NYC Small Business Continuity

Loan Fund

Due to overwhelming interest, NYC SBS have paused application intake. 

NYC

Employee Retention

Grant

Deadline: 5PM 04/03/2020 

Federal SBA Economic Injury Diaster Loan Program & Advance Loan

Deadline: 09/302020

Federal SBA Paycheck Protection Program (PPP)

Deadline: 06/30/2020

Up to $75,000
Zero Interest Loans
Up to $27,000
Covering up to
40% of employees'
2 month payroll
Up to $2 million
 
The interest rate is 3.75% for small businesses and 2.75% for non-profits. Up to 30 years long-term repayments.
*$10,000 advance loan. Funds will be made available within 3 days of a successful application
*This loan advance will not have to be paid back if the loan is denied
* If approved, the $10,000 advance loan will be put against the total loan balance
Up to $10 million
A maturity of 2 years and an interest rate of 1%.
If you maintain your workforce, the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination will be forgiven.
Located in NYC 5 Boroughs, with fewer than 100 employees, at least a 25% decrease in revenue as a result of COVID-19.
Have been in operation for at least 2 years.
Located in NYC 5 Boroughs, 1-4 employees, at least a 25% decrease in revenue of COVID-19.
Small Business owners in all U.S. states and territories
Small Business with less than 500 employees, private non-profit organization or 501(c)(19) veterans organizations and more

Apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.

For details:

www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp

Additional Financial Assistance from SBA:

 

     SBA Express Bridge Loan

     SBA Debt Relief

  • As part of SBA's debt relief efforts the SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months

  • The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020

  • Check here for details:
    www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief

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