For NoHo Small Businesses There Are Some Life-Lines
While the competition is large, for NoHo Small Businesses there are some lifelines if you can be patient and persistent. Here are some resources and guidelines:
- Crains NY Business: Property and casualty insurance premiums waived for NYS small businesses
- Pace University – Business Development Center – Info page
Biweekly webinar sessions aim to help small business and minority and women business owners navigate available resources and gain access to opportunities. (Interpretation services will be available in 12 different languages).
Webinar sessions for small businesses and M/WBEs impacted by COVID-19 will be held every Tuesday and Thursday starting Thursday, April 16 through Thursday, May 14. To RSVP, click here or email firstname.lastname@example.org. Interpretation services must be requested upon RSVP at least two days before each session.
A panel of experts answer questions and concerns that small businesses have in this current crisis on topics ranging from commercial leases, applying for Small Business Administration resources, and other important information to keep your business thriving. Registration: To participate, please register at https://bit.ly/NoHoSoHo and bring any questions you have.
From Assemblymember Deborah Glick:
The City is offering some relief to small businesses through the NYC Small Business Continuity Loan Fund, offering interest-free loans of up to $75,000 for businesses with 100 or fewer employees who have seen revenue losses of 25% or more due to COVID-19.
- The City implemented the NYC Employee Retention Grant Program for businesses with fewer than 5 employees.
- Information about the NYC relief programs can be found here: www1.nyc.gov/site/sbs/businesses/covid19-business-outreach.page.
- Waiving Penalties for Business Taxes: The City is taking additional action to support individuals and small businesses, including the announcement that the Department of Finance will waive penalties for DOF-administered businesses and excise taxes. Learn more: NYC Dept of Finance.
- PACE University’s Small Business Development Center continues to offer support and resources to business owners and entrepreneurs: www.pacesbdc.org/resources.
Federal Small Business Administration
- UPDATE (from BP Galel Brewer):
If you’re a small business owner with less than five employees, Columbia Law Professor Tim Wu has been putting together a team of Columbia law students to help owners like you apply for the $349 billion in Paycheck Protection Program loans– the employee retention loans created by the CARES Act passed by Congress. *IF* owners use these loans to pay workers rather than lay them off, the “loans” are forgiven. You may recall I mentioned Friday that applications have opened and that these loans are first-come, first serve. This is a terrific offer, and to keep them from being overwhelmed, please email me at email@example.com with “Columbia Law PPP” in the subject line
- Flow Chart and Eligibility: https://smallbusiness.house.gov/uploadedfiles/cares_flow_chart_edit.pdf
- There are two levels of assistance for small businesses and nonprofits. The first is a potential grant of up to $10,000 which you do not have to pay back; the second (initially the same form) is the Economic Injury Disaster Loan (EIDL) requiring more background documentation. Initial Form Here.
- The EIDL low interest loan program allows for up to $25,000 in an unsecured loan and up to $2,000,000 for a secured loan. The EIDL is a working capital loan and cannot be used to repair, replace or purchase physical assets.
- Paycheck Protection Program FAQs for Small Businesses (US Senate Document)