SBA Disaster Assistance through the NYSBDC at York College in Response to the Corona Virus
The NYSBDC at York College is one of the SBA's designated Partners to provide support services for this effort. For more information and guidance, please contact us.
Click here to make an online appointment with one of our Business Advisers!
Please Understand The Economic Injury Disaster Loan Program will have inherent delays in processing applications and is not a quick process. Please be aware of potential time constraints and delays that may occur.
Read key points about Disaster Relief due to Corona virus here
Below you can access information about federal, state, and city resources in regards to coronavirus (COVID-19).
Federal Corona Virus Resources
The U.S. Small Business Administration's(SBA) Economic Injury Disaster Loans offer up to $2 million to help small businesses and private non-profit organizations overcome the temporary loss of revenue they are experiencing as a result of the Corona virus. The loans may be used to pay fixed debts, payroll, accounts payable and other bills that can't be paid because of the disaster's impact. The interest rate is 3.75% for small businesses without credit available elsewhere, and 2.75% for non-profits, with a maximum term of 30 years, depending on the ability to repay. Click here for more info.
Check out the NYSBDC application guide for an excellent step-by-step explanation of applying through the SBA's disaster loan portal.
To apply you will need to complete and upload the below forms:
- Disaster Business Loan Application (SBA Form 5) or the Disaster Home/Sole Proprietor Loan Application (SBA Form 5C)
- Request for Tax Information Authorization (IRS Form 4506T)
- Personal Financial Statement - Disaster Programs (SBA Form 413D)
- Schedule of Liabilities Worksheet (SBA Form 2202)
- Additional Filing Requirement - Monthly Sales Figure Worksheet (SBA Form 1368)
Additionally, you should be prepared to provide:
- Personal Federal income tax returns for each principal owning 20% or more of the applicant business
- 2019 Business Tax Return (Filed) OR Your 2019 year-end Profit and Loss Statement and Balance Sheet & Most Recent (Filed) Business Tax Return
- 2020 Year to Date Profit and Loss Statement.
Please contact the NYSBDC at York College Business Adviser team at firstname.lastname@example.org for assistance with your application and any program questions.
New York City Corona virus Resources
New York City has launched the NYC Employee Retention Grant Program to help NYC small businesses and nonprofits retain employees as they face decreased revenue from the impact of the Corona Virus (COVID-19). Eligible applicants will receive a grant covering up to 40% of their payroll for two months, up to $27,000.
This program is available to NYC small businesses and nonprofits with 1-4 employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. The applicant must also have been in operation for at least 6 months and have no outstanding tax liens or legal judgments.
To apply go to the NYC program website and be prepared to upload a number of supporting financial documents for 2019 and 2020 to demonstrate the revenue impact, and two months of payroll records to calculate the grant amount. Check out the checklist for specific requirements.
NYC Small Business Continuity Fund: NYC businesses with fewer than 100 employees impacted by COVID-19 and experiencing a decrease in sales of 25% or more will be eligible for interest-free loans of up to $75,000 to help retain employees and ensure business continuity. The loan can be used for a variety of purposes, including working capital, inventory, or other investments.
To be eligible, businesses must demonstrate the ability to repay the loan and have no outstanding tax liens or legal judgments. While the program is not yet live, New York City has asked that you complete the pre-application checklist to review your eligibility for this fund.
You can also e-mail Covid19biz@sbs.nyc.gov
It offers a number of internet services. You can get information on starting, financing and expanding your business.
Online Training The Small Business Training Network (SBTN)
A virtual campus providing quality and targeted online training to meet the informational needs of prospective and existing small business owners.
New York Sales and Use Taxes
If your business will sell tangible personal property or provide specific services in New York, the business is required to collect and remit NYS sales and local tax to the NYS Department of Taxation and Finance.
Government Services For Small Businesses
Business.gov helps small businesses understand their legal requirements and locate government services supporting the nation's small business. Business.gov is an official site of the U.S. Government.
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