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.
12 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:
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) First Draw loans
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.
Applications are available through banks, credit unions and online connection services through May 31, 2021.
SBA PPP Second Draw loans
The Second Draw loan is available to businesses in need that have already taken out a PPP loan and have spent the funds or will spend them before the Second Draw loan is disbursed.
Applications are available through banks, credit unions and online connection services through May 31, 2021.
Restaurant Revitalization Fund
A grant program for food service businesses to supplement the PPP. Grants are based on the difference between your 2019 and 2020 revenue.
Applications will be available on the SBA website as the program launches. They will target smaller restaurants first before becoming available to everyone in mid-April 2021.
Shuttered Venue Operators Grant (SV)
A grant program for businesses that rely on live ticket sales, like music venues, theaters and museums. Eligible businesses can get up to 45% of their 2019 revenue.
Applications will be available on the SBA website as the program launches. These will first be available to businesses with fewer than 50 employees.
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 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.
The SBA is also offering targeted EIDL grants of up to $5,000 to businesses that have been affected the most.
Applications are available on the SBA Disaster Assistance Loan website.
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 firstname.lastname@example.org.
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.
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.
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.
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.
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.
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.
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.
Download the application on the MCIDC website and email it to email@example.com. Applications close May 29, 2020.
SBA Express Bridge Loan
The Express Bridge Loan allowed your business to borrow up to $25,000 while waiting for other SBA applications to process. The SBA would guarantee up to 50% of your loan, and funds are disbursed within 90 days of approval.
Applications were available through lenders that offer SBA Express loans.
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 Program loan today
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.
Frequently asked questions
Answers to common questions about getting financial assistance in New York during the coronavirus outbreak.
Is there any relief for commercial mortgage or rent payments in New York?
Unfortunately, no. While there’s a state-mandated 90-day forbearance on private mortgages, there’s no such help for commercial mortgages or renters. However, lenders and landlords have been urged to offer assistance on a case-by-case basis — reach out to see if they’re willing to work with you if you’re struggling due to the COVID-19 outbreak.
If I have bad credit, can I still apply for these New York grants and loans?
It depends on what you’re applying for. Grants might not have credit requirements. But government and private programs will likely consider all business owners’ credit scores when you apply for no-interest loans.
How long does it usually take to get a grant?
The turnaround time for receiving funds depends on many factors, such as the type of grant you’re applying for, when you submit your application and demand.Because the coronavirus grant programs are new, chances are no one is sure how long it will take. Be assured, however, that they’re working hard to get you your funds as soon as possible.
How long is the coronavirus outbreak expected to last?
It’s unclear how long the coronavirus pandemic is expected to last, according to the Centers for Disease Control and Prevention (CDC). You can stay up to date on the latest coronavirus news by regularly visiting the CDC’s COVID-19 landing page.
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