Important Updates* News for NY City Small Businesses & Residents!

Dear Business Owner,
The New York Women’s Chamber of Commerce is committed to helping small businesses who are suffering substantial economic hardships as a result of the Coronavirus.
Please fill out our survey below and a member of our team will follow up with you for assistance.
Complete este Cuestionario para Recibir Asistencia.
For assistance, please contact us at (212) 491-9640 or email assistance@nywcc.org
Unemployment:
A new link has step by step instructions for self-employed individuals to file a UI claim.
Apply for Financial Assistance
Verizon Small Business Recovery Fund
Grant Application is OPEN!
Before completing the appliation, please read the Grant Overview and FAQ.
Applications must be submitted by Tuesday, April 28 at 11:59PM EST.
The Small Business Owner’s Guide to the CARES Act
*SBA Updates!
*House gives final passage to $484 billion coronavirus relief bill*
The bill includes more than $320 billion for the Paycheck Protection Program, or PPP, created by the CARES Act, which was passed late last month. The program, which quickly ran out of money because of heavy demand, provides forgivable loans to small businesses that keep their employees on the payroll. The bill would also provide $60 billion in loans and grants for the Small Business Administration’s disaster relief fund, $75 billion for hospitals and $25 billion for coronavirus testing.
President Donald Trump is expected to sign the bill today.
Economic Injury Disaster Loan Program
The CARES Act made some changes to the SBA’s Economic Injury Disaster Loan (EIDL) Program. Highlights of the program include:
  • Available to small businesses to cover economic injury resulting from the disaster.
  • Provides small businesses with working capital loans of up to $2 million with an interest rate of 3.75% and a maximum 30-year term.
  • EIDL Loans are processed directly through the SBA.
  • Applicants may request a loan advance of up to $10,000. Funds will be made available within three (3) days of a successful application, and this loan advance will not have to be repaid. This advance may be available even if applicants were declined or still pending. Current applicants must fill out a new application even if a previous EIDL application was submitted. Applying for the advance will not impact the status or slow the existing application.
  • Business owners can apply using the link below.
For further assistance with this loan program, please contact the New York Women’s Chamber at assistance@nywcc.org
If you received Payroll Protection Program (“PPP”) funding from your bank, we have posted some initial guidance to help maintain records for loan forgiveness, click here to learn more. *Small Businesses should be contacting their local banks for possible loans*
Paycheck Protection Program
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. Highlights of the Paycheck Protection Program (PPP), authorized by the CARES Act, include:
  • Loans of up to $10 million with an interest rate of 0.5%.
  • Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries.
  • Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
  • PPP loans, unlike EIDL loans, are processed 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. You should consult with your local lender(bank) as to whether it is participating.
  • The program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020
  • Business owners can find the link to complete the application below:
NOTE: An applicant may receive an EIDL Loan and a loan from the Paycheck Protection Program as long as the basis for the loans are different.
For further assistance with this loan program, please contact the New York Women’s Chamber at assistance@nywcc.org
En Español
El hospital, New York-Presbyterian, en asociación con el congresista Adriano Espaillat, han lanzado un fondo de recuperación de $10 millones de dólares para auxiliar a las pequeñas empresas y organizaciones sin fines de lucro del Alto Manhattan. Para calificar, las empresas deben de estar ubicadas o servir a las comunidades de Washington Heights, Inwood y Hamilton Heights. Además, deben comprobar que el negocio ha perdido al menos 25% de sus ingresos, que ha estado en funcionamiento al menos seis meses, que las empresas deben de estar ubicadas dentro de un establecimiento físico con un máximo de 100 empleados a tiempo completo o parcial. Las organizaciones sin fines de lucro deben de estar registradas bajo las regulaciones pautadas del 501(c)3 .
Para obtener más ayuda con este programa de subvenciones, comuníquese con la Cámara de Mujeres de Nueva York en emprendedoras@nywcc.org
COVID-19 RELIEF FUND APPLICATION
Robin Hood anticipates making grants to 501(c)(3) organizations in New York City that are well-positioned to serve low-income communities. The initial grants, expected to last three months in duration, will average $45,000. The purpose of these grants is to provide resources to support nonprofits that are on the front lines of this work and can move swiftly to serve affected communities.The Fund is Accepting Applications From Organizations on a rolling basis for immediate response grants.
Robin Hood will only fund 501(c)(3) organizations providing services in New York City.
Empowered Women Empower Women
Since its inception, Spanx and The Spanx by Sara Blakely Foundation have been dedicated to elevating and supporting women through entrepreneurship. Knowing the ripple effect that empowering women can have to strengthen neighborhoods, cities and countries, The Spanx by Sara Blakely Foundation donated $5 million to support female entrepreneurs in the wake of COVID-19 and teamed up with GlobalGiving to establish The Red Backpack Fund. GlobalGiving will be overseeing the fund, making 1,000 grants of $5,000 each to female entrepreneurs in the U.S. to help alleviate the immediate needs and support the long-term recovery of those impacted by this crisis.
Brooklyn COVID-19 Response Fund
The Brooklyn COVID-19 Response Fund will operate in alignment with the Foundation’s racial justice lens, which prioritizes support for nonprofits that work towards racial equity, are led by members of affected communities, and center the voices of those directly impacted by structural racism in decision-making.
The Fund is accepting applications on a rolling basis for immediate response grants of up to $10,000
*Applications will be reviewed on a rolling basis!
Global NY Fund Loan Program
The Global NY Loan Fund is open to New York State companies seeking financing to create or expand direct exports, or to serve as suppliers to larger exporters. Loans are available to purchase equipment, inventory, working capital to support foreign accounts receivable, export lines or credit, or long-term financing. ESD is also offering interest-free loans for Distilled and Fermented Beverage industry businesses to promote New York State’s thriving beverage industry on a global scale.
The Global New York Loan Fund Program is a partnership with participating lenders to provide export financing of up to $500,000, for each transaction; or an aggregate of $1,000,000 to eligible New York State small and mid-sized businesses.
ESD is also offering interest-free loans of up to $50,000 for Distilled and Fermented Beverage industry businesses to promote New York State’s thriving beverage industry on a global scale. Companies must apply to ESD for these loans.
The Bronx Overall Economic Development Corporation (BOEDC) and the Office of the Bronx Business Continuity Loan (BBCL) with the goal of providing recovery financing
to business of the Bronx.
Eligible Companies: For-profit entities, including service, retail manufacturing companies operating in the Bronx and nonprofit organizations located in the Bronx. (Schools and residential buildings are excluded.)
Eligible Uses:
  • Payroll expense
  • Commercial Mortgage/Rent
  • Equipment lease payments
  • Insurance premium expense
  • Miscellaneous business discontinuance expense
Loan Amount
Minimum: $25, 000
Maximum: $100,000
Loan Term
Up to 2 Years (24 Months)
Grace Period
The first payment will be do 90 days after the fudning
Loan Rate
0%
Fee:Application Fee $25
(non-refundable)
TRUFUND LAUNCHES $5 MILLION COVID-19 RELIEF FUND TO SUPPORT DISADVANTAGED MINORITY AND WOMEN OWNED BUSINESSES!!!
TruFund’s small business COVID-19 relief fund is a follow up to its
Small Business COVID19 Response Survey launched on March 16, 2020. The fund will include grants up to $10K (to qualified applicants), no application or closing fees for loans up to $75K. Loan interest will accrue at 3% and payments may be deferred for 9-12 months. These funds may be used for operating expenses.
Fill out the survey below to receive the application!
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