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SBA Coronavirus Small Business Financial Assistance Programs

For more complete information on these programs (and other assistance options), visit SBA’s Coronavirus (COVID-19): Small Business Guidance & Loan Resources page.

The following programs in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, each administered by the U.S. Small Business Administration, are intended to assist business owners in overcoming the challenges brought by the COVID-19 pandemic.

Paycheck Protection Program

(Information in other languages here)

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. For complete information on eligibility requirements, loan specifications, application forms, forgiveness terms for previous PPP loans, etc., go here.

Who Can Apply:

The following entities affected by Coronavirus (COVID-19) may be eligible:

Previous (Second Draw) PPP Borrowers

PPP funding is also available to businesses that received an earlier PPP loan. A business is eligible for a second PPP loan of up to $2 million, provided that it:

How to Apply:

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.

If you wish to begin preparing your application, you can download the following PPP borrower application forms to see the information that will be requested from you when you apply with a lender:

First Draw – Paycheck Protection Program – Borrower Application Form (01-08-21)

Second Draw – Paycheck Protection Program – Borrower Application Form (01-08-21)

(For additional information on this program, read SBA’s “Paycheck Protection Program Frequently Asked Questions”)

If you need help completing this application, contact the New York SBDC center nearest you.

Economic Injury Disaster Loans

(Information in other languages here)

SBA is currently accepting new Economic Injury Disaster Loan (EIDL) applications from all qualified small businesses, including agricultural businesses, and private nonprofit organizations.

If you need assistance with your EIDL application, make an appointment with a New York SBDC advisor.

Click here to learn more

Who Can Apply:

Small business owners and qualified agricultural businesses in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19).

Agricultural businesses with 500 or fewer employees are now eligible as a result of new authority granted by Congress in response to the COVID-19 pandemic.

Specifications:

To apply for a COVID-19 Economic Injury Disaster Loan, click here.

For additional information, read the “Frequently Asked Questions – COVID-19 Economic Injury Disaster Loans

If you need assistance with your EIDL application, make an appointment with a New York SBDC advisor.

Shuttered Venue Operators Grant

The Shuttered Venue Operators Grant (SVOG) program offers grant funding to shuttered venues, and is being administered by SBA’s Office of Disaster Assistance. Eligible entities include:

Applications will be accepted starting April 8th, 2021. Awards will be granted in stages. Those that have suffered the greatest economic loss will be the first applications processed.

Learn more about when these stages begin (as well as other important information) here:

https://www.sba.gov/funding-programs/loans/covid-19-relief-options/shuttered-venue-operators-grant

If you need help completing this application, contact the New York SBDC center nearest you.

SBA Debt Relief

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief

The SBA Debt Relief program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis.

Under this program:

This relief is not available for Paycheck Protection Program loans or Economic Injury Disaster loans. Borrowers do not need to apply for this assistance.


SBA Express Bridge Loans

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-express-bridge-loans

Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.

TERMS:

Find an Express Bridge Loan Lender by connecting with your local SBA District Office.


What Is the Status of My Disaster Loan Application?

If you’ve completed an application for the Economic Injury Disaster Loan (EIDL), you should have a confirmation number for that application.

If you have not yet received any updates from SBA, you do not need to contact the customer service number. Your application is still pending, and is being processed in the order in which it was received.

It’s tough to ask for your patience, but please know that your applications are being worked through.