Please see below for links and information regarding resources and assistance programs for business owners:
Small Business Administration (SBA):
Pursuit offers SBA 504, 7(a) and Community Advantage Loans and has set up a helpful resource center for business owners. It includes helpful links, webinars and information regarding the SBA Economic Injury Disaster Loan Program, loan deferrals and local and regional funding programs. The Resource Center can be found by clicking the following link: COVID-19 Resource Center.
If you know of anyone who needs more information regarding the SBA Economic Injury Disaster Loan Program, I strongly encourage that they visit Pursuit’s Resource Center for information regarding eligibility and how to apply.
Pursuit offers other loan programs as well, including:
- Loans for working capital. Please click the link for more information: https://pursuitlending.com/business-loans/use/working-capital/; and
- SBA 504 refinance program. Refinancing existing commercial mortgages with today’s rates (as low as 2.85%) can help free up essential cash and working capital for businesses. Please click the link for more information: https://pursuitlending.com/business-loans/products/sba-504/?mc_cid=b9c12da49e&mc_eid=e67a6c9783
Please see below for the link to the SBA’s COVID-19 website:
https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
NYC COVID-19 Response and Impact Fund:
Please visit this link for more information: https://www.nycommunitytrust.org/covid19/
A group of foundations, philanthropies and other organizations – including Bloomberg Philanthropies, Carnegie Corporation of New York, Ford Foundation, The Andrew W. Mellon Foundation, among others — is making available $75 million in grants and no-interest loans to New York City Not-for-Profits to fund a variety of activities, including:
- Unrestricted, flexible funding to support new and emergency needs and meet community demands, particularly for service offerings outside normal operations required to respond to social distancing, isolation and quarantine.
- Technology to support remote work and services – laptops and remote calling capacity for staff, securing staffing and training to fulfill their mission.
- Temporary staff support to cover for shortages caused by employees who are ill, may have to quarantine, or stay home to care for family members or children during school closures.
- Equipment and supplies such as masks, hand sanitizer, gloves, and cleaning supplies.
- Additional cleaning services to augment in-house operations.
- Support to aid the loss of operational revenue from facility closings, cancelled programs, events, etc.
To be eligible, an organization must meet the following criteria:
- 501(c)(3) nonprofit organization
- Based in New York City
- Recipient of New York City and/or New York State government funding
- Annual operating budget of up to $20M (excluding government contracts)
- Track record of robust programming and services for New York residents
New York City Small Business Services:
Please visit this link for more information: https://www1.nyc.gov/site/sbs/businesses/covid19-business-outreach.page
Small businesses located in New York City that have been financially impacted by the pandemic are eligible to access the New York City Small Business Continuity Fund as a source of capital. Interest-free loans of up to $75,000 from the Fund are available for businesses that meet the following requirements:
- Located within one of the five boroughs of New York City
- Experienced at least a 25% decrease in revenues
- Employ less than 99 employees, and
- Do not have any outstanding tax liens or legal judgments.
Eligible small businesses interested in applying for a Fund loan should be prepared to provide substantiation of the business’s drop in revenue from point of sale reports, bank statements, quarterly sales tax filings or CPA certified profit and loss statements, the business’s most recent tax returns (tax year 2019 if available) and demonstration that the business will be able to repay the loan.
Business owners may apply online (Pre-Application for the NYC Small Business Continuity Loan Fund). Additional questions should be emailed to Covid19biz@sbs.nyc.gov.
Additional Resources:
- https://www.uschamber.com/co/start/strategy/small-business-resources-for-surviving-coronavirus
- https://americassbdc.org/coronavirus-information/
- https://www.nycon.org/resources/covid-19-resources-for-nonprofits
- https://www.newyorkfed.org/outreach-and-education/coronavirus-resource-center
- https://rocunited.org/stop-the-spread/coronavirus-support/
- https://www.restaurantworkerscf.org/news/2020/3/15/resources-for-restaurants-and-workers-coping-with-the-covid-19-emergency
- https://www.jpmorganchase.com/corporate/news/pr/jpmc-makes-50mm-philanthropic-investment-to-address-impacts-of-covid-19.htm