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.
8 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. |
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 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. |
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 |
|---|---|---|---|---|
Paycheck Protection Program (PPP) | The first and second round of this popular COVID-19 assistance program closed on March 31, 2021 after running out of funds. | The SBA Paycheck Protection Program covered payroll costs and other essential expenses. It offers up to 100% forgiveness if you used the funds for eligible expenses. You repay any remaining balance over 2 years at 1% interest. |
| Applications were available through banks, credit unions and online connection services through May 31, 2021. |
Shuttered Venue Operators Grant (SVOG) | The SVOG closed to new applicants on August 20th in order to save funds for supplemental grants for businesses still struggling during the first quarter of 2021. | This was a grant program for businesses that rely on live ticket sales, like music venues, theaters and museums. Eligible businesses could get up to 45% of their 2019 revenue. |
| Applications were available on the SBA website. The SBA will reach out to businesses eligible for a supplemental grant with details on how to apply. |
Restaurant Revitalization Fund | The Restaurant Revitalization Fund ran out of funding and closed on May 24, 2021. | This grant program offered funding for food service businesses to supplement the PPP. Grants are based on the difference between your 2019 and 2020 revenue. |
| Applications were available through an SBA portal |
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 mcplanning@monroecounty.gov. 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.
8 more coronavirus scams to watch out for
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
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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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