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Paycheck Protection Program (PPP)
 
The Small Business Administration (SBA) has created the PPP loan program to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. 
 
SBA will forgive the loan if all employees are kept on the payroll for eight (8) weeks and the money is used for payroll, rent, mortgage interest, or utilities.

Businesses with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organizations or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
 
The Paycheck Protection Program will be available through June 30, 2020.
 
The application is open tomorrow, Friday, April 3rd. 
LEARN MORE
SBA Economic Injury Disaster Loan
 

This loan provides up to $2 million to small businesses and non-profits to help them withstand a loss of income resulting from the Coronavirus crisis.

The interest rate is 3.75% for small businesses and 2.75% for non-profits, with a maximum term of 30 years depending on ability to repay. The loans may be used for payroll, accounts payable, fixed debts, and other bills that can’t be paid. Click here for more information. 

Click here for the NYSBDC application guidestep-by-step guide to applying through the SBA’s disaster loan portal.
 

SBA Contact info: disastercustomerservice@sba.gov or (800) 659‐2955.

NYC Employee Retention Grant Program

APPLICATION DUE DATE, FRIDAY, APRIL 3rd  - 5PM

To help small businesses deal with the impact of COVID-19, the City has launched the Employee Retention Grant Program to help retain employees as businesses face decreased revenue. This program is available to New York City businesses with one to four employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. Eligible businesses will receive a grant covering up to 40% of their payroll for two months. Businesses can access up to $27,000.

 

Learn More & Apply
NYC Small Business Continuity Fund

Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible for zero-interest loans of up to $75,000 to help mitigate losses in profit.
Eligibility Criteria for the NYC Small Business Continuity Fund
Businesses must:
  • Be located within the five boroughs of New York City
  • Demonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenue
  • Employ 99 employees or fewer in total across all locations
  • Demonstrate ability to repay the loan
  • Have no outstanding tax liens or legal judgements
Complete our interest form to be notified when the applications open.
As part of the applications, you will be required to demonstrate a revenue decrease by providing documentation such as: point-of-sales reports, bank statements, quarterly sales tax filings, 2019 tax returns, or CPA-certified profit & loss statements. You can begin to gather these documents in preparation.
 
Apply Here
Other Community Resources 
The Queens Economic Development Corporation has created a comprehensive list of grants and loans available for local businesses. It can be found here. 

The Queens Chamber of Commerce is hosting multiple webinars to help businesses owners learn more about available financial assistance and gain new business skills. Find their list of webinars here.

 
WHERE TO DONATE 

We are heartbroken by the impact the COVID-19 pandemic is having in our community. At the same time, we are thankful to the staff at Elmhurst Hospital and the countless volunteers who are risking their health every day to care for those in need.  Here are ways you can help:

Elmhurst Hospital: Your cash donation will give the hospital flexibility to quickly acquire needed supplies and equipment. Please donate HERE.

Together We Can Community Resource Center: This 501c3 non-profit is organizing volunteers to provide food for those in need. You can donate HERE.

 
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