The resources and links listed below have been gathered to assist our individual and business clients navigate the various programs made available by the Treasury Department and the New York State Department of Taxation and Finance during this time of economic need.
Many of the links provide criteria for applying and applications.
Paycheck Protection Program (PPP) Fact Sheet and Application
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.
COVID-19 SBA Disaster Loans
The U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19) throughout New York State. It is first come, first serve most likely opening April 2nd or April 3rd.
The Program will be administered by SBA via an online application based on 2019 payroll numbers. Clients can apply at the bank where they have an operating account but can apply at any FDIC insured bank participating in the program.
Coronavirus Tax Relief
The Treasury Department and the Internal Revenue Service announced that distribution of economic impact payments will begin in mid-April and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.
NY State Tax Department response to COVID-19
The New York State Tax Department, along with the Governor’s office and other agencies throughout the state, is responding to the spread of coronavirus (COVID-19) with information for those affected.
NYS Department of Labor – Unemployment Insurance
On March 27, 2020, the President of the United States signed a law that provides additional Unemployment Insurance (“UI”) assistance to workers impacted by COVID-19. This new law provides:
- Pandemic Unemployment Assistance – Extended eligibility for individuals who have traditionally been ineligible for UI benefits (e.g., self-employed workers, independent contractors);
- Pandemic Unemployment Compensation – An additional $600 per week, on top of regular benefits, to all UI recipients;
- Pandemic Emergency Unemployment Compensation – An additional 13 weeks of UI benefits, beyond the regular 26 weeks already provided, for a total of 39 weeks of coverage.
NYC Employee Retention Grant Program
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.
NYC Small Business Continuity Loan Program
To help small businesses deal with the impact of COVID-19, the City has launched the NYC Small Business Continuity Loan Program. This program is available to New York City businesses with fewer than 100 employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. Eligible businesses can apply for an interest-free loan up to $75,000.
NYC COVID-19 Response & Impact Fund for Nonprofit Organizations
The Ford Foundation and a group of leading New York philanthropies are providing no-interest loans to New York City nonprofit organizations working in the human services, with particular interest in those supporting essential healthcare, food delivery, homeless services, workforce development, educational support, and early childhood education, and arts and culture, so you can cover your costs while waiting for revenue that has been delayed by the current crisis.