Financial assistance for New York businesses affected by the coronavirus

Emergency loans and grants for business owners in the Empire State.

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The New York State government and private organizations are offering relief in the form of grants, loans and other financial assistance programs for businesses affected by the coronavirus. But many options are limited to businesses based in NYC.

Lendio Paycheck Protection Loan

Lendio Paycheck Protection Loan

Cover your payroll with a 1% APR Paycheck Protection Loan — and get up to 100% forgiven. Apply ASAP before funds run out.

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Requirements
  • Documented payroll costs — like 1099s and W2s
  • In business since at least Feb. 15, 2020
  • To qualify for forgiveness, must use funds for payroll, existing mortage interest payments, rent, leases and utilities

12 programs available to New York State businesses

While there are several financial assistance programs for small businesses of New York state affected by COVID-19, some may offer less assistance than others. You might need to combine multiple types of financing to fully cover your overhead.

Financial assistance programHow it worksEligibility requirementsHow to apply
Employee Retention Grant programGrants to cover up to 40% of payroll costs for two months or up to $27,000 to keep employees on staff.

Note: Applications close at 5 p.m. ET on Friday, April 3, 2020.

  • Lost at least 25% of revenue during the coronavirus outbreak
  • One to four employees
  • Located in the five boroughs
  • At least six months in business
  • No legal judgments or outstanding tax liens
You can apply and upload all documents on the New York City Small Business Services website. You’ll need to create an account to begin if you don’t have one already.
NYC COVID-19 Response & Impact Fund grantsGrants between $10,000 and $250,000 for qualifying arts and culture and human services nonprofit organizations in New York City.
  • 501(c)(3) nonprofit organization
  • Based in New York City
  • Recipient of New York City or New York State government funding
  • Annual operating budget of up to $20 million, excluding government contracts
  • Robust programming and services for all New York City residents
Applications are available through the New York Community Trust website and are open until May 30, 2020.
NYC Small Business Continuity Loan ProgramQualifying New York City small businesses are eligible for 0% interest loans up to $75,000.
  • Show that you have seen at least a 25% revenue decrease due to the COVID-19 outbreak
  • Employ no more than 99 employees at any locations
  • Located in the five boroughs
  • Show that you have the ability to repay the loan
  • No legal judgments or outstanding tax liens
To apply, visit the NYC Small Business Continuity Loan page and click the Apply button to create an account and start your application.
NYC COVID-19 Response & Impact Fund loansUnsecured 0% interest loans between $100,000 and $3 million with terms from one to three years for qualifying nonprofit organizations in New York City.
  • 501(c)(3) nonprofit organization
  • Based in New York City
  • Recipient of New York City or New York State government funding
  • Annual operating budget under $20 million, excluding government contracts
  • Robust programming and services for all New York City residents
Applications are not available as of March 25, 2020, but you can get notified by providing the Nonprofit Finance Fund with your contact information.
Small Business Administration (SBA) Economic Injury Disaster Loan ProgramIf you’re a small business owner in New York, you can apply for a low-interest loan up to $2 million with interest rates capped at 3.75%, or 2.75% for nonprofits. Terms are up to 30 years, based on your ability to repay.
  • Proof that your business has been affected by the COVID-19 outbreak
  • Qualify as a small business based on SBA size standards a or private nonprofit
  • Located in New York State
  • Show you haven’t been able to qualify for credit with another lender
Applications are available on the SBA Disaster Assistance Loan website. To apply, you’ll have to set up an account and fill out the application.
SBA Express Bridge LoanThe Express Bridge Loan allows your business to borrow up to $25,000 while waiting for other SBA applications to process. The SBA will guarantee up to 50% of your loan, and funds are disbursed within 90 days of approval.
  • Small business located in an officially declared disaster area
Applications are available through lenders that offer SBA Express loans.
Paycheck Protection ProgramThe SBA Paycheck Protection Program allows small businesses to pay for overhead costs and offers up to 100% forgiveness if you use the funds for eligible expenses. Repay the remaining balance over 2 years at 1% interest.
  • Less than 500 employees or meet SBA size standards for your industry
  • Registered as a for-profit business, nonprofit, tribal or veterans organization, self-employed business or independent contractor
Apply through a lender offering this SBA loan program.
COVID-19 BLDC Business Assistance LoanThe Binghamton Local Development Corporation (BLDC) currently offers loans up to $15,000 for businesses located within city limits. Pay zero interest for 12 months and no origination fee.
  • Small to midsize businesses with 50 or fewer employees
  • Located within Binghamton city limits
  • Proof of negative financial impact due to COVID-19
Fill out the PDF application and email it to ecodev@cityofbinghamton.com.
Broome County Emergency Loan FundThe Broome County Emergency Loan Fund has no upper limit on loan amounts — but funds are only available on a first-come, first-served basis. Pay zero interest for 12 months, as well as no application or closing fees.
  • Located in a serviced county
To apply, visit The Agency COVID-19 website and download the full application.
North Country Alliance COVID-19 Emergency Business Relief ProgramBoth for-profit and nonprofit businesses can borrow a working capital loan up to $25,000 for six months. Rates are set at 5%, and there are no repayments due for the first 3 months of the loan term.
  • Less than 100 full-time employees
  • Located in a serviced county
  • Not an ineligible business
  • 12+ months in business
  • Personal FICO score of 620+
Visit the North Country Alliance website to download the application form.
Monroe County Emergency Small Business Support ProgramThe Monroe County Industrial Development Corporation (MCIDC) is offering loans up to $10,000 for small businesses that have experienced a negative financial impact from the coronavirus outbreak.
  • Located in Monroe County
  • 2 to 50 full-time employees
Download the application on the MCIDC website.
Renaissance Emergency Small Business Relief Loan FundSmall businesses based in specific parts of NYC may be eligible for loans up to $50,000 with a 3% interest rate. Terms last as long as 4 years, and payments can be deferred up to 6 months.
  • 50 employees or fewer
  • Located in one of several NYC neighborhoods
  • Proof of a 25% decrease in sales due to COVID-19
To get started, fill out this form letting them know you’re interested. The Renaissance Economic Development Corporation will get in touch to begin the application process.

COVID-19 small business scams

The US Treasury Department issued a warning that small businesses shouldn’t respond to calls or emails from individuals claiming to be from the Treasury Department and offering coronavirus-related stimulus payments or grants in exchange for personal financial information — these are scams.

If you receive a call or email, file a complaint on the Federal Bureau of Investigation (FBI) website so that the scammers can be stopped.

8 more coronavirus scams to watch out for

What other options do I have?

Your options aren’t limited to just state-specific resources.

Apply for a Paycheck Protection Loan today

Below is a list of online lenders offering SBA Paycheck Protection Loans. We recommend applying as soon as possible, since funds are available on a first-come, first-served basis.

Updated April 8th, 2020
Name Product Min. Credit Score Turnaround Time Required Documents
Fundera Paycheck Protection Loan
No minimum credit score
Varies by demand
Documented payroll costs — like 1099s and W2s.
Lendio Paycheck Protection Loan
No minimum credit score
Varies by demand
Documented payroll costs — like 1099s, W2s, average monthly payroll expenses, payroll report for 2019 and 2020. Must provide number of employees, driver’s license or other government-issued ID, or 2019 IRS Form 941 or Form 944.
National Business Capital Paycheck Protection Loans
No minimum credit score
Varies by demand
Documented payroll costs — like 1099s and W2s.
Kabbage Paycheck Protection Loan
No minimum credit score
Varies by demand
Documented payroll costs — like 1099s, W2s, and monthly payroll statements. Must include proof of business start date.
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Bottom line

As a business owner in New York, you face financial hurdles everyday. But with the coronavirus outbreak, these hurdles can seem more difficult to overcome. By taking advantage of state and government loans and grants you can meet these challenges head-on.

Stay up-to-date with the very latest on COVID-19 news with our coronavirus guide.

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