Coronavirus Small Business Guidance & Loan Resources
The U.S. Small Business Administration (SBA), which is the only cabinet-level federal agency fully dedicated to small business, has just launched a web page to help address the needs of our small business owners and entrepreneurs.
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
Under this program:
- Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
- Loan payments will be deferred for six months.
- If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
For more information and to learn how to apply, click here.
Unemployment Insurance and Pandemic Unemployment Assistance for NY
In addition, the federal CARES Act provides enhanced Unemployment Insurance (UI) benefits and Pandemic Unemployment Assistance (PUA) for New Yorkers. The NYS Department of Labor has created a web page dedicated to helping workers that have been affected by the pandemic.
Currently, a person can collect unemployment insurance benefits up to 26 weeks per year. The federal government recently created a new program called Pandemic Unemployment Compensation that would allow claimants to receive up to 39 weeks of benefits. You can file a claim by visiting labor.ny.gov/signin. You can also call the Telephone Claim Center at 888-209-8124. Due to larger than normal call volume, they are strongly encouraging individuals who wish to file a claim to first visit the website, if possible.
Pandemic Unemployment Assistance (PUA) provides payment to workers not traditionally eligible for unemployment benefits (self-employed, independent contractors, workers with limited work history, and others) who are unable to work as a direct result of the coronavirus public health emergency.
