Small Business Financial Assistance Loans and Grants - COVID-19 Guide

Disclosure – This information is supplied to inform our clients.  However, the exact terms of loans are determined solely by the lender(s).  Krina Douramanis can make no representation as to the accuracy or completeness of any information contained herein. 

Paycheck Protection Program (PPP)

The Federal Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses  

Please see attached ( Covid-19 )  or  click on link below:

PPP Loan Guide (click for PDF)

Paycheck Protection Program (click for PDF)

PPP Overview (click for PDF)

PPP Application (click for PDF)

ECONOMIC INJURY DISASTER LOAN APPLICATION

Federal Disaster Loans for Businesses, Private Non-profits, Homeowners and Renters

Areas eligible for SBA disaster loans

Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19).

Economic Injury Disaster Advance Loan

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 advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application. This loan advance will not have to be repaid.

https://covid19relief.sba.gov/#

NYC Employee Retention Grant Program

To help small businesses deal with the impact of COVID-19, the City has launched the Employee Retention Grant Program to help retain employees as businesses face decreased revenue. This program is available to New York City businesses with one to four employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. Eligible businesses will receive a grant covering up to 40% of their payroll for two months. Businesses can access up to $27,000.

Who Can Apply?

Businesses, including non-profits, must:

  • Be located within the five boroughs of New York City

  • Demonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenue

  • Employ 1-4 employees in total across all locations Have been in operation for at least 6 months

  • Have no outstanding tax liens or legal judgements

https://www1.nyc.gov/nycbusiness/article/nyc-employee-retention-grant-program

NYC Small Business Continuity Loan Program

To help small businesses deal with the impact of COVID-19, the City has launched the NYC Small Business Continuity Loan Program. This program is available to New York City businesses with fewer than 100 employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. Eligible businesses can apply for an interest-free loan up to $75,000.

Who Can Apply?

Businesses must:

  • Be located within the five boroughs of New York City

  • Demonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenue

  • Employ fewer than 100 employees in total across all locations

  • Have been in operation for at least 2 years

  • Demonstrate ability to repay the loan

  • Have no outstanding tax liens or legal judgements

https://www1.nyc.gov/nycbusiness/article/nyc-small-business-continuity-loan-program

Payroll Protection Loan vs. Emergency Injury Disaster Loan

Borrowers may apply for different SBA loans – PPP loans, EIDL loans, non-disaster SBA 7(a), 504 and microloans, and also receive investment capital from Small Business Investment Corporations (SBICs). However, you cannot use your PPP loan for the same purpose as your other SBA loan(s). If you accept the EIDL loan, and you subsequently qualify for the PPP loan, you can re-finance the EIDL loan with the PPP loan.

PPP vs EIDL - Loan Comparison (click for linked datasheet)