Coronavirus Information For Businesses
Business Resources Dealing with Coronavirus
The City of New Rochelle is partnering with State, Westchester County, New Rochelle Chamber of Commerce and New Rochelle Business Improvement District (BID) resources to assist local businesses in dealing with the coronavirus outbreak.
See the New Rochelle COVID-19 Guide for Businesses in English and Spanish for more details (see links at right).
Please check back regularly as information is changing on a daily basis
Federal Relief for Small Businesses Affected by COVID-19
Our nation's small businesses are facing an unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. On Friday, March 27, 2020, President Trump signed into law the CARES Act, which contains $376 billion in relief for American workers and small businesses. The CARES Act legislation includes a Small Business Debt Relief Program for U.S. Small Business Administration (SBA) loans including Economic Injury Disaster Loans & Grants (EIDL) and Paycheck Protection Program (PPP).
Businesses are encouraged to review the relief available through the SBA and to act quickly as this money is available on a first-come / first-served basis.
Economic Injury Disaster Loans & Grants
These grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.
Paycheck Protection Program
Provides cash-flow assistance through 100% federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers remain employed, as well as help affected small businesses and our economy snap-back quicker after the crisis. Loans are available through June 30, 2020. Applications are made through SBA-approved banks and lenders.