U.S. Small Business Administration (SBA) Programs

On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.

As of April 27, the application portal for the SBA Paycheck Protection Program is open again.
Consult with your existing bank or a local SBA loan administrating bank for more information. You can also get assistance from the local Small Business Development Centers below:

SBDC York College: (718) 262-2880
sbdc@york.cuny.edu
Language Assistance: Chinese, Korean, Spanish

SBDC LaGuardia Community College: (718) 482-5303
sbdc@lagcc.cuny.edu
Language Assistance: Chinese, Korean, Spanish

Keeping their workforce employed

Paycheck Protection Program (PPP)

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

Up to $10,000 of economic relief to businesses

EIDL Loan Advance

TIn response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.

Paycheck Protection Program Full EIDL Loan
PURPOSE Forgivable if used for payroll (minimum of 75% of the funds received) and the remaining for certain operating expenses (amount of any EIDL advance is not forgivable) To meet financial obligations and operating expenses that could have been met had the disaster not occurred (amount of any EIDL advance is forgiven)
TERMS

Up to $10 million

1% interest rate

Up to $2 million

3.75% for businesses

2.75% for non-profits

FORGIVABLE YES

NO – EIDL Loan

YES – EIDL Advance

MATURITY 2 years 30 years
FIRST PAYMENT DUE Deferred 6 months Deferred 1 year
SBA Express Lender to access up to $25,000 quickly

SBA Express Bridge Loans

These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan.

A financial reprieve to small businesses

SBA Debt Relief

The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.

NYC Small Business Service (SBS) Program

NYC SBS PPP & NYC Small Business Continuity Program are all closed

Unemployment Program

Unemployment insurance is now available to both employees and business owners (sole proprietors).

Weekly Expert Benefits Application Guide

On March 27, 2020, the President of the United States signed a law that provides additional Unemployment Insurance (“UI”) assistance to workers impacted by COVID-19.

FAQs

If you are having financial problem for keeping your employees, you could apply PPP. It will help you 2.5 month of your employees’ paycheck.

If you are unemployed due to COVID19 pandemic, you could check state unemployment program.

Every program has its way to apply. Please check the program that you are interested in. We provide link to apply.

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