Blog•March 30, 2020
Financial Help for Your Small Business
Things are changing daily but this is an update as of Dinnertime, March 29. Thanks to the many webinars, we’ve been able to pull together a lot of new information, between testing recipes and baking batches of cookies.
Contact us with any questions or cooking ideas: info@bartlebyandsage.com
NYC Resources:
NYC Small Business Services covid19biz@sbs.nyc.gov; for restaurants the New York City Hospitality Alliance info@thenycalliance.org as well as your borough’s Chamber of Commerce and BIDs.
Nationwide Business Resources
Enormously helpful in navigating loans, grants and government funding: opportunityfund.org; venturize.org/access-capital; businessadvising.org; connect2capital.com; icic.org/small-business-resource-center-covid-19-crisis; smallbusinessmajority.org
Federal Government Resources
Keep in mind that these sites are crashing SBA Loans: disasterloan.sba.gov or contact your business banker
Federal-Assisted Grants: sba.gov/funding-programs/grants
We’ve also put together this helpful chart based on our own frustrating experiences of the past two weeks:
FINANCIAL HELP FOR YOUR SMALL BUSINESS
www.bartlebyandsage.com
| Type of Assistance | # of Employees; Business Criteria | $Amount of Loan | Terms | How to Apply |
|---|---|---|---|---|
| NYC Employee Assistance Grant | Fewer than 5; At least 25% decrease in business | Grant not loan; covers up to 40% of payroll costs for 2 months, up to $27,000 | No payback | www.sbsconnect.nyc.gov |
| NYC Small Business Continuity Loan Fund | 99 or fewer; at least 25% decrease in business | Up to $75,000 | No interest loan, payback unclear | Go to: www.sbsconnect.nyc.gov |
| SBA Economic Injury Disaster Loan | 100 or fewer | Up to $2 million | 3.5% interest; payback up to 30 years | Site is continually crashing, consider printing the documents and emailing or faxing disasterloan.sba.gov |
| NEW: SBA Express Loan | 100 or fewer | Up to $25,000 | Must go through your bank; 7- year term | Contact your bank for information; my bank didn’t even know about it yet |
| SBA 7(a) Loan Added feature of the Paycheck Protection Program – partially forgivable if retain employees; also for self-employed and gig workers | 500 or fewer This is the loan the government is using to make portion of the loan forgivable | Up to $10 million | Must go through your bank; capped at 4%; 10 or 25-year term | Contact your bank; this is a standard SBA loan, but they are now guaranteeing 100% so your bank has little risk |
| Community Development Funds | For small and very new businesses that cannot get a conventional bank loan | Up to $250,000 | 10 – 12% interest; 2 to 3-year term | loans@opportunityfund.org 888-700-3215 Or ofn.org/cdfi-locator |
| Community Development Funds Express Loan | Same as above; fast turnaround | Up to $50,000 | 10 – 12% interest; 2 to 3-year term | loans@opportunityfund.org 888-700-3215 |
