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UPCOMING EVENTS Online Conference: Learn about Disaster Relief Loans
April 3, 2020
Online Speed & Pitch Networking
April 7, 2020
Online: How to Productively and Securely Work From Home
April 8, 2020
Online Speed & Pitch Networking Happy Hour Networking
April 9, 2020
Chamber Business & International Expo
September 24, 2020

COVID-19 Business Resources



Important Updates to the EIDL Loan Application


On Friday April 3rd, the Greater NY Chamber hosted an SBA online conference about Disaster Relief Loans (including: paycheck protection, economic injury disaster loans & advance grants). Over 1000 people registered. They were the first to learn about the important changes in the economic disaster injury loans (EIDL) application and the $10,000 advance loan/grant process. Therefore; we are advising everyone who applied for the EIDL Loan before April 3rd - to resubmit the new EIDL loan application and get a new confirmation number. GO TO :https://covid19relief.sba.gov/#/ Again; if you or anyone you know needs help with loan applications, unemployment, health insurance or prescription drug information; please contact the Chamber (212 CHAMBER) and we will assign someone from the Chamber's Legal Center or an economic development specialist to help you.


Contact Name: Disaster Relief Loans
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Website: www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

Freelancers Impacted by COVID 19


Freelancers Union Relief Fund offers support for freelancers impacted by COVID-19. The fund provides financial assistance of up to $1,000 per household to cover lost income and essential expenses not covered by government relief programs, including food/food supplies, utility payments, and cash assistance for income loss.


Contact Name: Freelancers Union Relief Fund offers support for freelancers
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COVID - 19 Economic Injury Disaster Loan Application $10,000 - Disaster Loan Assistance


How do you Qualify? You have to meet one of the criteria below and not be involved with any illegal activities: Applicant is a business with not more than 500 employees. Applicant is an individual who operates under a sole proprietorship, with or without employees, or as an independent contractor. Applicant is a cooperative with not more than 500 employees. Applicant is an Employee Stock Ownership Plan (ESOP), as defined in 15 U.S.C. 632, with not more than 500 employees. Applicant is a tribal small business concern, as described in 15 U.S.C. 657a(b)(2)(C), with not more than 500 employees. Applicant is a business, including an agricultural cooperative, aquaculture enterprise, nursery, or producer cooperative, that is small under SBA Size Standards found at https://www.sba.gov/size-standards Applicant is a business with more than 500 employees that is small under SBA Size Standards found at https://www.sba.gov/size-standards Applicant is a private non-profit organization that is a non-governmental agency or entity that currently has an effective ruling letter from the IRS granting tax exemption under sections 501(c),(d), or (e) of the Internal Revenue Code of 1954, or satisfactory evidence from the State that the non-revenue producing organization or entity is a non-profit one organized or doing business under State law, or a faith-based organization. What you need to Apply: Your Company's Info Your Company's 2019 Gross Revenue Your Company's 2019 Cost of Goods Sold Your Company's Bank Name, Account Number, and Routing Number


Contact Name: COVID-19: $10K for Small Businesses
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Website: sba.gov/page/disaster-loan-applications

If you are currently a manufacturer of a critically needed product


If you are currently a manufacturer of a critically needed product and have the product ready to sell, please click https://www.governor.ny.gov/content/procurement-form to reach people authorized to make purchases.


Contact Name: If you are currently a manufacturer of a critically needed product
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Website: https://www.governor.ny.gov/content/procurement-form

Brooklyn Community


The Brooklyn Community Foundation has established the Brooklyn COVID-19 Response Fund to provide immediate and longer-term resources to vulnerable residents across Brooklyn. As a first step, they have issued grants to front line service and advocacy organizations that provide lifelines for vulnerable populations, meal delivery and daily living needs for homebound neighbors, support for low-wage workers who may experience food insecurity, loss of wages, and limited access to healthcare and paid sick leave, as well as other emerging needs.


Contact Name: The Brooklyn Community Foundation has established the Brooklyn COVID-19
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Website: https://brooklyncommunityfoundation.org/covid19?utm_source=LAPA+Government+Grant+Prospects&utm_campaign=cf5154f7a3-EMAIL_CAMPAIGN_2018_12_20_06_09_COPY_01&utm_medium=email&utm_term=0_8877324107-cf5154f7a3-316080641

Westchester


The Westchester Community Foundation has announced the Westchester COVID-19 Response Fund to deploy resources to established, front line community organizations meeting the basic needs of local residents in the wake of this global pandemic. The Fund’s purpose is to minimize social and economic consequences going forward, and its resources will be directed to organizations serving high-need, vulnerable populations. Grant funding will be considered and released on a rolling basis. The Foundation will begin distributing grants as soon as possible. A generous donor will match contributions to the fund up to $1 million


Contact Name: The Westchester Community Foundation has announced the Westchester COVID-19
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Website: https://www.wcf-ny.org/?utm_source=LAPA+Government+Grant+Prospects&utm_campaign=cf5154f7a3-EMAIL_CAMPAIGN_2018_12_20_06_09_COPY_01&utm_medium=email&utm_term=0_8877324107-cf5154f7a3-316080641

Long Island Resources


The Long Island Community Foundation established The COVID-19 Long Island Philanthropic Response Fund to aid nonprofit service providers struggling with the health and economic effects of the coronavirus. Grants will be awarded to Long Island nonprofits meeting emergent and critical needs affecting our local region. Priority will be given to nonprofits addressing essential health and human services and food insecurity, as well as arts and culture as it is directly tied to our communities’ health and wellness and economic recovery.


Contact Name: The Long Island Community Foundation
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Website: https://licf.org/giving/covid-19-long-island-fund/?utm_source=LAPA+Government+Grant+Prospects&utm_campaign=cf5154f7a3-EMAIL_CAMPAIGN_2018_12_20_06_09_COPY_01&utm_medium=email&utm_term=0_8877324107-cf5154f7a3-316080641

Payroll Protection Program (PPP)


The Payroll Protection program that was signed into law on 3/27/20. It is part of the Coronavirus Aid, Relief and Economic Security and CARES Act. This is a $350-billion program intended to provide US small business with eight weeks of cash-flow assistance through 100 percent federally guaranteed loans. This is an SBA 7(a) loan program that eventually can be converted into a grant for businesses. The underwriting will be done by private banks who are authorized to make a determination on borrower eligibility and creditworthiness without going through the SBA. These lenders will not be determining eligibility based on repayment ability, but rather whether the business was operational on February 15, 2020 and had employees or independent contractors and paid salaries and payroll taxes. This program is for any business with fewer than 500 employees, self-employed, sole-proprietors, independent contractors and non-profits. The program is available through June 30th, 2020. This money is a bridge for the next 2 months to pay for your operating expenses, payroll and to keep employees employed. The SBA will forgive the portion of the loan used for payroll, rent, mortgage interest and utilities payment incurred from February 15, 2020 through June 30, 2020. Up to 100 % of the loan will be forgiven. Application process: https://www.sba.gov/funding-programs/loans/paycheck-protection-program Benefits to the borrower: • Borrowers are eligible for loan forgiveness equal to the amount spent by the borrower during an eight week period after the origination date of the loan of payroll cost, interest payment on any mortgage incurred prior to February 15, 2020 and payment on any utility for which service began before February 15, 2020; • Borrower and lender fees are waived; • Collateral and personal guarantees requirements are waived; • Interest rate is 4 % with loan maturity up to 10 years; • No prepayment fees will be charged; • Initial loan payments can be deterred for 6-12 month. The maximum loan amount is $10 million. Borrower will be eligible to receive the loan amount of 2.5 x the borrower’s average monthly payroll expenses (subject to a cap of a $100,000 of annual salary per employee). Payroll costs include: • salary, wage, commission, or similar compensation; • payment of cash tip or equivalent; • payment for vacation, parental, family, medical, or sick leave; • allowance for dismissal or separation; • payment required for the provisions of group health care benefits, including insurance premiums • payment of any retirement benefit • payment of state or local tax assessed on the compensation of the employee For Sole Proprietors, Independent Contractors, and Self-Employed Individuals: The sum of payments of any compensation to or income of a sole proprietor or independent contractor that is a wage, commission, income, net earnings from self-employment, or similar compensation and that is in an amount that is not more than $100,000 in one year, as pro-rated for the covered period.


Contact Name: Payroll Protection Program (PPP)
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Website: www.sba.gov/funding-programs/loans/paycheck-protection-program

Upstate New York Resources


The Community Foundation for the Greater Capital Region has established The Capital Region Community COVID-19 Response Fund to provide flexible resources to 501c3 organizations working with local communities who are disproportionately impacted by coronavirus and the economic consequences of this outbreak. One-time operating grants will help fund front line human service organizations that have deep roots in the community and strong experience working with vulnerable populations. The first phase of rapid-response grants will help meet basic needs and help increase resiliency in affected communities. The Fund expects to move an initial round of grants within the next few weeks. Funding will be provided to organizations located and operating in Albany, Rensselaer, Saratoga and Schenectady Counties. The committee will also consider supporting nonprofits operating in the surrounding counties of Columbia, Fulton, Greene, Montgomery, Schoharie, Warren, and Washington. The Upstate Foundation has created a fund to support front line workers and they are calling for more support. The fund will support Upstate nurses and environmental services employees and will be used to purchase gift cards for food and provide payments to pay for elder or child care.


Contact Name: The Community Foundation for the Greater Capital Region
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Website: https://www.unitedwaygcr.org/covid-19?utm_source=LAPA+Government+Grant+Prospects&utm_campaign=cf5154f7a3-EMAIL_CAMPAIGN_2018_12_20_06_09_COPY_01&utm_medium=email&utm_term=0_8877324107-cf5154f7a3-316080641

Community Capital New York


Community Capital New York has come out with a new initiative to assist small businesses suffering from a drop in cash flow. They can provide up to $10,000 in an Emergency Express Loan as you wait for your SBA Disaster Loan Assistance.


Contact Name: Community Capital New York
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Website: https://communitycapitalny.org/emergency-express-loan/

SBA Economic Injury Disaster Loan (EIDL)


• EIDL Applications - the EIDL application process has been simplified and a new application portal is live right now at: www.sba.gov/disaster. Businesses that successfully submitted an application or uploaded documents late last week via the temporary document upload portal do not have to take additional action as their applications have been received for processing. Anyone that was unable to complete an application on the prior application portal AND/OR did not upload their application to the document upload portal, should restart their application via the new portal. • EIDL Advances¬ - also available now are advances of up to $10,000 on EIDL loans. The form is part of the new EIDL application process above. If approved, these funds can be used for payroll and other operating expenses and will be forgiven. All applicants who successfully submitted an application prior to yesterday received an email notifying them of this. Below are the instructions the SBA sent: • This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven. • If you wish to apply for the Advance on your EIDL, please visit www.SBA.gov/Disaster as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application. • EIDL and Faith-based organizations - faith-based organizations may now apply for EIDL with the new application for any public service/secular operations they may have.


Contact Name: SBA Economic Injury Disaster Loan (EIDL)
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Website: www.SBA.gov/Disaster