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
| 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 |
NYC Small Business Service (SBS) Program
Unemployment Program
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.
Latest News
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If you apply for Unemployment Insurance Benefits today, your claim will be effective XX/XX/XX. If you worked or will work four or more days or earn more than $504.00 gross pay between XX/X/XX-XX/XX/XX, you cannot file your claim at this time. You must wait until next Monday, X/XX/XX, in order...
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1. Report each day you work. You must report any day you work when you claim your weekly UI Benefits. This includes part-time, temporary or unpaid jobs.
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1. This week beginning Monday XX/XX/XX, how may days have you worked? 0~7
2. This week, beginning Monday XX/XX/XX, were your gross earnings more than $504? Yes No
3. What was the last day that you’re worked? XXXX-XX-XX
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If your mailing address or telephone number has changed since you last claimed your weekly benefits, please provide this information by selecting ‘Change Address/Telephone Number’ below.
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The New York State government has changed its guidelines so that people who are economically affected by the coronavirus can receive unemployment benefits immediately without an existing waiting period (6 days) when applying for unemployment benefits.
For details, see the New York State Unemployment Insurance Guide below.
https://www.labor.ny.gov/home/
https://labor.ny.gov/unemploymentassistance.shtmOnline Application
https://applications.labor.ny.gov/IndividualReg/
SBA Debt Relief
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The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.
Overview
As part of SBA's debt relief efforts,
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Economic Injury Disaster Loan Emergency Advance
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This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
Overview
In 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. This...
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* The details below are SBA support program distributed by Hanmi Bank. Related content is changing from time to time, so please check the SBA web page for more information.
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SBS NYC Employee Retention Grant Program
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* The Koran and Chinese content below are translated material from the official site of NYC SBS and does not officially represent the city agency.
* 아래 내용은 뉴욕시 SBS가 게재한 내용을 아시안아메리칸연맹(AAF) 직원이 번역한 것으로, 뉴욕시정부의 공식 문서가 아님을 밝혀둡니다.
* 以下中文内容为纽约市小商业委员会（NYC SBS）官方网页的翻译文件，不正式代表纽约市政府.
NYC Employee Retention Grant Program
뉴욕시 직원 유지 보조금 프로그램
To...
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