General Business Links and Overviews

NYC Small Business Services Overview of City Assistance

NYC Comptroller Stringer will be hosting bi-weekly webinars for small businesses

Brooklyn Chamber of Commerce

Overview of COVID-19 programs

Business webinar recordings of pass discussions

Upcoming webinars

Face Covering Executive Order for ALL Essential Businesses

To prevent the spread of the virus, essential workers must have access to appropriate face coverings. Governor Cuomo issued an Executive Order directing employers to provide essential workers with cloth or surgical masks free of charge to wear when directly interacting with the public. 

$2 Trillion Federal Government Aid Package

The president signed a coronavirus relief package, known as the CARES Act, into law. The new law provides hundreds of billions of dollars in loans and grants to major industries and small businesses, and direct cash payments to taxpayers. For more information, read The Small Business Owner’s Guide to the CARES Act from the Senate Committee on Small Business and Entrepreneurship.

The federal government has also authorized the U.S. Small Business Administration (SBA) to issue loans to businesses impacted by the coronavirus.  You can find an overview of all options through the CARES Act here. 
 

The loans will be reviewed on a first-come-first-serve basis for eligible business in New York State. Click the links below for details.
 

Economic Injury Disaster Loans (now taking applications)

Small Business Administration: Paycheck Protection Program

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

Under this program:

Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.

Loan payments will be deferred for six months.

If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.

See translated information about the program in other languages here.
 

Click here to learn more and apply (Applications are now paused).

Small Business Administration: Express Bridge Loan

What is it? 

SBA is making available $25,000 emergency loans accessible immediately by small businesses who have a business relationship with an SBA Express lender. This is a fast turnaround loan and will be repaid in part or in full by the EIDL loan. 

Who is eligible? 

Any business in operation before March 13, 2020 with 500 employees or less 

What are the loan terms? 

Up to $25,000 for a max term of 7 years. Rate not to exceed Prime + 6.5%, fixed or variable.  

How can you apply? 

Through any SBA-certified lender with whom applicant has a banking relationship prior to March 13, 2020. 

City Government Assistance: NYC Employee Retention Grant Program 

The NYC Department of Small Business Services (SBS) has been working quickly to roll out two emergency financial assistance programs for businesses impacted by the coronavirus:

NYC Employee Retention Grant Program (application have closed as of  Friday, April 3, 2020, at 5 p.m.)

Eligibility Criteria (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

New York City Department of Finance

• The New York City Department of Finance offers several programs to assist property owners who face hardships making their property tax payments. Follow the links below for details:
   

• Property Tax and Interest Deferral Program (PT AID)

• Exemption Programs

City Government Assistance: NYC Small Business Continuity Fund 

• NYC Small Business Continuity Fund (now paused)
   

• To be eligible, 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

Other Small Business Grant Opportunities

• Verizon Small Business Recovery Fund

• Facebook Small Business Grants

Program offers $100M in cash grants and credits for Facebook advertisements for up to 30,000 eligible small businesses worldwide.

• Business For All Grants

$250,000 in grants will be awarded to Business for All applicants, as a critical step towards tackling entrepreneurs’ single greatest barrier to growth: access to capital. Grantees will be selected by an esteemed council of leaders from across the business ecosystem, representing diverse organizations, industries, locations and demographics.

• Red Backpack Fund: Spanx founder Sara Blakely’s foundation

The Red Backpack Fund is giving away one thousand $5,000 grants to female business owners. Each month, they will accept additional applications. The portal will open for applications again on May 4, June 1, July 6, and August 3.

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Reopening Planning Resources

• CDC Reopening Guidelines

• Target Retail SAFE Guidelines

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