These programs are expected to be in high demand from small businesses across the country. 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.
Download our Reopening Guidelines Webinars flyer and share with other businesses. COVID-19 Citywide Information & Updates 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.

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 PPP provides $659 billion in loans to small business, nonprofits, sole proprietors and other eligible entities with fewer than 500 employees. 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. 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. Questions About the Federal CARES Act. SBA loan types eligible: 7(a), community advantage, 504 and microloans. 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. 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. City of New York. The $2 trillion CARES Act also provides benefits for businesses with existing SBA loans.
Grants. Learn how to get assistance for small businesses impacted by Novel Coronavirus. Economic Recovery and COVID-19 Loans for Small Businesses. Get info for employers and employees, notice of employee rights, timekeeping tools, and more. It’s also important to understand the programs that best suit your needs and the information needed to apply. Applications will be reviewed on a rolling basis. The Department of Financial Services supervises many different types of institutions.

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. 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. Prepare your business for emergencies and get support after a disruption. Some private organizations are offering grants to small businesses affected by the coronavirusoutbreak. 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. 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 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. 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. The House Financial Services Committee has issued FAQs regarding financial services provisions in H.R. If you have a business that was impacted by coronavirus, visit Empire State Development for information on available resources. These companies are not endorsed by the City of New York. 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—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. Lawyers from New York firms are ready and able to answer questions from small businesses and nonprofits, and offer resources and guidance to assist with applications in connection with the Paycheck Protection Program. Businesses like Osteria 57, a small restaurant, have been hit particularly hard with loss of patronage. 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. Guidance on Essential Businesses Visit the online public benefits screening and application tool. For small businesses and, you are encouraged to prepare your pre-application in advance by taking advantage of the application preparation resources available here.


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