COVID-19 Small Business Resources
The Coronavirus is still present in New York. Everyone is required to wear a face covering & maintain a 6 ft. distance from others in public.
New York Forward Loan Fund:
NEW: New York State Empire State Development (ESD) has announced that Paycheck Protection Program (PPP) recipients are now eligible to receive low-interest loans from the New York Forward Loan Fund (NYFLF). This conditional change will provide the Fund's network of lenders and financial institutions with greater flexibility and enable them to provide more small businesses with working capital to cover expenses associated with reopening.
The New York Forward Loan Fund (NYFLF) is an economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords during the COVID-19 pandemic. The NYFLF targets the state’s small businesses with 20 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits and small landlords that have seen a loss of rental income.
More information: https://esd.ny.gov/nyforwardloans-info
NEW: $18 Million Dollar Initiative to Train Workers and Support Entrepreneurs During and After the COVID-19 Pandemic
New York State has been awarded an $18 million federal grant to fund educational opportunities that train New Yorkers for in-demand jobs, support entrepreneurs, and help small businesses recover from the coronavirus pandemic. New York was one of just eight states to receive the funding - made available through the CARES Act - and received the most of any state that was awarded a grant. The New York State Department of Labor will partner with the Office of Workforce Development, Empire State Development, New York's ten Regional Economic Development Councils, the State University of New York, and the City University of New York to allocate the federal grant funding on programs that support New York's continued economic recovery. Educational programs will focus on developing the skills needed to succeed in emerging growth industries like tech, logistics, and advanced manufacturing, and supporting entrepreneurs. Read press release here.
Paycheck Protection Program:
Established by the CARES Act, this program provides small businesses with funds to pay up to 8 weeks of payroll costs, including benefits.
More information: Small Business Paycheck Protection Program
Federal Reserve Main Street Lending Program:
The Main Street Lending Program offers business loans to help eligible small and medium-sized companies through the COVID-19 pandemic.
- Designed to help credit flow to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 crisis, but now need loans to help maintain their operations until they have recovered from, or adapted to, the impacts of the pandemic.
- The program offers 5-year loans, with floating rates, and principal and interest payments deferred as indicated in the chart below to assist businesses facing temporary cash flow interruptions.
- The loans range in size from $250,000 to $300 million – a wide range that may support a broad set of employers.
- More information is available at www.bostonfed.org/mslp.
- As of September 21, 2020, the Main Street Lending program permits the submission of multi-borrower loans (loans made to multiple co-borrowers)
Small Business Administration (SBA) Resources:
In addition to traditional SBA funding programs, the CARES Act established several new temporary programs to address the impact of the COVID-19 pandemic on small businesses.
SBA Express Bridge Loans
Enables small businesses who currently have a business relationship with an SBA lender to access up to $25,000 quickly.
The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic by paying 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Micro-loans.Learn more
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
COVID-19 Assistance Program for WP Business Improvement District (BID) Members:
The White Plains BID COVID-19 Assistance Program (BIDCAP) is a multifaceted initiative that supplements existing Federal, State and City efforts to support local business owners and their employees. Under the program the WPBID will:
• Underwrite the balance of half price gift cards at participating small businesses downtown
• Provide up to 100 hours of free parking validation codes through the ParkWhitePlains App to participating BID businesses
• Market downtown White Plains businesses and the above efforts
• Distribute face masks to BID businesses
• Partner with Caring for COVID to support downtown restaurants and feed first responders; the WPBID will make matching contributions
For more information, go to: wpbid.com/bidcap
- Community Capital New York is a resource for small business lending option and resources Community Capital NY.
- One Fair Wage is providing cash assistance to tipped and service workers through a new support fund.
- GrantWatch is a search engine connecting non-profits and small businesses to grant opportunities.
Additional Government Resources: