Press Release: NY Resources For Businesses: Loans & Grants

Press Release: NY Resources For Businesses: Loans & Grants >>

Press Release: NY Resources For Businesses: Loans & Grants

NY Resources For Businesses:

Loans & Grants

NYC Employee Retention Grant Program

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. Gather the appropriate documents.

NYC Small Business Continuity Fund(Zero-Interest Loans)

MORE INFO

Businesses with fewer than 100 employees who are seeing a decrease in revenue of 25% or more will be eligible for zero-interest loans up to $75,000 to help mitigate profit losses.

Federal Small Business Administration Assistance Loans

APPLY HERE

As a small business, small agricultural cooperative, small business engaged in aquaculture, or private non-profit organization, you may borrow up to $2 million. Gather the appropriate documents

Choose 'Economic Injury' as the reason for the loan request.

The U.S. Small Business Administration's (SBA) Economic Injury Disaster Loans:

offers up to $2 million to help small businesses and private non-profit organizations overcome the temporary loss of revenue they are experiencing as a result of the Coronavirus. The loans may be used to pay fixed debts, payroll, accounts payable and other bills that can't be paid because of the disaster's impact. The interest rate is 3.75% for small businesses without credit available elsewhere, and 2.75% for non-profits, with a maximum term of 30 years, depending on the ability to repay.

Click here for more info

Check out the NYSBDC application guide for an excellent step-by-step explanation of applying through the SBA's disaster loan portal. To apply you will need to complete and upload the below forms:

You can also refer to the SBA process summary or contact the SBA directly at disastercustomerservice@sba.gov or (800)-659-2955.