April 27, 2020
New Stimulus Alert for Nomad Businesses — Applications Open Today at 10:30 EDT
The supplemental stimulus plan voted on by the U.S. Congress last week is already taking effect. In this new round of funding, $310 Billion has been added to the Payment Protection Program and $60 Billion to emergency disaster loans and grants. We congratulate our NoMad neighbors who received stimulus help in the first round, and we urge those who missed out to get their applications for the second round completed as soon as possible.
Applications for PPP assistance will reopen at 10:30 EDT today, April 27th.
The Paycheck Protection Program (PPP) provides SBA loans that help businesses keep their workforce employed during the COVID-19 crisis. For more information read the FAQ sheet from the Small Business Administration. You can find more details (Who Can Apply, Loan Details and Forgiveness, Other Assistance) and apply for these loans here: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program.
Economic Injury Disaster Loan Emergency Advance will provide up to $10,000 of economic relief to businesses that are currently experiencing loss of revenue at the low interest rate of 3.75% for terms up to 30 years. You can find more details here: https://www.sba.gov/sites/default/files/2020-04/Paycheck-Protection-Program-Frequently-Asked-Questions_04%2024%2020.pdf. NOTE: According to the SBA website, funding has been exhausted, but applications that have already been made are being processed. “With the additional funding provided by the new COVID-19 relief package, SBA will resume processing EIDL Loan and Advance applications that are already in the queue on a first come, first-served basis,” states the SBA website.
SBA Express Bridge Loans enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan up to $25,000.
We also want NoMad businesses to be aware that there are other traditional SBA programs that may be helpful to you during the Covid-19 crisis. You can find detail here: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief
We also want NoMad businesses to be aware that there are other traditional SBA programs that may be helpful to you during the Covid-19 crisis. You can find details here: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief.
General Overview: Coronavirus (COVID-19): Small Business Guidance & Loan Resources
Coronovirus Emergency Loans Small Business Guide and Checklist https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf
Summary Highlights of the Guide Above
Offices That Can Help
Better Business Bureau
Serving Metropolitan New York, Long Island, and the Mid-Hudson Region
30 East 33rd Street, New York, NY 10016
Special Coronavirus Page: https://www.bbb.org/council/coronavirus/
Small Business Development Center at Baruch College
55 Lexington Avenue, New York, NY 10010
New York City SCORE — SCORE Business Mentor
26 Federal Plaza, Room 3100, New York, NY 10278
Atlantic Region — SBA Regional Office
26 Federal Plaza, Suite 3108, New York, NY 10278
New York District Office — SBA District Office
26 Federal Plaza, Suite 3100, New York, NY 10278
New York U.S. Export Assistance Center — U.S. Export Assistance Center
290 Broadway, Room 1312, New York, NY 10007