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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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Apply for a PPP loan through August 8, 2020. Find a lender

We’ll continue updating this page with resources and information as new details emerge in the world’s response to COVID-19.

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.

9 programs available to New York State businesses and nonprofits

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

New York Forward Loan Fund (NYFLF)

Businesses, nonprofits and landlords can apply for up to $100,000 to fund reopening costs as their industry and region reopens.

The following types of businesses are eligible:

  • Small business with no more than 20 employees and $3 million gross annual revenue
  • Residential landlords with 50 units or less
  • Nonprofits that provide direct services and have an operating budget of no more than $3 million

You can’t qualify if you’ve already received an EIDL or PPP Loan through the SBA.

Fill out a preapplication on the New York State website as your industry and region reopens.

Small Business Administration (SBA) Paycheck Protection Program (PPP)

The SBA Paycheck Protection Program covers payroll costs and offers up to 100% forgiveness if you used the funds for eligible expenses. You repaid 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

Applications are available through banks, credit unions and online connection services through August 8, 2020.

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.

  • 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 available on the Nonprofit Finance Fund website.

SBA Economic Injury Disaster Loan (EIDL) Program

You could apply for a loan with interest rates capped at 3.75% for small businesses and 2.75% for nonprofits. Terms were up to 30 years, based on your ability to repay.

  • Proof that your business had been affected by the COVID-19 outbreak
  • Qualify as a small business based on SBA size standards a or private nonprofit
  • Show you haven’t been able to qualify for credit with another lender
  • Acceptable credit, according to SBA standards

Applications are available on the SBA Disaster Assistance Loan website.

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.

  • Small business located in an officially declared disaster area

Applications are available through lenders that offer SBA Express loans.

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.

  • 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 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.

  • 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 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.

  • 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.

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.

  • 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.

West Side Small Business Grant

Small businesses on the West Side of Manhattan can apply for grants from $5,000 to $10,000 to cover operating costs.

  • Physical location in an eligible area on the West Side of Manhattan
  • Proof of at least a 25% drop in sales due to the outbreak
  • No more than 10 employees

Visit the Citizens Committee for New York City website to fill out an application — which are reviewed on a rolling basis.

Programs no longer available

Below are programs that are no longer accepting applicants. We’re keeping the information on how it works and how to apply in case they reopen applications in the future.

Financial assistance program Why it stopped How it worked Eligibility requirements How to apply

NYC Small Business Continuity Loan Program

Paused applications due to high demand. You can sign up to receive alerts for when they start accepting applications again.

Qualifying New York City small businesses were 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.

Employee Retention Grant program

Applications closed at 5 p.m. ET on Friday, April 3, 2020 due to high demand.

Grants covered up to 40% of payroll costs for two months or up to $27,000 to keep employees on staff.

  • 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 grants

Applications are closed as of May 26, 2020.

Grants 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.

Monroe County Emergency Small Business Support Program

Applications closed on May 29, 2020.

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.

  • Located in Monroe County
  • 2 to 50 full-time employees

Download the application on the MCIDC website and email it to mcplanning@monroecounty.gov. Applications close May 29, 2020.

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 Program loan today

Data indicated here is updated regularly

Name Product Filter Values Loan amount APR Requirements
First Down Funding business loans
$5,000 – $300,000
Fee Based
At least 1 year in business, an annual revenue of $100,000+, and a minimum credit score of 400
Alternative financing up to $300K with highly competitive rates.
Lendio business loans
$500 – $5,000,000
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.
ROK Financial business loans
$10,000 – $5,000,000
Starting at 6%
Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
A connection service for all types of businesses — even startups.
OnDeck small business loans
$5,000 – $250,000
As low as 11.89%
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.
Rapid Finance small business loans
$5,000 – $1,000,000
Fee based
Steady flow of credit card sales, bad credit OK
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Compare up to 4 providers

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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