Small Business and Personal Assistance for Affected by COVID-19

CHYE

During these difficult uncertain and troubling times, the Federal Administration, New York State, New York City and other organizations provide resources for individuals and/or businesses.

If you are a small business and would like to reach out to us directly with questions or a need for help please email [email protected]

The following is a list of programs:

Loans

Free Hebrew Loan Society

Offering personal interest-free loans of up to $7,500 to residents of NYC, Westchester, or Long Island.

i) $5,000 with one guarantor, or $7,500 with two guarantors.

Requirements:

ii) Loan applicants must have annual pre-tax household income at or below the limits for their household size.

Household Size Household Income

1 person 84,065
2 person 96,025
3 person 107,785
4 person 119,945
5 person 129,605
6 person 139,150
7 person 148,810
8 person 158,355

iii) Coronavirus Financial Impact Loans are repayable in 20 monthly installments.

iv) Repayments will begin in July 2020 and will be made by electronic debit of your checking account.

v) One guarantor is required for all loans. If a guarantor is married, his or her spouse must also complete and sign the Guarantor Form.

vi) Documents from Borrower:

vii) Loan Application

viii) Copy of government photo-ID include signatures and serve as proof of address (e.g, driver license and/or a bill).

ix) Voided check for his/her checking account.

Documents from Guarantor (must be a USC or LPR, currently living in NYC, have a checking account, good credit, and total family income of at least $30,000 a year, and currently employed):

x) Guarantor form (signed by guarantor and by his/her spouse, if guarantor is married).

xi) Photo ID (if guarantor is married, spouse must provide photo ID as well).

How to apply?

xii) HFLS.org/coronavirus

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Small Business Administration (SBA)

Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus (COVID-19) since Jan. 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.

Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.

The deadline to apply for an Economic Injury Disaster Loan is Dec. 21, 2020.

HOW TO APPLY:

https://disasterloan.sba.gov/ela/

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NYC ASSISTANCE TO SMALL BUSINESSES

Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible for zero interest loans of up to $75,000 to help retain employees and ensure business continuity.

The City is also offering small businesses with fewer than 5 employees a grant to cover 40% of payroll costs for two months to help retain employees.

How to apply?

https://www1.nyc.gov/site/sbs/businesses/covid19-business-outreach.page

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NYC Employee Retention Grant Program:

This program is available to New York City businesses with one to four employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. Eligible businesses will receive a grant covering up to 40% of their payroll for two months. Businesses can access up to $27,000.

Who Can Apply?

Businesses, including non-profits, must:
1) Be located within the five boroughs of New York City

2) Demonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenue

3) Employ 1-4 employees in total across all locations

4) Have been in operation for at least 6 months

5) Have no outstanding tax liens or legal judgments

Supporting Documentation:

1) Financial documents for two months in 2020 demonstrating revenue decrease due to COVID-19

2) Financial documents showing your revenue for the same two months in 2019 (unless you were not in business at that time)

3) Financial documents showing your revenue for the full 2019 calendar year

4) Financial documents can include: point-of-sales reports, bank statements, quarterly sales tax filings, 2019 tax returns, or CPA-certified profit & loss statements.

5) Your most recent two months of payroll records

6) A signed Participation Affidavit verifying that you are eligible for the program and that you are applying in order to retain your employees

7) Your bank account information

How to apply:

https://www1.nyc.gov/nycbusiness/article/nyc-employee-retention-grant-program

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CHYE list of Small Business Grants From Private Companies and Non-Profits:

• Facebook has recently announced a grant program aimed at small businesses. For more information, click here. https://www.facebook.com/business/boost/grant
• Verizon Wireless, through a $2.5 million investment, is launching a Small Business Recovery Fund, that awards up to $10k per qualifying applicant. Click here for more details and to register.  https://www.lisc.org/covid-19/verizon-small-business-recovery-fund/
• The Spanx Sara Blakely Foundation Red Backpack Fund is making 1,000 grants of $5,000 each to female entrepreneurs to help alleviate the immediate needs and support the long-term recovery of those impacted by COVID-19. Visit here for more information. https://www.globalgiving.org/redbackpackfund/?fbclid=IwAR0I-JTe1ZPnSPDeDzFC2B9srrs6F-gFtvDf-WXj1p2N_WQnLYQ8MkktJ7s
• Grantspace updates their list of organizations making hardship grants to small businesses, nonprofits, individuals and artists daily here. https://grantspace.org/resources/knowledge-base/covid-19-emergency-financial-resources/?fbclid=IwAR2bfOXbYaLGq_SHwLWOsbtwBOJb9Jz0_1Lqppu8cnD9o-l1Q5R0ifxEyrQ
• Hello Alice is offering $10,000 grants being distributed immediately to small business owners impacted by the coronavirus. For Alice Emergency Grants, visit here. https://www.covid19businesscenter.com/
• Thryv Foundation is offering hardship grants to help small and medium businesses through the economic impacts of the COVID-19 pandemic. For information, visit here. https://grantspace.org/resources/knowledge-base/covid-19-emergency-financial-resources/?fbclid=IwAR2bfOXbYaLGq_SHwLWOsbtwBOJb9Jz0_1Lqppu8cnD9o-l1Q5R0ifxEyrQ
• KIVA is offering up to $15,000 in zero-interest loans for small businesses. Apply here. https://www.kiva.org/borrow/WECROWD
• GoFundMe.org Small Business Relief Fund will provide micro-grants to qualifying small businesses negatively impacted by the COVID-19 pandemic. For information, visit here. https://www.gofundme.com/f/smallbusinessrelieffund
• Salesforce Care Small Business Grants will be offering $10,000 grants to U.S. small businesses. For information, click here. https://essentials.salesforce.com/salesforce-care-for-small-business/
• Business For All is offering grants up to $50,000 to support business growth, including $10,000 emergency COVID-19 Business for All Grants to help small businesses in crisis. Apply here. https://businessforall.helloalice.com/
• Small Business Owners may qualify for a $5,000 grant from the Save Small Business Fund, created by the U.S. Chamber of Commerce Foundation. For information, click here. https://savesmallbusiness.com/

Special thanks to Arna Lipkind  Senior Constituent Services Manager, Office of NYC Council Majority Leader, Laurie A. Cumbo for sharing this list with us.

General Reliefs

Mortgage Relief:

a) Forbearing mortgage payments for 90 days from their due dates;

b) Refraining from reporting late payments to credit rating agencies for 90 days;

c) Offering mortgagors an additional 90-day grace period to complete trial loan modifications, and ensuring that late payments during the COVID-19 pandemic does not affect their ability to obtain permanent loan modifications;

d) Waiving late payment fees and any online payment fees for a period of 90 days;

e) Postponing foreclosures and evictions for 90 days; and

f) Ensuring that mortgagors do not experience a disruption of service if the mortgage servicer closes its office, including making available other avenues for mortgagors to continue to manage their accounts and to make inquiries; and

g) Proactively reaching out to mortgagors via app announcements, text, email or otherwise to explain the above-listed assistance being offered to mortgagors.

Source: https://www.governor.ny.gov/news/governor-cuomo-signs-executive-order-mandating-businesses-require-office-personnel-decrease

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Tax Return:

a) Tax Day now July 15.

b) IRS extend filing deadline and federal tax payments regardless of amount.

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Unemployment:

a) NYS is waiving the 7-day waiting period for Unemployment Insurance Benefits for people who are out of work due to COVID-19 closures or quarantines.

b) Unemployment Insurance is temporary income for eligible workers who lose their jobs through no fault of their own. To collect benefits, you must be ready, willing, and able to work, and actively looking for work during each week in which you are claiming benefits.

c) After you apply, you must claim benefits for each week that you are unemployed and looking for work, including while you are waiting for your benefits to begin

d) If you have already applied for unemployment and need to claim for your weekly benefits please log into the unemployment system here.

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Federal Family and Medical Leave Act (FMLA)

Employees are eligible to take FMLA leave if they work for a covered employer and:
Benefits:
Rent:
a) If your work schedule was reduced as a result of the coronavirus and you are unable to pay your rent, you can apply for a Cash Assistance special grant request to get benefits for emergencies.

b) NYCHA residents that experience a loss of income may qualify for a rent reduction. Households that have experienced a complete income loss may qualify for the Zero Income Policy.

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NYC Department of Education

c) The NYC Department of Education will assist families that may need remote learning devices.

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Food assistance:

d) Visit ACCESS HRA to apply for the Supplemental Nutrition Assistance Program (SNAP/food stamps)

e) NYC Department for the Aging provides home-delivered meals are available for seniors ages 60 years and older who may have disabilities, access, or functional needs.

f) Foodbank NYC has an interactive map with providers who have switched to “grab and go” meals and pantry bags to minimize the risk of exposure.

g) HungerFree NYC publishes Neighborhood Guides to Food and Assistance”. These guides cover all neighborhoods in NYC by zip code and are available in multiple languages.

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FEDERAL FORECLOSURE AND EVICTION MORATORIUM

h) Federal Housing Administration (FHA) implements an immediate foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages for the next 60 days. These moratoriums are part of the continued effort to address impacts to the financial well-being of America’s individuals, families, and businesses caused by Coronavirus (COVID-19).

https://www.hud.gov/sites/dfiles/OCHCO/documents/20-04hsgml.pdf

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iPads

i) The Department of Education is lending internet-enabled iPads to students in support of remote learning. To request a device, complete a Remote Learning Device Request Form by March 20th. Following submission, DOE will contact you to discuss pick-up arrangements. Priority will be given to students most in need. All devices are granted on a temporary basis.

https://coronavirus.schools.nyc/RemoteLearningDevices?fbclid=IwAR0a2NXjjugBJzeSeZtqyIHWNpaScxzHXrr1x-LgquAjgPuKkCpxw1vqzgI

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Immigrants and public charge

j) On March 13, US Citizenship and Immigration Services (USCIS) said that seeking or using healthcare services related to COVID-19 will NOT be considered under the public charge rule, even if the services are Medicaid-funded. Learn more from the Mayor’s Office of Immigrant Affairs (MOIA).

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Credit Card Payment Relief

The following Credit Cards are offering relief due to financial hardship: (Have to call and request)

American Express: deferred payment until May 15th, no late fee, no reporting to credit bureau

Capital One: will refund previous month interest payment, no interest on future payments until July 15th

Chase: Can defer payment to May 15th, no late fee, no reporting to credit bureau

Citi Card: refunding previous month interest payment. Call a day before next payment is due and ask about deferral

Bank of America: deferred payment to May 15th, no late fee or reporting to credit bureau

VIDEO:

Yehuda Berg presents a list of all the programs available to assist businesses affected by the Corona Virus