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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.
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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 program | How it works | Eligibility requirements | How to apply |
|---|---|---|---|
| Employee Retention Grant program | Grants 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. |
| 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 grants | Grants between $10,000 and $250,000 for qualifying arts and culture and human services nonprofit organizations in New York City. |
| Applications are available through the New York Community Trust website and are open until May 30, 2020. |
| NYC Small Business Continuity Loan Program | Qualifying New York City small businesses are eligible for 0% interest loans up to $75,000. |
| 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 loans | Unsecured 0% interest loans between $100,000 and $3 million with terms from one to three years for qualifying nonprofit organizations in New York City. |
| 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 Program | If 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. |
| 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 Loan | The 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. |
| Applications are available through lenders that offer SBA Express loans. |
| Paycheck Protection Program | The 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. |
| Apply through a lender offering this SBA loan program. |
| COVID-19 BLDC Business Assistance Loan | The 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. |
| Fill out the PDF application and email it to ecodev@cityofbinghamton.com. |
| Broome County Emergency Loan Fund | The 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. |
| To apply, visit The Agency COVID-19 website and download the full application. |
| North Country Alliance COVID-19 Emergency Business Relief Program | Both 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. |
| Visit the North Country Alliance website to download the application form. |
| Monroe County Emergency Small Business Support Program | The 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. |
| Download the application on the MCIDC website. |
| Renaissance Emergency Small Business Relief Loan Fund | Small 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. |
| 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.
What other options do I have?
Your options aren’t limited to just state-specific resources.
- Grants. Some private organizations are offering grants to small businesses affected by the coronavirus outbreak. These are often highly local, so most options are only available to a select few businesses.
- Business loans. You can also find other low- or no-cost business financing to cover overhead costs during the coronavirus outbreak from the government and private lenders. You can also browse a list of lenders in New York compiled by the Empire State Development Office.
- Cashflow solutions. Your business may want to consider a variety of short- and long-term financing options to cover operating expenses during the coronavirus outbreak as you wait for government applications to be processed.
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
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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