Assistance & Guidance for Businesses Impacted Due to Novel Coronavirus

Female Business Owner

Financial Assistance for Businesses Impacted by COVID-19

Mayor Bill de Blasio announced on March 8 that the City will provide relief for small businesses across the City seeing a reduction in revenue because of COVID-19.

NYC Small Business Continuity Loan Fund

Due to overwhelming interest in the NYC Business Continuity Loan Fund, we have paused application intake.

If you would like to be updated about any new local, state or federal financial assistance programs that become available, please provide your information here.

The U.S. Small Business Administration (SBA) has multiple programs to assist small businesses. Please find more information below, or access a summary on the SBA website.

We are available to help with packaging loan applications for other local, state or federal programs. Please provide your information here and we will get back to you as soon as possible.

Note: The NYC Employee Retention Grant Program is no longer accepting applications.

Our NYC Business Solutions Center experts are available to help you identify additional financing available, including financing from the U.S. Small Business Administration (SBA) or local philanthropic financing if you are a nonprofit.

U.S. Small Business Administration (SBA) Financial Assistance Programs

Financial assistance for businesses impacted by COVID-19 is now available through the U.S. Small Business Administration (SBA).

SBA loans will be available on a first-come-first-served basis, so it is important to submit your application as soon as possible. You should reach out to the SBA for guidance on how any other financial awards could impact your SBA award. If you have questions related to the SBA programs, find a local SBA resource partner.

Economic Injury Disaster Loans and Loan Advance

  • A low-interest, fixed rate loan up to $2 million
  • Can be used to pay immediate expenses during an emergency (payroll, bills/accounts payable, fixed debts)
  • Advance of up to $10,000 awarded within three days of application, which can be used keep employees on payroll, to pay for sick leave, meet increased production costs, or pay business obligations

Paycheck Protection Program

  • A low-interest, no fee, loan up to $10 million for small businesses, self-employed individuals, and others to help with cash flow and retain employees; if employers maintain payroll, a portion of the loan will be forgiven
  • To apply, reach out to your existing bank and ask if they are a participating lender; if so, your bank can walk you through the application
  • If your bank does not offer the program, reach out to a traditional SBA bank or contact your local SBA resource partners for more information
  • Please note: If you use the proceeds from the NYC Small Business Continuity Loan Fund for payroll costs, it may compromise your ability to receive loan forgiveness from the SBA; please check with your local bank or SBA resource partner for guidance

SBA Express Bridge Loan

  • Businesses with existing relationships with an SBA Express Lender can access up to $25,000 quickly. This loan can be used while applying for the EIDL loan
  • This loan must be repaid in full or in part by proceeds from the EIDL loan

SBA Debt Relief

  • As part of SBA's debt relief efforts the SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months
  • The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020

More information on the SBA's Coronavirus (COVID-19) Small Business Guidance & Loan Resources here.

View a comparison of these programs here.

Lastly, please note that scammers are targeting businesses with loan and grant fraud. Beware of phishing emails and robocalls, and doublecheck any web addresses to make sure that they are associated with the correct government agency. For more information and quick tips, follow the NYPD Crime Prevention Division on Twitter using handle @nypdcpd.

Guidance for Business Owners and FAQs

Below is some information to help you and your business stay safe and prevent the spread of germs. This is a rapidly changing situation, visit the NYC Health website for more up-to-date information, including FAQs for employers.