrepreneurship Assistance Centers and Community Development Financial Institutions available to help guide businesses through the SBA loan application process. Loans of up to $10 million can be obtained to cover certain business costs including employee payroll, rent, insurance, paid sick or medical leave, interest on mortgage obligations and utilities. New York's statewide community network of Small Business Development Centers, Entrepreneurship Assistance Centers and Community Development Financial Institutions are available to help guide your business through the loan application process. Questions About the Federal CARES Act. Some private organizations are offering grants to small businesses affected by the coronavirusoutbreak. NEW YORK—As the coronavirus outbreak continues in New York and elsewhere, city officials have decided to give small businesses impacted by COVID-19 interest-free loans and cash grants, the Wall Street Journal reports. The $2 trillion CARES Act also provides benefits for businesses with existing SBA loans. 2020 All Rights Reserved, NYC is a trademark and service mark of the City of New York, COVID-19 Assistance & Guidance for Businesses, Informacion sobre la reapertura de negocios, Directives pour la réouverture des entreprises, Рекомендации по возобновлению работы предприятий, Learn More and Find a Distribution Partner, View the PPE + Reopening Supplies Marketplace, Recursos para pequeñas empresas afectadas por la COVID-19, موارد من أجل الشركات الصغيرة المتأثرة بأزمة كوفيد-19, Overview of Executive Orders: New Rules from the City and State, Hiring Assistance for Essential Service Businesses, Information for Essential Food Businesses, Government Contracts and Supply Chain Access, Official COVID-19 Information & Guidance from Utility Companies, Business Planning Checklist for Pandemics. It’s also important to understand the programs that best suit your needs and the information needed to apply. The New York Forward Loan Fund (NYFLF) is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small residential landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE. You can also visit nycsmallbizcourses.eventbrite.com and search for "Reopening Guidelines" to sign up for an upcoming webinar to learn about State requirements, recommendations, and resources available to help businesses reopen in NYC. You can also find other low- or no-cost business financing to cover overhead costs during the coronavirus outbreak from the government and private lenders. SBA loan types eligible: 7(a), community advantage, 504 and microloans. Coronavirus: Information for Small Businesses, Guidance and FAQs on essential services and workforce reduction, Accessibility & Reasonable Accommodations, PPP loans cover costs incurred February 15, 2020 – June 30, 2020, Up to 8 weeks of eligible expenses may be forgiven, Loan repayments will be deferred for 6 months, For SBA loans made prior to March 27, 2020. Access to loans for small residential landlords will be targeted to owners with residential buildings of 50 units or less, and will prioritize loans for residential landlords whose properties are in low and moderate income census tracts or who serve low to moderate income tenants. Economic Recovery and COVID-19 Loans for Small Businesses. The PPP provides $659 billion in loans to small business, nonprofits, sole proprietors and other eligible entities with fewer than 500 employees. Eligible businesses can apply for the SBA to pay interest and principal payments for 6 months on their existing SBA loans. Find out when and how you can safely reopen your non-essential business. Visit the online public benefits screening and application tool. By continuing to take precautions, New Yorkers can slow the spread of COVID-19. Your options aren’t limited to just state-specific resources. See below for details about applying for the New York Forward Loan Fund, targeted toward small businesses, nonprofits and small residential landlords, and for U.S. Small Business Administration (SBA) loans. The Department of Financial Services supervises many different types of institutions. CDFIs are local financial service providers with locations throughout New York State, and often are the sole provider of banking and other financial services in communities that are not served by traditional banks and financial institutions. This is a rapidly changing situation, visit the NYC Health website for up-to-date information, including FAQs for employers. Learn how to get assistance for small businesses impacted by Novel Coronavirus. City of New York. If you have a business that was impacted by coronavirus, visit Empire State Development for information on available resources. Provides small businesses and nonprofits with low-interest loans of up to $2 million to help overcome other financial losses due to COVID-19. The House Financial Services Committee has issued FAQs regarding financial services provisions in H.R. View and download a copy of the presentation here: Informacion sobre la reapertura de negocios | إرشادات لإعادة فتح الشركات | ববসাসমহ পনরায় খালা সিকত িনেদিশকা | 复工指导方针企业 | 企業復工指導方針 | Directives pour la réouverture des entreprises | Enstriksyon pou Relouvri Biznis | 계사업재개지침 | Рекомендации по возобновлению работы предприятий. The NYFLF targets the state’s small businesses with 20 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits and small residential landlords that have seen a loss of rental income. New York Forward Loan Fund (NYFLF) The New York Forward Loan Fund (NYFLF) is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small residential landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE. Prepare your business for emergencies and get support after a disruption. View and download a copy of the presentation to learn about a range of assistance available for small businesses in NYC impacted by COVID-19, including funding opportunities, here: Recursos para pequeñas empresas afectadas por la COVID-19 | 相关资源受新冠肺炎 (COVID-19) 影响的小型企业 | موارد من أجل الشركات الصغيرة المتأثرة بأزمة كوفيد-19, بإمكانكم مشاهدة تسجيل عرضنا التقديمي لمساعدتكم على التعرف على المساعدات المتاحة للشركات الصغيرة في مدينة نيويورك المتأثرة بcovid-19. Entrepreneurship Assistance Centers (EAC) provide instruction, training, technical assistance and support services to new and aspiring entrepreneurs in local communities statewide.
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