• This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
• Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standardsfor those industries.
• Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 500 workers. This means each store location could be eligible.

• Loan payments will also be deferred for six months.
• No collateral or personal guarantees are required.
• Neither the government nor lenders will charge small businesses any fees.
• Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.
• Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
• This loan has a maturity of 2 years and an interest rate of 1.00%.

• You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union,  and Farm Credit System institution that is participating.
• Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
• Lenders may begin processing loan applications as soon as April 3, 2020.

• The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (75% of the funds should be used to pay for payroll costs, while the remaining 25% may be used to pay for utilities, rent, and interest on indebtedness) 
• Employers may reduce compensation costs up to 25% without seeing a reduction in loan forgiveness
• Borrowers may choose to calculate eligible costs using the Covered Period (CP) or Alternative Payroll Covered Period (APCP)
• Payroll costs must be incurred and paid, but the payment may fall outside of the CP or APCP and still be counted as an eligible cost for forgiveness
• Count payroll costs that were both paid and incurred only once
• Borrowers will be required to submit the PPP Loan Forgiveness Calculation Form and PPP Schedule A
• The SBA audit period will be 6 years from the date the loan is forgiven or repaid in full. You should maintain documentation until this period expires.
• Borrowers will not see a reduction in loan forgiveness if headcount is reduced due to the following reasons: any positions for which the Borrower made a good-faith, written offer to rehire an employee during the Covered Period or the Alternative Payroll Covered Period which was rejected by the employee; and (2) any employees who during the Covered Period or the Alternative Payroll Covered Period (a) were fired for cause, (b) voluntarily resigned, or (c) voluntarily requested and received a reduction of their hours.

In general, all of the following entities that have suffered substantial economic injury caused by a disaster provided they were in existence on January 31, 2020:

• Businesses with fewer than 500 employees
• Cooperatives, ESOPs, and tribal small businesses with fewer than 500 employees
• Sole proprietors
• Independent contractors
• Most private nonprofits

• The maximum EIDL is a $2 million working capital loan at a rate of 3.75% for businesses and 2.75% for non-profits with up to a 30-year term
• Payments on Coronavirus EIDL loans are deferred for one year
• Up to $200,000 can be approved without a personal guarantee
• Approval can be based on a credit score and no first-year tax returns are required
• Borrowers do not have to prove they could not get credit elsewhere
• No collateral is required for loans of $25,000 or less. For loans of more than $25,000, general security interest in business assets will be used for collateral instead of real estate
• The borrowers must allow the SBA to review its tax records

• Eligible applicants for an EIDL can receive a $10,000 emergency grant within three days of application (through Dec. 31, 2020)
• There is no obligation to repay the grant. To receive the $10,000 emergency grant, it is not necessary to have an approved EIDL loan. However, if you are able to secure a PPP loan, the $10,000 grant will be subtracted from the forgiveness amount
• NOTE: The Paycheck Protection Program (PPP) created by the CARES Act prohibits borrowers from taking out two loans for the same purpose.

Apply online at www.SBA.gov/disaster

visit the NYC Small Business Services website.

• Must be located within the five boroughs of New York City and have no outstanding tax liens or legal judgments
• Must have been in operation for at least six months and employ 1 – 4 employees across all locations
• Be able to demonstrate the COVID-19 outbreak caused at least a 25% decrease in revenue.
  • Revenue loss – average revenue for two months in 2020 (after the COVID-19 impact) will be compared against average revenue for the same two month period in 2019 as well as average monthly revenue based on 2019 total revenue

• Financial documents for the two months in 2020 demonstrating revenue decrease
• Financial documents illustrating revenue for the same two months in 2019 (unless the company was not in business at that time)
• Financial documents showing 2019 calendar year revenue
• Most recent two months of payroll records
• Signed Participation Affidavit verifying that the company is eligible for the program and that you are applying in order to retain employees
• Bank account information
• May also include some or all of the following:
  • Point-of-sales reports
  • Bank statements
  • Quarterly sales tax filings
  • 2019 tax returns
  • CPA-certified profit & loss statements

To apply, visit the NYC Small Business Services website and complete the NYC Small Business Continuity Loan Program application. Once complete, a link will be send to access an application on a partner lender’s site.

https://www1.nyc.gov/nycbusiness/article/nyc-small-business-continuity-loan-program

• Must be located within the five boroughs of New York City and have no outstanding tax liens or legal judgments
• Must have been in operation for at two years and employee fewer than 100 employees across all locations
• Must demonstrate ability to repay the loan
• Be able to demonstrate the COVID-19 outbreak caused at least a 25% decrease in revenue.
  • Revenue loss – average revenue for two months in 2020 (after the COVID-19 impact) will be compared against average revenue for the same two month period in 2019 as well as average monthly revenue based on 2019 total revenue

• Financial documents for the two months in 2020 demonstrating revenue decrease
• Financial documents illustrating revenue for the same two months in 2019
• Financial documents showing 2019 calendar year revenue
• Signed Participation Affidavit verifying the company is eligible for the program
• May also include some or all of the following:
  • Point-of-sales reports
  • Sales reports demonstrating fees collected or earned income
  • Bank statements
  • Transaction level data from banks
  • Quarterly sales tax filings
  • Tax returns
  • Profit & loss statements