Hello Business Owners,
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Today is an important day for finding financial assistance for your business.
The $484B Economic Relief Package signed into law by President Trump on Friday provides new funding for the several key small and medium-size business funding programs. All businesses are encouraged to apply as soon as possible (if you have not already applied) before this new round of funding runs out.
- Paycheck Protection Program (PPP): Anchoring the bill is $250 billion to replenish PPP to help small- and medium-size businesses with payroll, rent and other expenses. This program provides forgivable loans so businesses can continue paying workers while forced to stay closed for social distancing and stay-at-home orders. You apply through local lenders and the SBA will resume accepting Paycheck Protection Program applications from these participating lenders starting on Monday, April 27, 2020 at 10:30am EDT.
- Economic Injury Disaster Loan (EIDL): $60 billion for small-business loans and grants delivered through the Small Business Administration’s existing disaster aid program. With the additional funding provided by the new COVID-19 relief package, SBA will resume processing EIDL Loan and Advance applications that are already in the queue on a first come, first-served basis.
- New EIDL applications will be processed on the SBA WEBSITE when applications go live again.
- To check the status of existing EIDL applications, click the green Check Application Status button on the SBA website
- Community Development Bank Loans: The legislation contains $100 billion for hospitals and a nationwide testing program, along with $60 billion for small banks and an alternative network of community development banks that focus on development in urban neighborhoods and rural areas ignored by many lenders. Many of these lenders will be reaching out to qualified communities in different ways and I am unaware of any consolidated list of these partners.
- One example of this is the new Small Business Relief Grant from the Local Initiatives Support Corporation, known as LISC, in partnership with Verizon and Sam’s Club. Priority will be given especially to entrepreneurs of color, women- and veteran-owned businesses and other enterprises in historically under-served places who don’t have access to flexible, affordable capital.
- How/When to Apply: Actively accepting applications now. Applications must be submitted by Tuesday, April 28 at 11:59PM EST
Assistance is available to navigate through the loan process. You are strongly encouraged to take advantage of this help and apply now for aid.
- RXR Volunteer Portal helps link business owners to free volunteers ready to use various skills for SBA guidance and other business needs
- Westchester County Volunteer Portal and scroll down to the Catalyst section for small businesses to sign up for assistance with SBA loans
- Westchester Country Economic Development has posted all their Webinars and Virtual Meetings on one page to streamline important information. THE CATALYST EVENTS PAGE
- City of New Rochelle Business Resource Page contains links to key resources and past news flashes NEW ROCHELLE BUSINESS CORONAVIRUS PAGE
- Gibson Dunn has put together a comprehensive guide with frequently asked questions for businesses navigating the pandemic. Click to download GIBSON DUNN GUIDE