The following links are provided to help stay up-to-date on responding to the Covid-19 virus from a business perspective
See the section above for health-related issues
NOT BORROWING MAY BE YOUR BEST OPTION
Reach out to your bank for payment relief
Negotiate with vendors to delay payments for supplies and services
Watch our webinar on 3/31 to see how you can still break-even with 40% downturn in business
NEW COVID-19 RELATED FEDERAL LOANSOne of the best sites to see full details is the
US Chamber of CommerceWe aren't going to try to duplicate the quality of information on the US Chamber site
, but here is a brief summary of the new loans available.
Links below go to the US Chamber of Commerce
SBA Federal Disaster Assistance |
- Signed into law March 6th
- Last resort - intended for businesses that can get no other credit
- Interest rat 3.75%
- 30 year repayment
|
SBA Paycheck Protection Program |
- CARES act - signed into law March 27th
- Borrow enough to cover payroll for 2.5 months
- Loans will be forgiven if the employer continues to employ its workers
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New York City Disaster loans |
- Be located within the five boroughs of New York City
- Demonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenue
- Employ 99 employees or fewer in total across all locations
- Demonstrate ability to repay the loan
- Have no outstanding tax liens or legal judgements
|
NYC Employee Retention Grant Program |
- Be located within the five boroughs of New York City
- Demonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenue
- Employ 1-4 employees in total across all locations
- Have been in operation for at least 6 months
- Have no outstanding tax liens or legal judgements
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BE INCREDIBLY CAREFUL about the range of short-term lending products that you will find on the internet. Many of them give misleading information about how much the loan will really cost you, and may have clauses in the fine-print that will cost you dearly.
Ideally you should start with your bank or existing lender and have their loan advisor help you find the correct solution.