News Flash

COVID-19 Small Business Resources 

The Coronavirus is still present in New York. Everyone is required to wear a face covering & maintain a 6 ft. distance from others in public.

Federal Reserve Main Street Lending Program:

The Main Street Lending Program offers business loans to help eligible small and medium-sized companies through the COVID-19 pandemic.

•  Designed to help credit flow to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 crisis, but now need loans to help maintain their operations until they have recovered from, or adapted to, the impacts of the pandemic.
• The program offers 5-year loans, with floating rates, and principal and interest payments deferred as indicated in the chart below to assist businesses facing temporary cash flow interruptions.
• The loans range in size from $250,000 to $300 million – a wide range that may support a broad set of employers.
• More information is available at www.bostonfed.org/mslp.

Small Business Administration (SBA) Resources:

In addition to traditional SBA funding programs, the CARES Act established several new temporary programs to address the impact of the COVID-19 pandemic on small businesses.

EIDL Loan Advance

This low-interest loan program is aimed at providing economic relief to small businesses and not-for-profits experiencing temporary loss of revenue to the COVID-19 pandemic.  

Learn More

Please Note:
** If you need technical assistance in reviewing the SBA EIDL Loan Advance application, please email Judith Mezey, Deputy Planning Commissioner, City of White Plains,

at jmezey@whiteplainsny.gov **

SBA Express Bridge Loans

Enables small businesses who currently have a business relationship with an SBA lender to access up to $25,000 quickly.

Learn more

Need Help Filling Out an SBA Loan Application?
Westchester County is working with Volunteer New York! to connect small business owners with trained volunteers who can provide technical assistance in filling out SBA loan applications. For more information click this link:  https://www.volunteernewyork.org/vvc 

New York Forward Loan Fund:

The New York Forward Loan Fund (NYFLF) is an economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords during the COVID-19 pandemic. The NYFLF targets the state’s small businesses with 20 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits and small landlords that have seen a loss of rental income. The NYFLF is specifically timed to support businesses and organizations as they proceed to reopen and have upfront expenses to comply with
guidelines (e.g., inventory, marketing, refitting for new social distancing guidelines) under the New York Forward Plan.

This is not a first-come, first-served loan program. Applications will be reviewed on a rolling basis as regions and industries reopen.

• Small businesses and nonprofits must employ 20 or fewer full-time equivalent (FTE) employees;

• Small businesses must have gross revenues of less than $3 million per year;

• Nonprofits must provide direct services and have an annual operating budget of less than $3 million per year; and

• Have not received a loan from either SBA Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loan (EIDL) for COVID-19 in 2020.

More information on how to apply: https://esd.ny.gov/nyforwardloans-info

COVID-19 Assistance Program for WP Business Improvement District (BID) Members:
The White Plains Business Improvement District has announced the establishment of its COVID-19 Assistance Program (BIDCAP) to support businesses within the downtown business improvement district. The BIDCAP program is a multi-faceted initiative that supplements existing Federal, State and City efforts to support its member businesses. Read the full press release.

Under BIDCAP, the White Plains BID will:

• Partner with Caring for COVID to raise funds and make food purchases at downtown restaurants to coordinate delivery to first responders. Additionally, the White Plains BID will match up to $100,000 of all donations invested back into small businesses within the White Plains downtown BID. BID food establishments: If you would like to participate and receive a matching contribution, contact caringforcovid@gmail.com

• Subsidize gift card purchases at participating downtown businesses, which will allow consumers to buy gift cards at half price. A customer can purchase a gift certificate up to $200 at half cost at participating BID businesses and the WPBID will underwrite the balance for the business. Download the enrollment form.

• Provide up to 100 hours of free parking validation codes through the ParkWhitePlains App to participating BID businesses for their customers. This initiative is being done to make it easier for people to come downtown as emergency order regulations are lifted. Download the enrollment form.

• Market downtown White Plains businesses and encourage support of the local business community.

• Distribute face masks to BID businesses. Priority will be given to essential employers open currently. Contact brittany@wpbid.com

Additional Resources:

• Community Capital New York is a resource for small business lending option and resources Community Capital NY.
• One Fair Wage is providing cash assistance to tipped and service workers through a new support fund.
• GrantWatch is a search engine connecting non-profits and small businesses to grant opportunities.  

Additional Government Resources:

• The NY Forward Re-Opening Plan can be accessed here: https://forward.ny.gov/
• COVID-19 Travel Advisory: https://coronavirus.health.ny.gov/covid-19-travel-advisory
• COVID tracker: https://covid19tracker.health.ny.gov
• The Coronavirus Aid, Relief, and Economic Security (CARES) Act:
  • https://home.treasury.gov/policy-issues/cares
  • Small Business Owner’s Guide to the CARES Act