Find resources for residents here
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. Apply here:
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. 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:
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:
Employee Retention Grant Program: To help small businesses deal with the impact of COVID-19, the City has launched the Employee Retention Grant Program to help retain employees as businesses face decreased revenue. This program is available to New York City businesses with one to four employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. Eligible businesses will receive a grant covering up to 40% of their payroll for two months. Businesses can access up to $27,000:
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:
Nightlife Industry Survey: The office of NYC Nightlife is gathering information on lost income from COVID-19-related business closures and event cancellations in bars, live music venues, nightclubs, lounges, restaurants, and other social and cultural spaces. If you are a worker, performer, contractor, or business owner in New York City nightlife, please provide details for your canceled shifts, gigs, events, and other lost business income, revenue, or work opportunities so that we can share details with city-wide policy makers about the impacts of these closures:
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 SoHo Broadway Initiative has issued a set of best practices for securing storefronts
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
Here is some information to help your business combat the spread of germs and tips to address changing behavior
Some City agencies have adjusted their operations during this time. Please see here for updates
WE NYC is hosting a virtual fireside chat on April 2. This event will focus on emergency financial assistance. Learn more and RSVP
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.
Find resources for residents here