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.

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, must be located within NY State, and must have been in business for at least 1 year;

• 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

Paycheck Protection Program:
Established by the CARES Act, this program provides small businesses with funds to pay up to 8 weeks of payroll costs, including benefits.
More information: Small Business Paycheck Protection Program

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.
• As of September 21, 2020, the Main Street Lending program permits the submission of multi-borrower loans (loans made to multiple co-borrowers)

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.

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 

COVID-19 Assistance Program for WP Business Improvement District (BID) Members:

The White Plains BID COVID-19 Assistance Program (BIDCAP) is a multifaceted initiative that supplements existing Federal, State and City efforts to support local business owners and their employees. Under the program the WPBID will:

•  Underwrite the balance of half price gift cards  at participating small businesses downtown

•  Provide up to 100 hours of free parking validation codes through the ParkWhitePlains App to participating BID businesses

•  Market downtown White Plains businesses and the above efforts

•  Distribute face masks to BID businesses

•  Partner with Caring for COVID to support downtown restaurants and feed first responders; the WPBID will make matching contributions

For more information, go to: wpbid.com/bidcap

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