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Business Resources
Our small businesses are the backbone of our community. During this uncertain time we want to make sure you have access to all the latest information and resources available. We are updating this page regularly so please check back for the latest information.
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Funding Options
Small Business Administration
** Second Stimulus Package - Signed December 27, 2020 **
A $900 Billion Pandemic Relief Bill was signed into law on December 27, 2020. The package includes direct payments, enhanced unemployment benefits, and authorizes the Small Business Administration to re-open the Paycheck Protection Program, providing funding for $284.5 Billion in loans to small businesses - extending the deadline to March 31, 2021.
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What has changed with round 2 of PPP?
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- Eligible expenses for forgiveness have been expanded (for first-draw loans that have not yet been forgiven and for second-draw loans)
- Borrowers are allowed to choose a covered period that is any period of time between eight and 24 weeks
- PPP funding includes dedicated set-asides for community lenders (CDFIs and MDIs) and business that operate in low-income areas
- A clarification has been made indicating that interest rates on PPP loans are non-compounding and non-adjustable
- A clarification has been made indicating that forgiven PPP loans are not taxable and forgiven expenses are tax-deductible
Paycheck Protection Program - Businesses eligible for first & second draw include:
- Sole proprietors
- Independent contractors
- Self-employed individuals
- Certain non-profits (the new bill has expanded eligible businesses to include certain 501(c)(6) non-profit organizations)
- Seasonal employers; the new bill has clarified the definition of these to be businesses that operate no more than seven months within a year or earn no more than a third of gross receipts within a six-month period
- Faith-based organizations that have less than 150 employees
- Housing cooperatives that employ less than 300 people
First Draw Paycheck Protection Program Applicants
Overview of First Draw Loans|First Draw Application|How to calculate your loan amount
To be eligible for a first-draw PPP loan:
To be eligible for a first-draw PPP loan:
- Your business has less than 500 full-time, part-time, or seasonal employees.
- Your business was operational before February 15, 2020 and remains operational.
- 2.5 times the average monthly payroll costs and healthcare costs
- $10 million
Second Draw Paycheck Protection Program Applicants
Overview of Second Draw Loans|Second Draw Application|How to calculate your loan amount
To be eligible for a second-draw PPP loan:
To be eligible for a second-draw PPP loan:
- Your business has less than 300 full-time, part-time, or seasonal employees; if you have multiple locations, you may not have more than 300 employees per location.
- You are able to demonstrate a revenue reduction of at least 25% in the first, second, or third quarter of 2020 (when compared with the same quarter in 2019).
- You have used or will use the full amount of the first-draw PPP.
- Your business was operational before February 15, 2020 and remains operational.
- 2.5 times the average monthly payroll costs and healthcare costs in the year prior to when the loan was received or within the calendar year
- 3.5 times the average monthly payroll costs and healthcare costs in the year prior to when the loan was received or within the calendar year for any business that is classified under Code 72 by the North American Industry Classification System (NAICS). (This is a list of hospitality and entertainment businesses like restaurants, hotels, and casinos; click the link to get the full list.)
- $2 million
APPLYING FOR FIRST OR SECOND DRAW PPP LOANS
Find a Lender through the SBA website or go through your financial institution - many have online applications.
Click on your bank below to be taken to their PPP webpages.
Click on your bank below to be taken to their PPP webpages.
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Applying for Forgiveness
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EIDL Loan Advance - What's New?
$20 Billion in additional targeting funding is being made available through the EIDL Advance program. The bill makes entities in low-income communities, as defined in section 45D(e) of the Internal Revenue Code (see map to determine if you are in one of these areas), that received an EIDL Advance to receive an amount equal to the difference of what the entity received under the CARES Act and $10,000. It also provides $10,000 grants to eligible applicants in low-income communities that did not secure grants because funding had run out. Eligible small businesses and nonprofits seeking to participate in the EIDL Advance program should contact the SBA. |
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SBA Debt Relief - What's New?
If your business has an existing or new SBA new SBA 7(a), 504 and microloans, as established under the CARES Act, the legislation does start repayment of principal and interest on these loans. However, you may be entitled to receive an additional three months of P&I, starting in February 2021, capped at $9,000 per borrower monthly. Underserved borrowers, namely the smallest or hardest-hit, will receive an additional five months (eight total) of relief. SBA payments of P&I on the first six months of newly approved loans will resume for all loans approved between February 1 and September 30, 2021, also capped at $9,000 monthly. Learn More. |
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SBA Express Bridge Loans
Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. Learn More. |
Extending and Expanding the Employee Retention Tax Credit
The legislation extends the CARES Act ERTC through June 30, 2021, expands eligibility by reducing the required gross receipts decline from 50 percent to 20 percent, and increases both the credit rate from 50 to 70 percent of qualified wages and the limit on per-employee creditable wages from $10,000/year to $10,000/quarter.The bill also modifies the threshold for treatment as a ‘large employer’ by increasing the 100-employee delineation for determining the relevant qualified wage base to employers with 500 or fewer employees.
Small businesses with 500 or fewer employees are allowed to advance the credit at any point during the quarter based on wages paid in the same quarter in a previous year.
Employers who receive PPP loans may still qualify for the ERTC with respect to wages that are not paid for with forgiven PPP funds.
The legislation extends the CARES Act ERTC through June 30, 2021, expands eligibility by reducing the required gross receipts decline from 50 percent to 20 percent, and increases both the credit rate from 50 to 70 percent of qualified wages and the limit on per-employee creditable wages from $10,000/year to $10,000/quarter.The bill also modifies the threshold for treatment as a ‘large employer’ by increasing the 100-employee delineation for determining the relevant qualified wage base to employers with 500 or fewer employees.
Small businesses with 500 or fewer employees are allowed to advance the credit at any point during the quarter based on wages paid in the same quarter in a previous year.
Employers who receive PPP loans may still qualify for the ERTC with respect to wages that are not paid for with forgiven PPP funds.
New York Forward: Loan Fund
UPDATE AS OF 1/22/2021****
Some recent changes have been made to the NY Forward Loan Fund eligibility requirements which will allow more businesses to take advantage of the loan program. If have been impacted by COVID-19 and are in need of working capital to get you through the next few months then this program could help. Find out more below:
NYFLF targets the state’s small businesses with 50 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits and small residential landlords that have seen a loss of rental income.
NYFLF is providing working capital loans so that small businesses, nonprofits and small residential landlords have access to credit as they reopen. These loans are available to small businesses and nonprofits that did not receive a U.S. Small Business Administration Paycheck Protection Program of greater than $500,000 or an Economic Injury Disaster Loan (EIDL) for COVID-19 of greater than $150,000, and small landlords. The loans are not forgivable in part or whole. The loans will need to be paid back over a 5-year term with interest.
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Some recent changes have been made to the NY Forward Loan Fund eligibility requirements which will allow more businesses to take advantage of the loan program. If have been impacted by COVID-19 and are in need of working capital to get you through the next few months then this program could help. Find out more below:
NYFLF targets the state’s small businesses with 50 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits and small residential landlords that have seen a loss of rental income.
NYFLF is providing working capital loans so that small businesses, nonprofits and small residential landlords have access to credit as they reopen. These loans are available to small businesses and nonprofits that did not receive a U.S. Small Business Administration Paycheck Protection Program of greater than $500,000 or an Economic Injury Disaster Loan (EIDL) for COVID-19 of greater than $150,000, and small landlords. The loans are not forgivable in part or whole. The loans will need to be paid back over a 5-year term with interest.
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Access to loans for small residential landlords will be targeted to owners with residential buildings of 50 units or less and will prioritize loans for residential landlords whose properties are in low and moderate income census tracts or who serve low to moderate income tenants.
Pre-applications for the New York Forward Loan Fund are now open. This is not a first-come, first-served loan program. Applications will be reviewed on a rolling basis. For small businesses and nonprofits, you are encouraged to prepare your pre-application in advance by taking advantage of the application preparation resources available here.
NYFLF Overview | NYFLF Application | NYFLF FAQ
Pre-applications for the New York Forward Loan Fund are now open. This is not a first-come, first-served loan program. Applications will be reviewed on a rolling basis. For small businesses and nonprofits, you are encouraged to prepare your pre-application in advance by taking advantage of the application preparation resources available here.
NYFLF Overview | NYFLF Application | NYFLF FAQ
New York Forward: Small Business Lease Assistance Partnership
As a result of the economic impacts of COVID-19, many previously successful small businesses are struggling to pay their rent. At the same time, landlords are experiencing reduced rental income and increases in commercial vacancies, as their business tenants permanently close due to inability to pay.
The New York Forward Small Business Lease Assistance Partnership (LAP) is a public-private partnership between Empire State Development, the nonprofit Start Small Think Big, and the New York Bar Association, to help avoid business evictions. The initiative provides commercial tenants and small business landlords with pro bono legal services, and the information needed to reach a mutually agreeable lease renegotiation.
Visit the Empire State Development Website for more information.
The New York Forward Small Business Lease Assistance Partnership (LAP) is a public-private partnership between Empire State Development, the nonprofit Start Small Think Big, and the New York Bar Association, to help avoid business evictions. The initiative provides commercial tenants and small business landlords with pro bono legal services, and the information needed to reach a mutually agreeable lease renegotiation.
Visit the Empire State Development Website for more information.
Raising the NYS Bar Restaurant Recovery Fund
In an effort to support small businesses during the COVID-19 pandemic, the Raising the NYS Bar Restaurant Recovery Fund offers approximately $3 million in reimbursement grants for up to $5,000 to eligible businesses. The program is intended to support full-service restaurants – the industry hit hardest by the pandemic – during the winter months when outdoor dining is limited and as restaurants adjust to New York State’s COVID-19 safety restrictions and new mandates. Restaurants can apply to the Rising the NYS Bar Restaurant Recovery Fund starting Monday, January 11, 2021.
Restaurant Recovery Fund Eligibility | Requirements | Application
Restaurant Recovery Fund Eligibility | Requirements | Application
Nassau County: Restaurant Recovery Grant Program
Nassau County has reopened a grant program for restaurants that are struggling to survive the pandemic this winter.
The county has enough federal Community Block Grants to provide grants to an additional 125 restaurants. The grants have ranged between $5,000 and $10,000.
To apply for these funds, go to nwsdy.li/grants | Program Guidelines in English and Espanol
The county has enough federal Community Block Grants to provide grants to an additional 125 restaurants. The grants have ranged between $5,000 and $10,000.
To apply for these funds, go to nwsdy.li/grants | Program Guidelines in English and Espanol
Nassau County: Boost Nassau Loan Program
Nassau County will offer $500,000 in loans to help small businesses, nonprofits and landlords struggling during the coronavirus pandemic. Richard Kessel, chairman of the Nassau Industrial Development Agency, said the county's Local Economic Assistance Corp. will approve a $250,000 contribution to the new "Boost Nassau" fund at its board meeting on Thursday. The county will supply another $250,000 payment. Entities that won funding from the Paycheck Protection Program, or an Economic Economic Injury Disaster Loan, are not eligible for the state's lending program.
The loans need to be paid back over five years and with interest, according to the state. The loan can be used for expenses related to reopening, such as marketing and refitting businesses to conform with new social-distancing rules. Money can also be used to pay for rent, property taxes and capital, emergency and operating costs.
Applications can be submitted after May 28th at boostnassau.com.
The loans need to be paid back over five years and with interest, according to the state. The loan can be used for expenses related to reopening, such as marketing and refitting businesses to conform with new social-distancing rules. Money can also be used to pay for rent, property taxes and capital, emergency and operating costs.
Applications can be submitted after May 28th at boostnassau.com.
National Restaurant Association
Through the Restaurant Employee Relief Fund, the National Restaurant Association will provide grants to restaurant industry employees who have been adversely impacted by COVID-19 financially, whether through a decrease in wages or loss of employment that results in a lack of resources to pay for essential expenses. Each approved grant is $500, one per person only. Learn more and apply.
Resources
New York Forward: Reopening New York
For a list of regions and sectors that are authorized to re-open, as well as detailed guidance for each sector, please visit the Guidelines section of our website.
Free Legal Advice
Companies struggling to navigate the coronavirus crisis are turning to their attorneys and other business advisers with questions. To help provide answers, Campolo Middleton & McCormick set up a free hotline, where businesses – whether CMM clients or not – can send any questions or concerns they have relating to the impact of the COVID-19 pandemic on their business.
There is a dedicated email address, [email protected], which will be constantly monitored and routed to the appropriate CMM attorney, who will promptly follow up with guidance at NO CHARGE. Questions may also be directed to (631) 738-6781.
There is a dedicated email address, [email protected], which will be constantly monitored and routed to the appropriate CMM attorney, who will promptly follow up with guidance at NO CHARGE. Questions may also be directed to (631) 738-6781.
NY Empire State Development - Business FAQ
Empire State Development (ESD) has created this FAQ to offer information to businesses regarding State regulations and general guidance related to the coronavirus. Learn more.
Sell Gift Cards On-line
Kabbage launched an online hub to help boost sales for U.S small businesses impacted by COVID-19, including a system through which businesses can sell gift cards to consumers for use at a later date. Learn more.
Utilize Social Media
Facebook and Instagram have set up a Business Resource Hub for ways that you can better utilize your followers and the community overall to help support your business. Learn More.
Webinars
SBDC
Shopify Resources for Small Business Owners
Free 25 minute 1:1 Business Coaching Appointments with a Shopify Guru Click to Learn More
Shopify's Compass: New Free Business Learning Center - Click to Learn More
Free 25 minute 1:1 Business Coaching Appointments with a Shopify Guru Click to Learn More
Shopify's Compass: New Free Business Learning Center - Click to Learn More
⚑ SBDC Resource: Tips for Businesses on Responding to the Impact of the COVID-19 Pandemic
⚑ SBDC Resource: SBA Coronavirus Pandemic Loans Comparison Guide
⚑ SBDC Resource: Preparing to Re-Open
Small Business Resiliency Webinar & Materials: Keeping the Lights On. Supported by Grow with Google.
⚑ SBDC Resource: SBA Coronavirus Pandemic Loans Comparison Guide
⚑ SBDC Resource: Preparing to Re-Open
Small Business Resiliency Webinar & Materials: Keeping the Lights On. Supported by Grow with Google.
Grow with Google
May 6 Grow With Google Livestream - Manage Your Business Remotely in Times of Uncertainty. Check out → recording of the livestream
⚑ Grow with Google Resource: Get Your Local Business on Google Search and Maps
⚑ Grow with Google Resource: How Google Can Help Grow Your Business - Tools
⚑ Grow with Google Resource: Manage Your Business Remotely
⚑ Grow with Google Resource: How Google Can Help Grow Your Business - Tools
⚑ Grow with Google Resource: Manage Your Business Remotely
