Useful Information Regarding Potential Financial Assistance For Small Business Owners

We would like to update you on the following information that can provide financial assistance in these difficult times.

1. The SBA is providing low-interest working capital loans of up to $2 million to small businesses and nonprofits affected by the coronavirus.

  • The program allows fixed-rate loans of 3.75% for businesses and 2.75% for non-profit organizations, with terms up to 30 years.
  • The SBA Disaster Loan Program is separate from the SBA Guaranty Loan program.  Small businesses that have existing SBA loan programs are still eligible for a disaster loan.
  • More information can be found here:
  • Applicants need to apply directly with the SBA. Click here.

2. NYC is offering two programs of “Financial Assistance for Businesses Impacted by COVID-19” as follows:

Businesses with fewer than 5 employees, can receive a grant to cover 40% of payroll costs for two months to help retain employees. Businesses with fewer than 100 employees are eligible for a zero-interest loan of up to $75,000 to help mitigate losses in profit. In order to qualify, 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
  • Have been in operation for at least 6 months
  • Have no outstanding tax liens or legal judgments
  • Demonstrate ability to repay the loan (for the second category)

Click here to learn more about these programs.

We will keep you informed with further updates.