MORE MONEY AVAILABLE: GOVERNMENT EXPANDED PROGRAM MAY PROVIDE YOU UP TO $10 MILLION TO KEEP YOUR BUSINESS OR NONPROFIT GOING
Act now: PPP program ADDED $310 billion available on first-come, first-served basis
WHAT IS IT?
U.S. Small Business Administration (SBA) Paycheck Protection Program
Two-year loans at 1% interest that you may not have to pay back
Loan is designed to encourage 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
WHO IS ELIGIBLE?
Businesses and nonprofits with 500 or fewer employees
HOW DO YOU GET IT?
Ask your business’s bank if they offer the federal SBA Paycheck Protection Program
If your bank offers the program: They will walk you through the application process
If your bank does not offer the program: View a list of traditional SBA banks
WHAT DOES THE LOAN COVER?
Loans will be fully forgiven if the funds are used to pay for:
- Payroll costs
- Interest on mortgages
- Utility payments
WANT MORE INFO OR ADVICE?
- Visit the federal government’s information page on the program
- Visit the SBA’s Paycheck Protection Program website
- Business Mentor NY is a free, easy-to-use mentorship network that allows entrepreneurs and volunteers across different NYS industries – from law firms to financial professionals – to assist businesses with questions related to the impact of COVID-19 and to provide guidance on the SBA loan applications. The service is open to non-profit organizations.
- Empire State Development has published a guide to PPP for nonprofits.
- Lawyers Alliance for New York is a leading provider of business and transactional legal services for nonprofit organizations and social enterprises that are improving the quality of life in New York City neighborhoods. It has created a Coronavirus Information webpage with legal information on operating a nonprofit organization during this challenging time.
- Volunteer Lawyers for the Arts: (VLA) is the leading legal aid and education organization dedicated to New York artists and its arts and cultural organizations. Understanding the challenges that are being faced by artists and arts institutions, VLA is working to expedite COVID-related matters to ensure those affected receive crucial legal assistance. Artists and arts organizations seeking legal assistance should fill out a legal inquiry form on VLA's website, indicating that it is a COVID-related request.