Grant and Loan Assistance Programs 

Paycheck Protection Program (PPP) More Information

Businesses and nonprofits with fewer than 500 employees may get loans with payment forgiveness (essentially grants) of up to 8 weeks of payroll if they retained all their employees. Payments are deferred for at least six months, with maximum deferrals of up to a year.
 
Eligibility
  • Businesses and nonprofits with fewer than 500 employees
  • All employees are kept for 8 weeks
  • Submit application before the end of this program on June 30, 2020
  • Funds can be used to cover payroll, rent, interest paid, and utilities
Loan Forgiveness & Use of Funds
The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
 
Application Process 
Following the funding replenishment authorized by Congress last week, the US Small Business Administration has resumed accepting new PPP applications from participating lenders on April 27th. As in the previous round, funding is first come first serve so we recommend submitting an the PPP application ASAP. 
The following is our recommendation on what businesses should do now if interested in applying for PPP:
If you have already applied in the first round:
  • Contact the bank or lender whom you applied with, ensure they still have all required information and will submit the completed application to SBA soon. 
  • If your bank or lender cannot submit your application to SBA, find another bank or a non-bank lender who can help submit your application, such as Pursuit LendingSpring BankPayPalIntuitSquareKabbage  Lendio  etc.    
If you haven’t applied but would like to:
  • Contact your bank or lender to inquire about the PPP application process and send back all required document ASAP
  • If your bank or lender cannot help you with PPP, find another bank or a non-bank lender who can help submit your application, such as Pursuit LendingSpring BankPayPalIntuitSquareKabbage  Lendio etc. 
Latest SBA Guidance
The Federal SBA continues to issue new guidance and other information on the PPP program. They can be accessed here.

Economic Injury Disaster Loan Apply Here

Businesses and nonprofits can apply for up to $2 million in loans to cover financial obligations and operating expenses. The interest rate is 3.75% for businesses and 2.75% for nonprofits. There is also an optional $10,000 advance that does not need to be repaid.
 
Eligibility
  • Businesses and nonprofits with fewer than 500 employees
Application Process

New York Forward Loan Fund Apply Here

NYS has launched a new loan program for small businesses, non-profits, and small landlords who have not received funds from PPP or EIDL. The loan maximum is the lesser of $100,000 or average revenues in any 3-month period from 2019 or Q1 of 2020. The loans will carry a 3% interest (or 2% for non profits) and amortize in 5 years. Repayment includes an interest-only period during the first 12 months. Please visit the NYS website for more information and the application form

Private Opportunities

The Red Backpack Fund for Women-Owned Businesses  More Information 

Sara Blakely, the CEO and founder of Spanx, is giving $5 million to support women-owned small businesses impacted by COVID-19. The Red Backpack Fund will be making 1,000 grants of $5,000 each to female entrepreneurs in the U.S. The application is managed by GlobalGiving, which is currently open.

NYC COVID-19 Response & Impact Fund   more information

The New York Community Trust created the NYC COVID-19 Response & Impact Fund to aid nonprofit service providers struggling with the health and economic effects of the Coronavirus. It will give grants and loans to NYC-based nonprofits that are trying to meet the new and urgent needs that are hitting the city.​

Facebook For Business More Information

Facebook is committing $40 million to support 10,000 small businesses. Those local businesses can click above to see the eligibility for applications, which will start in the  next week.

GoFundMe Small Business Relief Fund  More Information

The GoFundMe.org Small Business Relief Fund will provide micro-grants to qualifying small businesses negatively impacted by the COVID-19 pandemic. Until the Fund is depleted, GoFundMe.org will continue issuing $500 matching grants to qualifying businesses. Additional companies are expected to contribute to this Fund in the coming weeks, in order to provide much needed aid to even more businesses across the country.

Salesforce Care Small Business Grants  More Information

Salesforce will soon be offering $10,000 grants to U.S. small businesses to provide capital to help them weather this crisis.

Thryv Foundation  More Information

To help businesses through the economic impacts of the COVID-19 pandemic, the Thryv Foundation is providing grants up to $15,000 for small to medium sized business.

LISC.org Verizon Small Business Recovery Fund  More Information

Thanks to a $2.5 Million investment from Verizon, LISC.org will offer grants to help small business fill urgent financial gaps until they can resume normal operations. Please register for Round 2 applications beginning mid-April.

Business For All More Information

Apply for grants up to $50,000 to support business growth, including $10,000 emergency COVID-19 Business for All Grants to help small businesses in crisis. $10,000 COVID-19 Business for All Grants are awarded on a rolling basis. General Business for All Grant applications are due September 25, 2020 at 12:00 am PT.

Beauty Gourmet Glam Leader Grant  More Information

COVID-19 has changed the world overnight and Beauty Gourmet wishes to help the women’s business community by offering a $1,000 grant to a women owned business in need. Please submit an application by April 17, 2020 and the winner will be announced on April 28, 2020.