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News and Resources for Small Business Owners

LOAN/GRANT PROGRAMS

a) Small Business Administration
Coronavirus Economic Injury Disaster Loan
http://www.nyssbdc.org/EIDL.html

Details:
Credit Requirements:

b) NYC’s Employee Retention Grant
https://www1.nyc.gov/nycbusiness/article/nyc-employee-retention-grant-program

For New York City Businesses Only:

c) Carranza Implements Automatic Deferment on Existing SBA Disaster Loans Through End of 2020
https://www.sba.gov/about-sba/sba-newsroom/press-releases-media-advisories/carranza-implements-automatic-deferment-existing-sba-disaster-loans-through-end-2020

Mar. 23, 2020 – U.S. Small Business Administration Administrator Jovita Carranza announced changes to help borrowers still paying back SBA loans from previous disasters. By making this change, deferments through December 31, 2020, will be automatic. Now, borrowers of home and business disaster loans do not have to contact SBA to request deferment.


INTERNAL REVENUE SERVICE
https://www.irs.gov/coronavirus

Contains the latest information from the IRS regarding changes in filing or paying Federal income tax returns by companies and individuals.

Among these is Notice 2020-18, in which the Treasury and IRS extended the time from April 15th to July 15th for filing Federal income tax returns and paying the income tax due.

IRS issued answers to FAQs related to this Notice. IRS plans on updating these FAQs periodically:

https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers


NEW YORK COMMUNITY TRUST
NYC COVID-19 Response & Impact Fund
https://www.nycommunitytrust.org/covid19/

Loan/grant applications being accepted from eligible 501(c)(3) nonprofit organizations based in New York City.


FOOD AND BEVERAGE INDUSTRY RELIEF FUND
Southern Smoke – Emergency Relief Program (for restaurants & restaurant workers)
https://form.southernsmoke.org/smoke/application/


JAMES BEARD FOUNDATION
JBF Food and Beverage Industry Relief Fund
https://www.jamesbeard.org/relief

At this date, they plan to launch a fund that will provide micro-grants to independent food and beverage businesses in need. A link is provided through which you can express an interest in getting application materials, which are still being developed.



GUIDANCE TO MORTGAGE SERVICERS – SUPPORT FOR BORROWERS IMPACTED BY COVID-19
New York State Department of Financial Services
www.dfs.ny.gov/industry_guidance/industry_letters/il20200319_coronavirus_mortgage_relief
Mar. 19, 2020
“In response to this crisis, the Department is issuing guidance to urge all regulated and exempt mortgage servicers to do their part during this outbreak to alleviate the adverse impact caused by COVID-19 on those mortgage borrowers (“mortgagors”) who demonstrate they are not able to make timely payments, including taking reasonable and prudent actions, and subject to the requirements of any related guarantees or insurance policies, to support those adversely impacted mortgagors by:



GUIDANCE TO FINANCIAL INSTITUTIONS REGARDING SUPPORT FOR CONSUMERS & BUSINESSES IMPACTED BY COVID-19
New York State Department of Financial Services
www.dfs.ny.gov/industry_guidance/industry_letters/il20200319_consumer_support_coronavirus
Mar. 19, 2020
“In response to this crisis, the Department is issuing guidance to urge all regulated financial institutions during this outbreak to do their part to alleviate the adverse impact caused by COVID-19 on those consumers and small businesses that can demonstrate financial hardship caused by COVID-19, including taking reasonable and prudent actions to support impacted New Yorkers by:



FAMILIES FIRST CORONAVIRUS RESPONSE ACT: EMPLOYER EXPANDED FAMILY AND MEDICAL LEAVE REQUIREMENTS
U.S. Department of Labor
Hour and Wage Division
https://www.dol.gov/agencies/whd/pandemic/ffcra-employer-paid-leave
The Families First Coronavirus Response Act (FFCRA) requires certain employers to provide their employees with expanded family and medical leave for specified reasons related to COVID-19.

These provisions will apply from the effective date through December 31, 2020.

Provisions of the FFCRA apply to certain public employers, and private employers with fewer than 500 employees. (Certain provisions may not apply to certain employers with fewer than 50 employees, but regulations on these won’t be known until April 2020).

Go to the website to learn about covered employers, duration of leave, calculation of pay, tax credits, and other information.



TECHNOLOGY TOOLS FOR SMALL BUSINESS WORKFORCES

a) OpenForBusiness https://openforbusiness.org
A list of technology companies that are helping small businesses by enabling remote work during the COVID-19 outbreak. Each company is offering its own separate deal, so be sure to read the descriptions for each, found here:

1Password (remote workforce management)
8x8 (video meetings)
Adobe Content (web conferencing platform)
Atlassian (software development tools)
Box (file sharing and collaboration platform)
Cloudflare (cybersecurity)
Google (Hangouts videoconferencing, for current customers only)
GoTo Meeting (videoconferencing)
Microsoft Teams (communication and collaboration platform)
Okta (communication and collaboration)
PandaDoc (eSignature product)
Quip (collaborative platform)
UrbanSitter (childcare search platform)
Cisco Webex (videoconferencing)
Zoho (communication and collaboration platform)

b) Zoom (video communications)
Their basic meeting plan has always been free:
https://zoom.us/pricing
Their Help Center has articles and video tutorials on how to get the most out of their product:
https://support.zoom.us/hc/en-us/

c) Slack (free version)
https://slack.com/pricing/free
Collaboration software designed for use by teams within a company/organization



EXECUTIVE ORDER
NEW YORK STATE WORKFORCE REDUCTION
FREQUENTLY ASKED QUESTIONS

From NYS Empire State Development:
https://esd.ny.gov/sites/default/files/ESD_EssentialEmployerFAQ_032220.pdf



For a quicker response, setup an online appointment. You can also call 800-732-SBDC (7232)