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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.
Paycheck Protection Program:
NEW: The Paycheck Protection Program (PPP) will re-open on January 11th for new borrowers and certain existing PPP borrowers. Only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13, but the PPP will open to all participating lenders shortly thereafter.
Changes to the program include:
· PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs
· PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures
· The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations
· The PPP provides greater flexibility for seasonal employees
· Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount
· Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.
Additionally, borrowers are usually eligible for a Second Draw PPP Loan if the borrower:
· Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
· Has no more than 300 employees; and
· Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
Additional information on the PPP is available here: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
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
$18 Million Dollar Initiative to Train Workers and Support Entrepreneurs During and After the COVID-19 Pandemic
From October 20th, 2020 - October 26th, WEDC will accept grant applications of $7,500 for small business grants. Eligible applicants must be at least 51% owned by one or more persons of color or women as defined by Section 308 of the County Charter. Grant applications will be reviewed by a committee assembled by WEDC to determine eligibility and will be selected based on the following criteria:
*All program dates will be via zoom from 6 - 8 pm.
The WPWDB has received CARES Act funding to assist employers in hiring new staff or bringing back laid off staff through its “EXPERIENCE WORKS” Program. This program provides paid employment to each participant from the agreement activation date until December 30, 2020. The program is designed to provide timely support to small business owners and job seekers effected by COVID-19. Small businesses—the largest employers in Westchester—are particularly in need in this time and the program will allow them to hire or rehire staff while giving them temporary relief from payroll obligations. Job Seekers experiencing uncertain employment, the possible need to change careers midstream, and the challenges of working effectively remotely will directly benefit from this program. The WPWDB will pay the employee for 100% of their wages at the employer’s wage rate commensurate for their job description and title. The Programs runs to December 30, 2020 and all funds must be utilized by Dec. 30.
How it works: Participants will be paid at the employer’s wage rate up until December 30, 2020 on a bi-weekly basis, after which time the WPWDB will work with the employer for continued employment/training services. The participant will be a 1099 contractor of the WPWDB and will receive payment directly. No withholding taxes will be deducted; the participant is responsible for Federal and NYS taxes on the income as well as FICA and Medicare. They will receive a 1099-MISC for 2020 tax returns. There are no eligibility requirements. Any employer may apply.
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.
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.
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
Additional Government Resources: