Get Help for Your Business

Small business owners in New York are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19) through the U.S. Small Business Administration (SBA).

SBA is working directly with state Governors to provide targeted, low-interest loans to small businesses and nonprofits severely impacted by the Coronavirus (COVID-19). SBA’s Economic Injury Disaster Loan Program offers working capital loans of up to $2 million to pay fixed debts, payroll, accounts payable and other bills. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.

The nonprofit, Rethink Food announced a restaurant response program wherein it will provide a $40,000 grant for 30 New York City-based restaurants at risk of closing operations due to the coronavirus outbreak.

The expectation is that restaurants accepted to participate in the program will use the funds to prepare meals for affordable price points, and temporarily operate on a distributor model to help mitigate the effects of any food shortages.

The NYC COVID-19 Response & Impact Fund was created to aid nonprofit service providers struggling with the health and economic effects of the coronavirus.

It will give grants and interest-free loans to NYC-based nonprofits that are trying to meet the new and urgent needs that are hitting the city. Priority will be given to direct service providers addressing essential healthcare and food insecurity as well as arts and culture, because New York is the cultural capital of the nation. Your gift will help nonprofits with a variety of needs, including protective equipment, cleaning supplies, technological assistance, and support for financial losses.

Start Small Think Big is a nonprofit that provides free legal, marketing, and financial services to under-resourced entrepreneurs and can help you with the NYC funding applications. Visit their COVID-19 resource page for more information.

Start Small Think Big will be providing ongoing Virtual Office Hours to help answer any and all questions during this time. Reach out to the Finance team at [email protected] or the Legal team at [email protected] to help respond to your questions.

The Mayor’s Office of Food Policy is exploring the capacity of NYC businesses to make, provide, and deliver meals within New York City and provide other foods/groceries. The initial ask is for 25,000 meals on a consistent basis. Please indicate if you can offer Kosher, Halal, or other cultural or ethnic options.

If you are interested, fill out this form: https://forms.gle/JTqr6qvK1ogCdRea9

Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where we operate. Sign up to receive updates for when this program opens.

WHEDco works with non-profit legal service providers to help existing small business owners and entrepreneurs access high-quality legal services at no cost to them. Talk to a Small Business Attorney for free on topics such as:

• Selecting a legal entity (LLCs and Corporations)
• Business formation, including creating bylaws, operating agreements, and investor agreements
• Writing basic contracts between clients and vendors or independent contractors
• Drafting your websites Terms & Conditions and Privacy Policy for your website
• Employment policies and Human Resources matters
• Trademarking and copyrighting

You can also get help with commercial lease matters through Commercial Lease Assistance Program (CLA). Even if you are not having an issue, CLA can help you:

• • Understanding what is in your lease…
    • What do you actually owe every month
    • How much will your rent go up next year
    • Who has to pay if repairs are needed
  • Negotiating, changing or ending your lease
  • Drafting oral and unwritten agreements
  • Addressing landlord harassment/breach of contract

Call WHEDco at 347-973-0945 to set up an appointment with a lawyer.

Upcoming Events

Thurs, March 3 at noon: Q+A on Instagram Live
Join us on Instagram @southernblvd on Thurs, March 3 from 12–12:30PM to find out about your rights as a commercial tenant and ask questions affecting your business.

Thurs, March 10 at 6pm: Commercial Lease Assistance Webinar via Zoom
Join us on Zoom on March 10 from 6–7PM for an in-depth webinar on how to understand your lease, your rights & responsibilities as a tenant, and how to get free help through the CLA program.
Register at: bit.ly/bronxCLA or call 347-973-0945

Tues, March 15: Legal Clinic – Speak to a Lawyer One-on-one for Free
Schedule an appointment on March 15 to speak with a lawyer one-on-one for free. Appointment times:
2:00 PM | 2:30 PM | 3:00 PM | 3:30 PM
To make an appointment, call: 347-973-0945

The CARES Act signed at the end of March 2020 contains $376 billion in relief for American workers and small businesses. In addition to traditional SBA funding programs, the CARES Act established several new temporary programs to address the COVID-19 outbreak. Find more info about the loan programs here.

Spring Bank will be able to offer Small Business Administration (SBA) 7(a) loans through the recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act. As an SBA Preferred Lender with delegated authority to make 7(a) loans, the bank will be able to offer loans offered through the Paycheck Protection Program provision of the CARES Act. 

Here are key points of the program:

• All eligible businesses and nonprofits in operation on or before February 15, 2020 with fewer than 500 employees are eligible
• Loan proceeds may be used to maintain payroll, rent, business related debt costs.
• Loan amounts are the lesser of average monthly payroll during the last 12 months x 2.5 or $10MM
• The portion of the loan that is used for eligible purposes during the first eight (8) weeks after funding is eligible for forgiveness
• No SBA guarantee fees
• No personal guarantee
• No collateral requirement

These loans are intended to assist struggling small businesses across the country. The money can be used for payroll, rent, utility or mortgage expenses as well as interest costs on other debt obligations incurred before February 15, 2020. As more details are available, Spring Bank will be updating their website. For more details from the SBA please go to: Coronavirus (COVID-19): Small Business Guidance & Loan Resources.

The Thryv Foundation’s Small Business COVID-19 Grant Program will award grants between $2,500 and $15,000 to qualifying small business applicants. Grants will be made on a first-come, first-served basis. Applications must be submitted by April 30, 2020. 

The Bronx Overall Economic Development Corporation (BOEDC) and the Office of the Bronx Borough Present has established the Bronx Business Continuity Loan (BBCL) with the goal of providing recovery financing to businesses of the Bronx. The Bronx Business Continuity Loan Fund was created to help sustain video businesses through these challenging times caused by the Covid19 pandemic.

The use of these funds will provide local emergency business financing and bridge loan funding until government contingency financing is in place.

Eligible Companies:
For-profit entities, including service, retail and manufacturing companies operating in the Bronx and nonprofit organizations in the Bronx.

Eligible Uses:
– Payroll expense
– Commercial Mortgage / Rent
– Equipment lease options
– Insurance premium expense
– Misc. business discontinuance expense

More information, visit the BOEDC’s Facebook page or contact BOEDC’s Loan Officers:
Rafael Roger at [email protected] or 347-524-4739
Pedro Barry at [email protected] or 347-297-0071

Facebook is offering a $4000 grant for the recipients in the US ($2500 cash, $1500 in optional ads credits) to help during this challenging time. To be eligible to apply, you must:

• Be a for-profit company
• Have between 2 and 50 employees
• Have been in business for over a year
• Have experienced challenges from COVID-19
• Be in or near a location where Facebook operates

 Click here to apply. The deadline is May 5th, 2020 at 11:59pm (EST).

ebay has launched the Up and Running accelerator program to help retailers without an online presence transition to selling online. Through this program, new eBay sellers will receive:

• A free Basic eBay Store for three months
• No selling fees through June 30 (up to 500 orders)

To get started, click here.

Small business owners in New York are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19) through the U.S. Small Business Administration (SBA).

SBA is working directly with state Governors to provide targeted, low-interest loans to small businesses and nonprofits severely impacted by the Coronavirus (COVID-19). SBA’s Economic Injury Disaster Loan Program offers working capital loans of up to $2 million to pay fixed debts, payroll, accounts payable and other bills. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.

The nonprofit, Rethink Food announced a restaurant response program wherein it will provide a $40,000 grant for 30 New York City-based restaurants at risk of closing operations due to the coronavirus outbreak.

The expectation is that restaurants accepted to participate in the program will use the funds to prepare meals for affordable price points, and temporarily operate on a distributor model to help mitigate the effects of any food shortages.

The NYC COVID-19 Response & Impact Fund was created to aid nonprofit service providers struggling with the health and economic effects of the coronavirus.

It will give grants and interest-free loans to NYC-based nonprofits that are trying to meet the new and urgent needs that are hitting the city. Priority will be given to direct service providers addressing essential healthcare and food insecurity as well as arts and culture, because New York is the cultural capital of the nation. Your gift will help nonprofits with a variety of needs, including protective equipment, cleaning supplies, technological assistance, and support for financial losses.

Start Small Think Big is a nonprofit that provides free legal, marketing, and financial services to under-resourced entrepreneurs and can help you with the NYC funding applications. Visit their COVID-19 resource page for more information.

Start Small Think Big will be providing ongoing Virtual Office Hours to help answer any and all questions during this time. Reach out to the Finance team at [email protected] or the Legal team at [email protected] to help respond to your questions.

The Mayor’s Office of Food Policy is exploring the capacity of NYC businesses to make, provide, and deliver meals within New York City and provide other foods/groceries. The initial ask is for 25,000 meals on a consistent basis. Please indicate if you can offer Kosher, Halal, or other cultural or ethnic options.

If you are interested, fill out this form: https://forms.gle/JTqr6qvK1ogCdRea9

Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where we operate. Sign up to receive updates for when this program opens.

WHEDco works with non-profit legal service providers to help existing small business owners and entrepreneurs access high-quality legal services at no cost to them. Talk to a Small Business Attorney for free on topics such as:

• Selecting a legal entity (LLCs and Corporations)
• Business formation, including creating bylaws, operating agreements, and investor agreements
• Writing basic contracts between clients and vendors or independent contractors
• Drafting your websites Terms & Conditions and Privacy Policy for your website
• Employment policies and Human Resources matters
• Trademarking and copyrighting

You can also get help with commercial lease matters through Commercial Lease Assistance Program (CLA). Even if you are not having an issue, CLA can help you:

• • Understanding what is in your lease…
    • What do you actually owe every month
    • How much will your rent go up next year
    • Who has to pay if repairs are needed
  • Negotiating, changing or ending your lease
  • Drafting oral and unwritten agreements
  • Addressing landlord harassment/breach of contract

Call WHEDco at 347-973-0945 to set up an appointment with a lawyer.

Upcoming Events

Thurs, March 3 at noon: Q+A on Instagram Live
Join us on Instagram @southernblvd on Thurs, March 3 from 12–12:30PM to find out about your rights as a commercial tenant and ask questions affecting your business.

Thurs, March 10 at 6pm: Commercial Lease Assistance Webinar via Zoom
Join us on Zoom on March 10 from 6–7PM for an in-depth webinar on how to understand your lease, your rights & responsibilities as a tenant, and how to get free help through the CLA program.
Register at: bit.ly/bronxCLA or call 347-973-0945

Tues, March 15: Legal Clinic – Speak to a Lawyer One-on-one for Free
Schedule an appointment on March 15 to speak with a lawyer one-on-one for free. Appointment times:
2:00 PM | 2:30 PM | 3:00 PM | 3:30 PM
To make an appointment, call: 347-973-0945

The CARES Act signed at the end of March 2020 contains $376 billion in relief for American workers and small businesses. In addition to traditional SBA funding programs, the CARES Act established several new temporary programs to address the COVID-19 outbreak. Find more info about the loan programs here.

Spring Bank will be able to offer Small Business Administration (SBA) 7(a) loans through the recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act. As an SBA Preferred Lender with delegated authority to make 7(a) loans, the bank will be able to offer loans offered through the Paycheck Protection Program provision of the CARES Act. 

Here are key points of the program:

• All eligible businesses and nonprofits in operation on or before February 15, 2020 with fewer than 500 employees are eligible
• Loan proceeds may be used to maintain payroll, rent, business related debt costs.
• Loan amounts are the lesser of average monthly payroll during the last 12 months x 2.5 or $10MM
• The portion of the loan that is used for eligible purposes during the first eight (8) weeks after funding is eligible for forgiveness
• No SBA guarantee fees
• No personal guarantee
• No collateral requirement

These loans are intended to assist struggling small businesses across the country. The money can be used for payroll, rent, utility or mortgage expenses as well as interest costs on other debt obligations incurred before February 15, 2020. As more details are available, Spring Bank will be updating their website. For more details from the SBA please go to: Coronavirus (COVID-19): Small Business Guidance & Loan Resources.

The Thryv Foundation’s Small Business COVID-19 Grant Program will award grants between $2,500 and $15,000 to qualifying small business applicants. Grants will be made on a first-come, first-served basis. Applications must be submitted by April 30, 2020. 

The Bronx Overall Economic Development Corporation (BOEDC) and the Office of the Bronx Borough Present has established the Bronx Business Continuity Loan (BBCL) with the goal of providing recovery financing to businesses of the Bronx. The Bronx Business Continuity Loan Fund was created to help sustain video businesses through these challenging times caused by the Covid19 pandemic.

The use of these funds will provide local emergency business financing and bridge loan funding until government contingency financing is in place.

Eligible Companies:
For-profit entities, including service, retail and manufacturing companies operating in the Bronx and nonprofit organizations in the Bronx.

Eligible Uses:
– Payroll expense
– Commercial Mortgage / Rent
– Equipment lease options
– Insurance premium expense
– Misc. business discontinuance expense

More information, visit the BOEDC’s Facebook page or contact BOEDC’s Loan Officers:
Rafael Roger at [email protected] or 347-524-4739
Pedro Barry at [email protected] or 347-297-0071

Facebook is offering a $4000 grant for the recipients in the US ($2500 cash, $1500 in optional ads credits) to help during this challenging time. To be eligible to apply, you must:

• Be a for-profit company
• Have between 2 and 50 employees
• Have been in business for over a year
• Have experienced challenges from COVID-19
• Be in or near a location where Facebook operates

 Click here to apply. The deadline is May 5th, 2020 at 11:59pm (EST).

ebay has launched the Up and Running accelerator program to help retailers without an online presence transition to selling online. Through this program, new eBay sellers will receive:

• A free Basic eBay Store for three months
• No selling fees through June 30 (up to 500 orders)

To get started, click here.