** Updated July 6 **
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.
The Small Business Administration has announced several funding programs to assist businesses negatively affected by COVID-19.
- Programs are available for businesses and nonprofits in operation as of February 15, 2020, including sole proprietorships, independent contractors and eligible self-employed individuals
- The Paycheck Protection Program (PPP) provides funding for up to 250% of monthly payroll via 5-year loans at 1% interest. Loans may be combined with other programs and may be forgiven in whole or part based on employee retention and salaries. This program was recently extended, and is now scheduled to expire August 8
- Economic Injury Disaster Loans (EIDL) of up to $2M have maturities of up to 30 years. Pricing is 3.75% for businesses, 2.75% for nonprofits. Programs subject to Congressional funding appropriations and is scheduled to end December 31
- EIDL applicants can also apply for an Emergency Loan Advance of up to $10K. Funds do not have to be repaid. (If applicant also receives PPP, advance will be combined with PPP for forgiveness calculation)
- EIDL applicants who have a prior relationship with the SBA can apply for up to $25K expedited funding as Express Bridge Loan. (Can not be used together with Emergency Loan Advance.)
- The Small Business Debt Relief Program covers all interest, principal payments and fees on new or existing non-emergency SBA loans (7A, 504, microloans) for six months.
- The Main Street Lending Program is designed to make it less risky and more economical for banks to lend to small- to medium-sized businesses (minimum loan size is $250K). Loan sizes are tied to EBITDA on a sliding scale based on existing debt. The program is due to launch in June and will be administered directly by banks. Companies who think they may qualify should contact their lender so as to be apprised as programs and applications become available.
See below for more information and advice on application, forgiveness and other related issues
New York State and City 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.
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.
The IRS has several programs in place to allow businesses to delay tax payments and thus conserve cash.
The tax filing date has been delayed until July 15. Businesses owing taxes can delay payment until that date without incurring interest or penalties; businesses anticipating refunds can file sooner, as returns and refunds are being processed in the interim period
The Employee Retention Tax Credit* provides a refundable tax credit of up to $5000 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 Employee Retention credit and payroll tax deferral cannot be used in combination with the PPP loan program
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 Verizon / LISC small business grant program completed its first round of funding, Applications for the fourth round will open July 27
The Brooklyn Community Foundation is offering Immediate Response Grants of up to $10K on a rolling basis to organizations on the front line of helping to address the social, health, and economic impacts of the coronavirus on Brooklyn's most vulnerable communities, with an explicit focus on supporting communities of color
The Bronx Overall Economic Development Corp (BOEDC) is offering zero-interest, 2-year Business Continuity Loans of $25-100K.
Renaissance is offering emergency loans covering Manhattan Chinatown, Koreatown, Jackson Heights, Flushing, Sunset Park, and other neighborhoods.
Hello Alice is offering $10K grants to small businesses “severely impacted by Covid-19” The final round will be open June 26th-July 16th
Red Backpack Fund (Spanx) will provide 1000, $5000 grants, at least 200 each month, May-September. Applicants should be majority women-owned businesses and nonprofits with less than $5m revenues and fewer than 50 employees (but at least one additional non-paid employee on staff). Applications are open through August 2020
Shea Moisture is offering three separate programs totalling $1M to businesses supporting communities through Covid-19 and Black-owned businesses facing Covid-19 hardship, as well as an E-Lab (with a potential funding opportunity) for women of color entrepreneurs
Unfinished Business (Hennessy) is offering grants of $5-15K to provide immediate relief and long-term support to Black, Asian, and Latinx small-business owners. Applicants must be US-based, have been in business for at least 2 years, have 50 or fewer employees and less than $3M revenue.
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
Facebook has announced plans to provide cash funding and advertising credits to up to 30,000 small businesses worldwide. Details and application are not yet available.
Google has announced plans to provide up to $340M in advertising credits through the end of 2020 to small businesses worldwide who are existing advertisers on the platform. Small- and medium-sized businesses who advertised on Google in ten out of twelve months in 2019 and either January or February of 2020 will receive credits toward future Google advertising spend
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
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 Restaurant Association has 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
SBA Loan Applications and Process
EIDL loans and grants:
- The SBA continues to work through the backlog of applications received prior to the April 15 shut-down. Businesses that have completed the application and received an application should assume they are part of this process and await contact from the SBA (see fraud alert, below). Application status can be checked at the Disaster Center: 1-800-659-2955 or firstname.lastname@example.org
- Interested businesses are advised to apply as soon as possible. The CARES act stipulated that EIDL would be open through December 31; the application lists a September 30 expiration, but applications closed before and there is no guarantee they’ll remain open. We recommend that applicants record the unique application number received once the application is completed, as this will help you track application status
PPP applications are processed by individual banks and lenders for submission to the SBA. The application period has been extended, and is now due to close August 8, 2020
- Larger banks may impose restrictions on applications; smaller and community banks, CDFIs and micro-lenders are open to non-customers. In addition, several online lenders are currently accepting applications in anticipation of the program reopening.
- The PPP Forgiveness application has been updated to reflect the PPPFA changes, and a shorter EZ application is available. We have prepared an overview of the application.
- Businesses who have been approved for or received a PPP loan should segregate funds and document payroll and spending. See our guide to Tracking PPP Spending and Forgiveness for for information, including how to understand forgiveness targets and, if necessary, make adjustments that may enhance potential forgiveness
- For answers, see our answers to frequently asked questions regarding PPP
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