[NYC Department of Small Business Services]
NYC Department of Small Business Services opened applications for the NYC Small Business Continuity Loan Fund. Businesses with fewer than 100 employees who have seen sales decreases of 25% or more are eligible to apply for loans of up to $75,000 to ensure business continuity.
Photo: NYC Small Business Services
The following is a letter from the New York City Small Business Services regarding help for small business suffering through the COVID-19 crisis.
Dear small business partner:
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 March 28, 2020.
- NYC Department of Small Business Services opened applications for the NYC Small Business Continuity Loan Fund. Businesses with fewer than 100 employees who have seen sales decreases of 25% or more are eligible to apply for loans of up to $75,000 to ensure business continuity.
- Learn more about this and the Employee Retention Grant for small businesses with four or fewer employees here: nyc.gov/covid19biz
- Congress passed and the President signed into law the legislative package known as the CARES Act. The relief package developed to respond to the economic calamity created by the COVID-19 pandemic promises to deliver $2 trillion in federal funds. When implemented, it will include $377 billion for small businesses, including loans to small businesses, which offer loan forgiveness for funds spent on payroll, rent, mortgage interest, and utilities.
- Learn more about the SBA loans and programs here https://www.sba.gov/funding-programs/disaster-assistance.
- Restaurants are still advised to follow NYC Health Code requirements for food preparation. More information here https://www1.nyc.gov/assets/doh/downloads/pdf/about/healthcode/health-code-article81.pdf.
- The State Liquor Authority released additional guidance for business owners, see here https://sla.ny.gov/Restrictions-in-Response-to-COVID-19.
- NYCEDC is seeking businesses with the ability to quickly source and/or make needed medical supplies (e.g. face shields, gowns, ventilators, masks, and other products as needed) to support the City’s COVID-19 response.
- Learn more and complete the info form here https://edc.nyc/covid-19-emergency-supply-sourcing-manufacturing.
- Suppliers or distributors with access to a stock of ready-made supplies to sell or donate (medical or otherwise) should visit nyc.gov/covidsuppliers. Companies or individuals looking to volunteer and/or donate funds, food, and goods to those in need should visit nyc.gov/donate.
- Some City agencies have adjusted their operations during this time. Please see here for updateshttps://www1.nyc.gov/nyc-resources/city-agency-service-updates.page. WE NYC is hosting a virtual fireside chat on April 2. This event will focus on emergency financial assistance.
- Learn more and RSVP. https://www.eventbrite.com/e/we-connect-event-coronavirus-economic-relief-programs-tickets-100944740436