UPDATED Dec 10, 2021
Grants of up to $50,000 now available for small businesses in New York State
The New York State COVID-19 Pandemic Small Business Recovery Grant is administered by Empire State Development (ESD) and powered by Lendistry. The $800 million program was created to provide flexible grant assistance to currently viable small businesses, micro-businesses and for-profit independent arts and cultural organizations in the State of New York who have experienced economic hardship due to the COVID-19 pandemic.
On August 25, 2021, Governor Kathy Hochul announced the expanded eligibility to the program to enable more small businesses to apply for funding.
Businesses with revenues up to $2.5 million, up from the previous threshold of $500,000, are eligible for grants and are now encouraged to apply.
The limitation for businesses that received Federal Paycheck Protection Program loans has been increased from $100,000 to $250,000.
Who is Eligible?
Small businesses, micro-businesses and for-profit independent arts and cultural organizations with fewer than 100 employees that are currently viable and have begun operation on or before March 1, 2019, and continue to be in operation as of the date of application (may be shuttered due to Covid-19 restrictions).
Small businesses and micro-businesses must:
Eligible Use of Funds:
Grants must be used for Covid-19 related expenses incurred between March 1, 2020 and April 1, 2021. These include:
Please visit www.nysmallbusinessrecovery.com for more information or to apply. For language assistance, guidance on eligibility requirements or any additional questions, please contact the program's call center at 1-877-721-0097.
U.S. Small Business Administration (SBA) Financial Assistance Programs:
SBA Restaurant Revitalization Fund
Eligible entities who have experienced pandemic-related revenue loss include:
SBA DISASTER LOAN
Economic Injury Disaster Loan – Loans up to $2 million with interest rates up to 3.75% for businesses and 2.75% for non-profits, as well as principal and interest deferment for up to four years.
Emergency Economic Injury Grants – Provides quick access to $10,000 cash (that does not need to be repaid) to applicants of the SBA Economic Injury Disaster Loan.
MORE LOCAL LOANS AND PROGRAMS
NEW YORK STATE FORWARD LOAN
Governor Cuomo has announced the New York Forward Loan Fund, a new economic recovery loan program aimed at supporting the state’s small businesses with 20 or fewer full-time equivalent (FTE) employees, nonprofits and small landlords that have seen a loss of rental income. The NYFLF is specifically timed to support businesses and organizations as they proceed to reopen and are facing upfront reopening expenses (e.g., inventory, marketing, refitting for new social distancing guidelines) under the New York Forward Plan.
Businesses who have already received SBA funding through the Paycheck Protection Program (PPP) or the Economic Injury Disaster Loan (EIDL) are not eligible.
Businesses must first submit a pre-application through www.nyloanfund.com.
Bronx Business Continuity Loan (BBCL)
This program was launched by the Bronx Overall Economic Development Corporation (BOEDC) and the Office of the Bronx Borough President with the goal of providing recovery financing to the businesses of Bronx County.
Eligible Companies: · For-profit companies operating in the Bronx and Nonprofit organizations located in the Bronx (Schools and residential buildings are not eligible)
Permitted Uses: Payroll expense, Commercial Mortgage/Rent, Equipment lease payments, Insurance premium expense, Miscellaneous business discontinuance expense
Loan Size: Minimum $25,000 - Maximum $100,000
To access the program, first complete the Bronx Business Continuity Questionnaire.
For more info and to apply contact:
Pedro L. Barry
Executive Director • Bronx Empowerment Zone, BOEDC
Email: firstname.lastname@example.org Tel: 718-590-3949
NYC Dept of Small Business Services (SBS) - COVID Resources
· Reopening NYC Businesses
· Overview of Executive Orders: New Rules from the City and State
· Information About Essential Businesses
· Hiring Assistance for Essential Service Businesses
· Childcare for Essential Workers
· Information for Essential Food Businesses
· Workplace FAQs
· Financial Assistance
· Legal Assistance
· Commercial Lease Support
· Insurance Guidance
· Government Contracts and Supply Chain Access
· City Agency Service Updates
· Official COVID-19 Information & Guidance from Utility Companies
· Donate or Sell Supplies, Food, or Funds
· Business Continuity Planning Checklist
· Business Planning Checklist for Pandemics
For more general (non-COVID related) finance and assistance programs, please see our Technical Assistance page
WORKERS & JOBS!!
If you are hiring generally, or have specific staffing needs, please drop a line to Project HOPE’s Miguel Calderon, 917-655-0291 email@example.com. He has a strong data base of vetted Hunts Point-area workers including those with OSHA 30-hour cards and other relevant qualifications.
social distancing, hiring, disinfecting your business
Kiva is a non-profit that expands access to capital for entrepreneurs around the world. Effective immediately, U.S. applicants for a Kiva loan will have access to the following:
If you have an existing brick & mortar business that has been negatively affected by the COVID-19 outbreak and you launch a capital raise on Mainvest, you may be eligible to receive a $2,000 zero-interest loan immediately. Then through your capital raise, you can receive over $100,000 of investment from your community.
Through its Neighborhood Entrepreneur Law Project (NELP), the City Bar Justice Center (CBJC)'s COVID-19 Small Business Remote Legal Clinic (the CV-19 Clinic) will offer pro bono legal consultations to help entrepreneurs in New York City determine the best path forward for their small businesses in these particularly challenging times.
New York City’s entrepreneurs and small businesses who have been impacted by the COVID-19 crisis can receive free, limited-scope legal advice. Topics include: loans & grants, contracts & force majeure clauses, employment law matters, real estate and commercial leasing issues, and insurance matters.
COVID-19 HELP FOR INDIVIDUALS, FREELANCERS AND GIG WORKERS
For an continually updated wealth of local information on testing, health, business, residents, etc., check the City of NY COVID info Portal
Scammers often take advantage of vulnerable people during times of crisis and distress. It is important that you be aware of any potential scams in order to protect yourself and your money. The NYC Department of Consumer and Worker Protection released guidance on how to recognize and prevent COVID-19 related scams. You can download a printable document called COVID-19 Scams and Safety Tips.
Guidance for Business Owners and FAQs. Below is some information to help you and your businesses stay safe and prevent the spread of germs. This is a rapidly changing situation, visit the NYC Health website for more up-to-date information, including FAQs for employers.
The government has four particularly useful guides for businesses in these trying times. All are available to download at the bottom of this page.
For the most up to date and accurate social media content, please only share content from the federal Centers for Disease Control https://www.cdc.gov/ (social media links at bottom right of the homepage) or NYC Department of Health and Mental Hygiene. The City info can be found on Facebook, Twitter, and Instagram via the handle @nychealthy.
You may also share content that is posted by the NYC Department of Small Business Services, found on the following channels:
· Facebook and LinkedIn: @NYC Department of Small Business Services
· Twitter: @NYC_SBS
· Instagram: @nycsmallbiz
What can I do to prepare for a potential local outbreak?
· Review human resources policies, establish flexible or staggered work hours, identify critical job roles, plan communications strategies with staff, and share and discuss the outbreak response plan with employees.
My customers are wary about public spaces. What should I tell them?
· If customers are concerned about going into a public space, businesses should consider providing in-home services. Make sure policies and procedures around home visits are clear to all employees.
What can I do to help decrease fear and discrimination related to COVID-19?
· Stay informed, listen to public health messages from reliable sources like the NYC Health Department or the CDC, and implement good personal and public health practices to prevent the spread of respiratory viruses.
· Avoid stigmatizing people on the basis of ethnicity or who have recently traveled from any affected areas. There are a lot of things on social media and in the news that are not rooted in science and are offensive, demeaning, and racist. Learn more from the NYC Coronavirus Health Factsheet (download below).
Are there any suggested signs I can print out and hang in my business?
· Yes! You can visit the NYC Department of Health website to find printable signage about how to stay healthy. Got to: https://www1.nyc.gov/site/doh/health/health-topics/coronavirus.page (scroll down to the bottom of the page and under Additional Information, click “Posters”)
GREATER HUNTS POINT ECONOMIC DEVELOPMENT CORPORATION
DONALD C. EVERSLEY, Executive Director
Tel: 347-766-3485 Email: firstname.lastname@example.org
Employment & Training Services
MIGUEL CALDERON, Director - Project HOPE
Tel: 732-347-6618 Email: Miguel.Calderon@urbanhealthplan.org
MWBE & Small Business Services
KATHERINE TORRES, MWBE Specialist - Project HOPE
Tel: 973-797-9871 Email: Katherine.Torres@urbanhealthplan.org
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