Small Business Advising + Office Hours
Start Small Think Big
Comprehensive resource guide (along with webinars) for small businesses as well as information on how to schedule time with their advisors.
Columbia Small Business Development Center (SBDC)
Comprehensive resource guide on how to apply for SBA loans (PPP and EIDL)
Request an appointment with an Advisor
Business Recommendations + Resources
In order to stay up-to-date on the rapidly evolving situation, we suggest all businesses do the following:
- Retain your financial statements from first and second quarter, 2019. Ensure that you are following appropriate financial record keeping protocols so that you can show sales losses for the current period(s).
- Check this page regularly to keep your eye out for new information.
Other Resources
- NYC Hospitality Alliance Newsletter: information most pertinent for those with brick-and-mortar locations
- Delivery Driver Safety & Sanitation Protocol (via restaurant Dig)
- New York Empire State Development website has a comprehensive list of resources
- Resources from Google on how to manage your business through periods of uncertainty
- COVID-19 Business Center A comprehensive small business center, updated daily, with real-world funding, resources, and support for small business owners and entrepreneurs adapting to the impacts of Coronavirus.
- New York State – Updated memo regarding sales tax abatement
Upcoming Webinars
Start Small Think Big
Ongoing
Start Small Think Big has an ongoing series of webinars that address everything from bookkeeping during COVID to how to best communicate with customers during this difficult time.
Hot Bread Kitchen’s Grocery Buyer Panel
August 13, 5:30pm
Smaller food brands often face an uphill battle even after they get into stores—marketing, communication, orders, inventory, and more— which has only been exacerbated by COVID-19. Join for a discussion on how small food brands can build and maintain relationships during this tough time.
Please RSVP by emailing incubator@hotbreadkitchen.org
Speakers:
- John Lawson, Whole Foods North East Region (Grocery)
- Charlotte Myer, Fresh Direct (Grocery)
- Paul Sasenbury, Associated Distributors
- Jomaree Pinkard (co-founder, CEO of Hella Bitters, and HBK Alum)
Funds + Loans
NYC: Small Business Continuity Fund
This fund has unfortunately been exhausted. Check back to the NYC Small Business page regularly for updates
NY State Forward Loan Fund
New York Forward Loan Fund (NYFLF) is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE.
NYFLF targets the state’s small businesses with 20 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits and small landlords that have seen a loss of rental income.
NYFLF is providing working capital loans so that small businesses, nonprofits and small landlords have access to credit as they reopen. These loans are available to small businesses, nonprofits, and small landlords that did not receive a loan from either the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loans (EIDL) for COVID-19 in 2020. The loans are not forgivable in part or whole. The loans will need to be paid back over a 5-year term with interest.Five Community Development Financial Institutions (CDFIs) will be processing pre-applications on June 1, 2020: Accion East, Community Preservation Corporation, National Development Council, Pursuit and TruFund Financial Services. Please do not apply to the participating CDFI lender directly.
U.S. Small Business Administration: ECONOMIC INJURY DISASTER LOANS (EIDL)
As part of the CARES act, the SBA is offering low interest loans for qualifying businesses.
- EIDL is available for SBA defined small businesses as well as small agricultural coops
- Eligible entities may qualify for loan amounts of up to $2 million.
- Interest rates on this disaster loan are 3.75 % for small businesses and 2.75 % for non-profit organizations
- A borrower applying for EIDL can request an advance on the loan of up to $10,000 from the Small Business Administration (SBA).
- The advance will be considered an Emergency EIDL grant.
- SBA has decided to implement a $1,000 cap per employee on the advance, up to a maximum of $10,000. So, a business with three employees, for example, would be eligible to receive only $3,000 up front, as opposed to the originally stated $10,000
- The goal is to provide low-interest, long-term federal disaster loans for working capital to organizations suffering substantial economic injury as a result of the COVID-19 pandemic
- Uses: working capital, paying fixed debts, payroll, accounts payable, and other bills
Please note this link has been streamlined and updated since April 1st, 2020.
U.S. Small Business Administration: Paycheck Protection Program
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
You must apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020. Frequently Asked Questions about EIDL and PPP
Other Grants
East Harlem Grant opportunity
Open to small businesses in East Harlem who have been affected by COVID-19. Apply here.
Global Giving: The Red Backpack Fund
$5K funding opportunity for women entrepreneurs that have a minimum of one employee. Applications will be accepted from August 3-10, 2020. More information.
Save Small Business Fund
An initiative of the US Chamber of Commerce, this grant is to help small businesses that employ between 3 and 20 people. Click here to see if you qualify.
Business For All grants available
Apply for grants up to $50,000 to support business growth, including $10,000 emergency COVID-19 Business for All Grants to help small businesses in crisis.
Apply Here
Facebook Business Grants
Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses. They are now taking applications from NYC businesses—find out more here.
Womply/Fundrocket
A privately funded stimulus program designed to provide grants of $1000 for small businesses affected by COVID-19. More information and application here.
Go Fund Me – Small Business Relief Initiative
GoFundMe has partnered with Yelp and Intuit QuickBooks to provide small business owners with the financial support and resources needed to continue running their businesses during and after the coronavirus crisis.
As part of the Small Business Relief Initiative, GoFundMe, Intuit QuickBooks, and Yelp have each donated $500,000 to the Small Business Relief Fund. GoFundMe.org, the charitable and advocacy arm of GoFundMe, started the Small Business Relief Fund to benefit small businesses. Supporters can donate to the Small Business Relief Fund, which will issue $500 matching grants to qualifying businesses that raise at least $500 on GoFundMe. More partners will be announced in relation to this initiative at a later date. More information here.
Hebrew Free Loan Society
The Coronavirus Financial Impact Loan Program provides interest-free loans of $2,000-$5,000 to residents of New York City’s five boroughs, Westchester, or Long Island who are facing financial challenges caused by the Coronavirus outbreak. These loans are intended to address: lost wages due to being unable to go to work, child care costs due to school closures, small business losses, and related medical costs.
Loan applicants must have annual pre-tax household income at or below the income limits for their household size. More information here.
