** Updated January 25 **

We have compiled the following list of available funding resources to help our small business clients navigate the unprecedented challenges caused by the current crisis. The list - and programs listed - are subject to change given the evolving situation.  We attempt to provide regularly updated information.

SBA Programs

The Paycheck Protection Program (PPP) has reopened, thanks to the December 2020 passage of the $900B Economic Aid to Hard-Hit Businesses Act, which includes $285B for PPP funding. The program expires March 31, 2021.  Both new (“First-Draw”) and repeat (“Second-Draw”) borrowers may qualify.  

  • First-draw borrowers must have 500 or fewer employees (for companies in NAICS code 72, Food and Beverage, the limit is 500 employees per location) and can borrow up to 2.5x average monthly payroll plus any outstanding EIDL balances (excluding EIDL Advance).  Application hereRefer here for more information for first-draw PPP borrowers.

  • Second-Draw Borrowers must have 300 or fewer employees, have spent or be on track to fully spend their existing PPP loan and be able to demonstrate a 25% or greater reduction in gross receipts.   They can borrow 2.5x average monthly payroll.  (Borrowers in the hospitality industry - NAICS Code 72 - are eligible for 3.5x average monthly payroll).  Application here.  Refer here for more information for second-draw PPP borrowers.

  • For both types of borrowers, several key features differ from last year’s PPP, including:

    • Eligible expenses: 60% of the forgiven amount must be spent on payroll.  However, the range of non-payroll spending eligible for forgiveness now includes certain supplier costs, operations expenditures, worker protection expenses, group insurance payments and property damage costs, in addition to utilities, rent and mortgage interest, as before.

    • Covered period: recipients will be able to designate a covered period of between 8 and 24 weeks for these PPP funds, as opposed to the fixed 24-week (or, for early recipients who chose to elect it, 8-week) period required by the first round

    • Tax and forgiveness: for prior PPP recipients, the Economic Aid Act also made changes to or clarified certain tax and forgiveness elements. 

  • Applicants should apply directly to a participating lender, such as banks or community lenders (CDFIs) offering PPP loans.  Lenders can be located using the SBA’s Lender Match and Lender Map tools.  In addition, a number of online lenders allow you to create an application online for submission to authorized PPP lenders as available.  These include: Boefly, Lendio, Nav and Fundbox

  • For more information on these changes and other details, see our 2021 PPP Program Overview HERE

  • PPP recipients seeking more information can refer to our guide to Applying for PPP Forgiveness

The Economic Aid Act also extended the Economic Injury Disaster Loan (EIDL) program deadline by one year, through December 31, 2021.  EIDL loans are available for up to $2M and have maturities of up to 30 years. Pricing is 3.75% for businesses, 2.75% for nonprofits.  Those interested should apply online at the SBA site.  Application status can be checked and questions directed to the Disaster Center: 1-800-659-2955 or disastercustomerservice@sba.gov.  Applicants should record the unique application number received once the application is completed to use for any questions or to track status; any communication from the SBA should include this number.  

The Act also allocated funds for the Targeted EIDL Advance which provides up to $10,000 to applicants located in low-income communities who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding.  Applicants do not need to take any action at this time; the SBA will reach out to those who qualify.

NY State Programs   

New York Forward Loan Fund (NYFLF) will offer loans to small businesses, nonprofits and small landlords as they reopen after the Covid-19 PAUSE.  Organizations with 20 or fewer full-time equivalent (FTE) employees that have not received PPP or EIDL loans for Covid-19 are eligible.  The program will offer 5-year loans at 3% interest for businesses, 2% for nonprofits; loans are interest-only for the first year.

The Raising the NYS Bar Restaurant Recovery Fund will offer ​approximately $3 million in reimbursement grants of up to $5,000 to support full-service restaurants during the winter months when outdoor dining is limited.  Applicants must be in NY State, have been open on or before March 1, 2019 and be full-service restaurants or prepare meals on-premises for on-premises dining.  Franchises are not eligible, nor are restaurants with more than $3 million in 2019 revenue. 

New York’s Shared Work Program lets companies keep trained staff and avoid layoffs. Employees can receive partial Unemployment Insurance benefits while working reduced hours. Full-time, part-time and seasonal employees are eligible. Companies can apply online through the NY Department of Labor.

NYC Programs and Resources

The NYC LMI Storefront Loan, an interest-free loan up to $100,000 to help storefront businesses located in low-to-moderate income (LMI) areas of New York City restart or continue operations after experiencing challenges from COVID-19.  Eligible borrowers must be located in designated zipcodes, have been in business since January 1, 2018, be cash flow positive & all owners of 20% or more must have credit scores of at least 625.

A public/private partnership, the NYC Small Business Resource center  will connect eligible small businesses with specialists to provide assistance in technology, real estate, legal and accounting services, procurement opportunities, marketing, sources of loans and grants, and more.

The New York Forward Small Business Lease Assistance Partnership will provide small businesses with pro bono legal assistance from its network of more than 1,000 attorneys to renegotiate their lease terms in the wake of Covid-19.  The Small Business Lease Assistance Partnership website includes information on the lease renegotiation process and details the different types of lease workouts available to help small businesses cope with the financial impacts of COVID-19. Those interested in pro bono assistance can complete the partnership's intake form to be matched with a volunteer attorney. 

WE Legal provides women entrepreneurs a range of support and services that target negotiation and legal protection.

IRS Programs

The IRS has several programs in place to allow businesses to delay tax payments and thus conserve cash.  

  • The Employee Retention Tax Credit* provides a refundable tax credit of up to 70% of qualified wages (up to $10K quarterly per employee) for businesses experiencing economic hardship as a result of the Coronavirus crisis

  • Payroll Tax Deferral allows employers to defer the employer portion of Social Security tax for the remainder of the year; amounts will be due 50% in 2021 and 50% 2022

*Note that the Economic Aid Act clarified that PPP recipients may be retroactively eligible for ERTC on payroll costs not covered by PPP..

Grants and Loan Programs   

The Hispanic Federation is offering grants of $10,000-25,000 to member agencies and Hispanic non-profits 

Robin Hood announced that it will accept applications on a rolling basis for grants to nonprofits (501(c)(3) only) providing or expanding emergency assistance to vulnerable populations 

The LISC NYC Small Business Relief & Recovery Fund provides direct grants of $10,000 to New York City minority-owned small businesses with 20 or fewer employees and annual revenue of less than $500,000. Priority is being given to small businesses located in designated low- to moderate-income neighborhoods. 

Hebrew Free Loan Society Small Business Loan Program provides interest-free loans of up to $50,000 to low- and moderate-income residents of New York City’s five boroughs, Westchester, or Long Island to help launch or expand a business. 

The Columbia Emergency Loan Fund is a relief program for independently owned, locally managed storefront businesses above 96th Street with 50 or fewer employees.  The program offers 5-year loans of $5-50K with interest deferred for the first year 

The East Harlem Small Business Grant will provide three months of operating expenses (up to $20K) to small businesses (20 or fewer employees, revenue less than $1M) operating within the boundaries of Manhattan Community District 11.  Businesses must have been open and operating prior to March 1, 2020.

The West Harlem Small Business Rent Relief Grant will provide one-time $2,000 grants to 20 qualifying enterprises within West Harlem & Manhattan Community District 9.  Applicants must have less than 10 employees, have been in business for over a year and have overdue commercial rent.

Renaissance is offering emergency loans covering Manhattan Chinatown, Koreatown, Jackson Heights, Flushing, Sunset Park, and other neighborhoods

Brooklyn Alliance Capital is offering grants for purchase of PPE and zero-interest Bring Back Brooklyn Loans of up to $10K

The Bronx Overall Economic Development Corp (BOEDC) is offering zero-interest, 2-year Business Continuity Loans of $25-100K

The SoGal Foundation’s Black Founder Startup Grant offers Black women or nonbinary entrepreneurs $5K or $10K grants, as well as fundraising assistance and “ask-me-anything” access to the SoGal Foundation.  Applications are accepted on a rolling basis.

Freelancers Relief Fund will offer financial assistance of up to $1,000 per freelance household to cover lost income and essential expenses not covered by government relief programs

The Zakat Fund is offering support to 501(c)(3) organizations working to support residents of the NYC metropolitan area

The Global NY Fund is open to NYS-based companies looking to create or expand export programs or serve as suppliers to larger exporters. Loans are available to purchase equipment, inventory, working capital to support foreign accounts receivable, export lines or credit, or long-term financing 

To support Black-owned businesses, DoorDash is offering $0 delivery fees and has also offered to match funds on 0% interest loans made to Black-owned businesses via their partnership with Kiva


Kiva has expanded eligibility, increased the maximum loan size from $10,000 to $15,000 and introduced a six-month grace period on its

zero-interest crowdfunded loans.

Businesses affected by coronavirus who launch a campaign on GoFundMe may qualifty for a Small Business Relief Fund matching grant of up to $500

Mainvest has introduced the "Main Street Initiative". Existing bricks-and-mortar businesses negatively impacted by the virus that launch a funding campaign for a Mainvest revenue-based loan may be eligible for an immediate, $2000 zero-interest loan.  

Industry-Specific, Resource and Reopening Listings

SCORE has checklists for reopening small businesses, retail businesses and restaurants, as well as action plans for a range of other businesses

NYC offers a range of Covid-19 guidance for business owners, including a tool to check which phase of reopening your business belongs to, business and restaurant reopening guidelines, FAQs and links to webinars and other resources  

CovidCap, launched by Duke’s Fuqua School of Business, provides a centralized listing of Covid-related loans and grants for small business and nonprofits.  Registration is required.  GrantSpace has also compiled a searchable database of Covid-relief programs and other resources

Both the NY State Council on the Arts and the Bronx Council on the Arts provide grants and other resources for artists.  Other resources for artists include Comedy Gives Back, the American Society of Journalists and Authors’ Writers Emergency Assistance Fund, the Recording Academy’s MusiCares Covid-19 Relief, the Foundation for Contemporary Art’s FCA Emergency Grant Covid-19 Fund.  The Covid-19 Freelance Artist Resource offers a crowdsourced list

The National Council for Nonprofits and the Nonprofit Finance Fund have both compiled Covid-19 resources for nonprofits

Both the National Restaurant Association and the James Beard Foundation have resources, reopening guides, advocacy and other information for the restaurant industry  

The AICPA Benevolent Fund  provides short-term assistance for members experiencing difficulty due to unemployment, accidents, medical expenses, natural disaster or the loss of a primary source of family income 

This list of resources for unemployed New Yorkers outlines sources of assistance with food, housing, student loans and other issues

Running a business is always stressful and these are particularly anxious times.  Anyone needing assistance with stress, depression, anxiety, or substance abuse can call, text or chat with NYC Well for free, confidential mental health support.

Fraud Alert 

The value and level of activity surrounding the COVID-relief programs has heightened the possibility of fraud.  Please beware:

  • Share financial information only with your bank or the SBA.  The SBA and city agency web sites and emails all end with “.GOV” extension

  • The SBA does not initiate contact.  Any communication regarding an application already received will reference the application number provided to you by the SBA.  Make sure they are identical.

  • You should not need any agent, broker, eSignature provider or other outside service to complete the loan.  Beware of anyone offering these or related services




Coronavirus Funding Support for NYC