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FREQUENTLY ASKED QUESTIONS
COVID19 USEFUL INFORMATION
1. USA Small Business Administration (SBA)
• Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease
• Funding Programs Page
• SBA Disaster Assistance for COVID-19
• Three-Step Process for SBA Disaster Loans
Note: SBA loan programs are starting to open up Friday April 3rd for Payroll Protection Program (PPP Loan) and you can start the application for a Economic Injury's Disaster Loan (EIDL) now by going to the SBA web site.
2. U.S. Chamber of Commerce with more information on filing a PPP loan
US Chamber of Commerce PDF for PPP Loans
3. ADP: Good resource for businesses managing absences, paid and unpaid leave
4. For Businesses located in the five boroughs of NYC
a. New York City Employee Retention Grant Program
Small businesses with one to four employees can apply for a grant of up to $27,000 that covers 40% of payroll costs over the course of two months. You must show that you lost 25% of your revenue due to the coronavirus. Refer to New York City’s coronavirus resource page for small businesses for more information.
Who’s eligible: Businesses must be located in one of New York City’s five boroughs, have been operating for six months or more and have no current tax liens or legal judgments.
How to apply: Apply online through the New York City Department of Small Business Services website. You’ll submit financial documentation showing your revenue decrease and how it compares to this time last year, plus payroll records and bank account information.
b. New York City Small Business Continuity Fund
If your business has fewer than 100 employees, you can get up to $75,000 in interest-free loans from the city to cover revenue losses.
Who’s eligible: Businesses within the five boroughs that have experienced at least a 25% reduction in revenue can qualify. You must have no tax liens or legal judgments against you, and you must prove a loss in revenue and that you are able to repay the loan.
How to apply: Applications aren’t yet open, but fill me out an interest form on the New York City Department of Small Business Services website to get more information when it’s available. In the meantime, gather documents that show your decrease in revenue including 2019 tax returns, bank statements and point-of-sales reports.
5. NYS Unemployment for employees and Independent Contractors