NYC Small Business Continuity
Loan Fund
Due to overwhelming interest, NYC SBS have paused application intake.
NYC
Employee Retention
Grant
Deadline: 5PM 04/03/2020
Federal SBA Economic Injury Diaster Loan Program & Advance Loan
Deadline: 09/302020
Federal SBA Paycheck Protection Program (PPP)
Deadline: 06/30/2020
Up to $75,000
Zero Interest Loans
Up to $27,000
Covering up to
40% of employees'
2 month payroll
Up to $2 million
The interest rate is 3.75% for small businesses and 2.75% for non-profits. Up to 30 years long-term repayments.
*$10,000 advance loan. Funds will be made available within 3 days of a successful application
*This loan advance will not have to be paid back if the loan is denied
* If approved, the $10,000 advance loan will be put against the total loan balance
Up to $10 million
A maturity of 2 years and an interest rate of 1%.
If you maintain your workforce, the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination will be forgiven.
Located in NYC 5 Boroughs, with fewer than 100 employees, at least a 25% decrease in revenue as a result of COVID-19.
Have been in operation for at least 2 years.
Located in NYC 5 Boroughs, 1-4 employees, at least a 25% decrease in revenue of COVID-19.
Small Business owners in all U.S. states and territories
Small Business with less than 500 employees, private non-profit organization or 501(c)(19) veterans organizations and more
Apply Here:
Apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.
For details:
www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp
Additional Financial Assistance from SBA:
SBA Express Bridge Loan
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Businesses with existing relationships with an SBA Express Lender can access up to $25,000 quickly. This loan can be used while applying for the EIDL loan
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This loan must be repaid in full or in part by proceeds from the EIDL loan
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Check here for details:
www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-express-bridge-loans
SBA Debt Relief
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As part of SBA's debt relief efforts the SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months
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The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020
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Check here for details:
www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief