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COVID-19 Small Business Resources
The NY Forward Re-Opening Plan can be accessed here: https://forward.ny.gov/
PPP Extension Deadline August 8th
The Paycheck Protection Program deadline has been extended to August 8, 2020. The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. Small businesses can apply through their primary lender but many businesses report greater success with non-bank lenders.
Here’s a list of institutions still accepting PPP applications:
You can also use the SBA Lender Match Tool to find eligible Paycheck Protection Program lenders.
The Federal Reserve’s Main Street Lending Program offers business loans to help eligible small and medium-sized companies through the COVID-19 pandemic.
PPE FOR SMALL BUSINESSES: New York State has mandated that all employers provide Personal Protective Equipment (PPE) to their employees. Westchester County government can provide PPE to those small businesses (20 or fewer full-time employees) that need it. Fill out the application on this link: https://www.surveymonkey.com/r/SmallBusinessPPEPrg.
New: Financial Assistance for Small Businesses: County Executive Latimer announced a new financial assistance program for businesses with fewer than 50 employees. Qualifying businesses may receive grants of up to $10,000 for PPE or other internal modifications which would protect customers from COVID. Other benefits include no-interest loans of up to $25,000.
CARES ACT:The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress and signed into law on March 27, 2020. This and subsequent relief packages are meant to keep businesses and individuals afloat during this unprecedented freeze on the majority of American life. For more information about the CARES Act, please click on these resources:
The U.S. Treasury Department has released clarifying guidance in an updated in an updated version of its Frequently Asked Questions for the Coronavirus Relief Fund established by the CARES Act.
https://home.treasury.gov/policy-issues/caresSmall Business Owner’s Guide to the CARES Act
SMALL BUSINESS ADMINISTRATION (SBA) RESOURCES:
New: On May 15th, the SBA has released its Loan Forgiveness Application. The application form and instructions can be viewed here.
In addition to traditional SBA funding programs, the CARES Act established several new temporary programs to address the COVID-19 outbreak.
This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program. Learn more
New: The Paycheck Protection Program Flexibility Act of 2020 was signed into law on June 5th. This law provides PPP borrowers with more flexibility on PPP loan forgiveness. Some of the highlights of changes include:
1. Giving borrowers the option to extend the “covered period” for loan forgiveness from 8 weeks to 24 weeks.
2. Lowering the minimum loan amount required to be spent on payroll from 75% to 60%
3. Extending the repayment period from 2 years to 5 years.
4. Extending the June 30, 2020 “safe harbor” deadline for companies to rehire employees to December 31, 2020.
Please Note:** If you need technical assistance reviewing the SBA loan application for the Paycheck Protection Program or the Economic Injury Disaster Loan, please email Judy Mezey, Deputy Planning Commissioner, City of White Plains, at email@example.com **
This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.
New: As of May 15th, the U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19 today. For more information, go to:
Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.
NEED HELP FILLING OUT AN SBA LOAN APPLICATION?Westchester County is working with Volunteer New York! to connect small business owners with trained volunteers who can provide technical assistance in filling out SBA loan applications. For more information click this link: https://www.volunteernewyork.org/vvc
NEW YORK FORWARD LOAN FUND:
The New York Forward Loan Fund (NYFLF) is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after theCOVID-19 outbreak and NYS on PAUSE. The NYFLF targets the state’s small businesses with 20 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits and smalllandlords that have seen a loss of rental income. The NYFLF is specifically timed to support businesses and organizations as they proceed to reopen and have upfront expenses to comply withguidelines (e.g., inventory, marketing, refitting for new social distancing guidelines) under the New York Forward Plan.Pre-application for the New York Forward Loan Fund will be open on May 26, 2020 at Noon Eastern Daylight Time. Priority will be given to industries that have been reopened. This is not a first-come,first-served loan program. Applications will be reviewed on a rolling basis as regions and industries reopen.
• Small businesses and nonprofits must employ 20 or fewer full-time equivalent (FTE) employees;
• Small businesses must have gross revenues of less than $3 million per year;
• Nonprofits must provide direct services and have an annual operating budget of less than $3 million per year; and
• Have not received a loan from either SBA Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loan (EIDL) for COVID-19 in 2020.
More information on how to apply: https://esd.ny.gov/nyforwardloans-infoFill out a pre-application and match with a participating lender: https://www.connect2capital.com/partners/new-york-forward-loan-fund/
NY FORWARD BUSINESS RE-OPENING LOOK UP TOOL:
New York State has developed an online tool to help businesses determine whether or not they are eligible to reopen, and the public health and safety standards with which the business must comply.
COMMUNITY CAPITAL NEW YORK:Community Capital New York is offering Emergency Express Loans for small businesses in the Hudson Valley. For more information click on this link: https://communitycapitalny.org/emergency-express-loan/
FACEBOOK:Through the Boost with Facebook Program, Facebook is offering $100 million in cash grants and advertising credits to small businesses impacted by COVID-19. To be eligible, for-profit small businesses must have between 2-50 employees and been in business for over a year, with eligible expenses including payment for employees, rent costs and other operating costs. The deadline is May 5th, 2020. Learn more and apply: https://apply.facebook.ureeka.biz/prog/facebook_smb_2/
UNEMPLOYMENT INSURANCE:The CARES Act provides enhanced Unemployment Insurance (UI) benefits and Pandemic Unemployment Assistance (PUA). Click here for Unemployment Insurance resources.
COVID-19 ASSISTANCE PROGRAM FOR WP BUSINESS IMPROVEMENT DISTRICT MEMBERS:The White Plains Business Improvement District has announced the establishment of its COVID-19 Assistance Program (BIDCAP) to support businesses within the downtown business improvement district. The BIDCAP program is a multi-faceted initiative that supplements existing Federal, State and City efforts to support its member businesses. Read the full press release.
Under BIDCAP, the White Plains BID will:
• Partner with Caring for COVID to raise funds and make food purchases at downtown restaurants to coordinate delivery to first responders. Additionally, the White Plains BID will match up to $100,000 of all donations invested back into small businesses within the White Plains downtown BID. BID food establishments: If you would like to participate and receive a matching contribution, contact firstname.lastname@example.org
• Subsidize gift card purchases at participating downtown businesses, which will allow consumers to buy gift cards at half price. A customer can purchase a gift certificate up to $200 at half cost at participating BID businesses and the WPBID will underwrite the balance for the business. Download the enrollment form.
• Provide up to 100 hours of free parking validation codes through the ParkWhitePlains App to participating BID businesses for their customers. This initiative is being done to make it easier for people to come downtown as emergency order regulations are lifted. Download the enrollment form.
• Market downtown White Plains businesses and encourage support of the local business community.
• Distribute face masks to BID businesses. Priority will be given to essential employers open currently. Contact email@example.com
ADDITIONAL GOVERNMENT RESOURCES:Novel Coronavirus FAQ for Businesses from Empire State Development (ESD)Submit Your COVID-19 Related Business Questions to ESDGuidance for Businesses from ESD on Essential Businesses and EntitiesRequiring Face Coverings for Public and Private EmployeesProtocols for Essential Personnel to Return to Work Following COVID-19 Exposure or Infection