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Paycheck Protection Program: The Small Business Administration’s Paycheck Protection Program authorizes 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. (Applications re-opened April 27) Learn more:
Economic Injury Disaster Loans and Loan Advances: Small business owners are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000 from the U.S. Small Business Administration. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid. (Note: As of 4/28, Applications on hold) Learn More:
SBA Debt Relief: The Small Business Administration debt relief program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis. Under this program the SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020. The SBA will also pay the principal and interest of current 7(a) loans for a period of six months.
Express Bridge Loan Pilot Program: This SBA program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan. Learn more:
Employee Retention Credit: This IRS refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.
New York Forward Loan Fund: New York State is providing working capital loans of up to $100,000 to NYS small businesses, nonprofits, and small landlords that suffered a direct economic hardship as a result of COVID-19. The $100+ million program supports businesses and organizations as they proceed with upfront expenses to comply with guidelines (e.g., inventory, marketing, refitting for new social distancing guidelines) as they reopen based on New York Forward guidelines. Learn more:
Small Business Continuity Loans: The City of New York Department of Small Business Services announced assistance is available to small businesses to help them weather changing customer behavior. To read more check out SBS’s Assistance for Businesses page. Businesses with fewer than 100 employees who have seen sales decreases of 25% or more are eligible to apply for zero interest loans of up to $75,000 to help ensure business continuity (NOTE 4/17: Due to overwhelming interest in the NYC Business Continuity Loan Fund, SBS has paused application intake) Learn more:
NYC COVID-19 Response and Impact Fund for Nonprofits: This Fund was created by the New York Community Trust to aid nonprofit service providers struggling with the health and economic effects of the coronavirus. It will give grants and loans to NYC-based nonprofits that are trying to meet the new and urgent needs that are hitting the city. Priority will be given to nonprofits addressing essential healthcare and food insecurity as well as arts and culture:
Business Assistance Survey: SBS has developed a COVID-19 Business Assistance Survey in order to collect data on business-related impacts due to the virus in a standardized way. Please consider spending a few minutes to participate in this survey – SBS is committed to helping small businesses in New York City navigate changes and get needed resources:
NYC Share Your Space Survey: The NYC Share your Space survey is critical to helping the City prepare for emergencies and outreach to all of the city’s communities. Registering community spaces is just one way you can help support NYC during this time. The Share Your Space Survey identifies spaces in your community that could potentially support the City’s emergency operations or be used for community outreach events.
Below is some information to help you and your business stay safe and prevent the spread of germs. This is a rapidly changing situation, visit the NYC Health website for more up-to-date information, including FAQs for employers.
The NYC Department of Small Business Services and NYC Economic Development Corporation have launched the Neighborhood Challenge: Connect & Recover program as an open innovation platform to surface common business challenges and crowdsource solutions from technologists. As of May 18, all small businesses and tech companies are welcome to join the platform and submit their challenges and proposed solutions. Initial challenge submissions for the storefront business campaign will be due by June 8th.
The Department of Small Business Services is holding a series of webinars to assist small businesses during the COVID crisis
The SoHo Broadway Initiative has issued a set of best practices for securing storefronts
The Manhattan Chamber of Commerce is holding weekly Small Business Updates and many other webinars and virtual town halls. See the schedule and register here.
Restaurants are still advised to follow NYC Health Code requirements for food preparation. More information here
The State Liquor Authority released additional guidance for business owners, see here
Governor Cuomo issued an Executive Order authorizing businesses to deny entry to individuals not wearing masks or face-coverings
When adopting policies related to face coverings and social distancing, bars and restaurants must offer reasonable accommodations to customers with disabilities and should follow the guidance of the New York City Commission on Human Rights for “Public Accommodations Protections,” found here.
Some City agencies have adjusted their operations during this time. Please see here for updates
The Office of Administrative Trials and Hearings (OATH) has moved and trials, hearings, and sessions online
The NYC Comptroller’s office has compiled a COVID-19 Resource Center for small businesses
The City is offering free childcare for the children of essential workers via Regional Enrichment Centers. Complete the REC Enrollment Form
Himmelstein, McConnell, Gribben, Donoghue & Joseph LLP – are offering free 10 minute consultations. (212) 349-3000
Cooper Square Committee, a community-based partner with SBS’s Commercial Lease Assistance Program, is offering free legal assistance. Any commercial tenant who would like to have a lawyer review their lease for free and think through the negotiation process can contact email@example.com for more info.
NYS Tenant Safe Harbor Act – This new legislation would strengthen Governor Andrew Cuomo’s 90-day moratorium on evictions by prohibiting landlords from evicting tenants for non-payment of rent that accrued during the current State of Emergency and for six months after its eventual end.
Senate Bill S8125A – Sponsored by State Senator Michael Gianaris, this bill relates to suspending rent payments for certain residential tenants and small business commercial tenants and certain mortgage payments for ninety days in response to the outbreak of COVID-19.
#SMALLBIZSOS Coalition – Each borough’s Chamber of Commerce, Hospitality Alliance, NYC BID Association, REBNY and others sent a letter to elected officials earlier this week advocating for policies linked here; to lend your support, contact your elected officials.
A list of how to support local businesses and staff linked here
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
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.
Governor Cuomo announced on May 29 that New York City is currently on course to enter Phase 1 reopening on June 8.
While NYC is still on PAUSE, check out the recently-released reopening toolkit to make sure you’re prepared.
Here is some information to help your business combat the spread of germs and tips to address changing behavior
Tips for Signage and Wayfinding in a Post-COVID-19 World by architectural firm Gensler
In-Store Signage by FedEx based on CDC Templates
Resource guide from Google
Social Distancing In-Store Signage by Walmart
Hand Sanitizer Totems (can be branded)
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