THE APPLICATION DEADLINE IS JUNE 10, 2020
Abacus Bank is proud to be participating in the Federal Home Loan Bank of New York’s (FHLBNY) COVID-19 Small Business Recovery Grant Program (the “SBRG Program”). Under the SBRG Program, the FHLBNY has allocated $100,000 to Abacus Bank to disburse to small businesses and the non-profit organizations in its community who are having difficulty obtaining government financial assistance to help them through this period. Abacus Bank must submit a list of eligible SBRG Program applicants to the FHLBNY within a short period of time. These funds are a valuable resource for our community’s small businesses or nonprofit organizations that have suffered during this period and are having difficulty obtaining government financial assistance. Only one grant is permitted per applicant under this Program (including any applications submitted by the applicant to other banks participating in this Program). The maximum amount of grant per applicant is $10,000.
If you meet all of the following qualifications, you are eligible to apply:
1. You must be either a small business or a non-profit organization with a 501(c)(3) designation. Eligible non-profit organizations also must have an operating budget of less than $20 million. Eligible non-profit organizations include churches, schools, cultural and arts organizations, organizations to help the particularly vulnerable population in our community, such as the elderly and children.
2. You must be able to show a 25% or more decrease in your revenue for March and April of this year (2020) as compared with March and April last year (2019).
3. You must be either currently in operation, or temporarily closed but still supporting your employees, or temporarily closed with a definite plan to resume operations.
4. Your business or organization is located in New York, New Jersey, Puerto Rico and/or the US Virgin Islands.
A “small business” will be defined under Small Business Administration guidelines, please click this link for size definitions – https://www.sba.gov/document/support–table-size-standards.
The SBRG grant funds may only be used for reasonable and necessary expenses incurred or to be incurred as a direct result of COVID-19. Such expenses include:
1. Personnel costs related to COVID-19, , including payroll and benefits obligations jeopardized by lost revenue, or hiring temporary staff to cover shortages caused by employees who are ill, may have to quarantine, or stay home to care for family members or children during school closures.
2. Equipment to comply with public health measures designed to slow the spread of COVID-19, including safe workplaces, remote work and social distancing.
3. Working capital for costs including, but not limited to, inventory, equipment, business compliance, licensing renewal, utilities, business capacity, legal, financial services, rent, insurance, business taxes, and supplies.
4. Payments on existing or new debt so the organization can support its employees and/or its continued operations.
Applications can be submitted by clicking the below links to the Abacus Bank website:
Once we receive your application, we will reach out to you via email and let you know what further documentation is required to confirm eligibility and qualification. THE APPLICATION DEADLINE IS JUNE 10, 2020.