Updated: April 27, 2020
Staten Island Small Business Development Center
College of Staten Island
Dean L. Balsamini, Director SBDC at CSI to Assist Staten Island Small Businesses During This Coronavirus Crisis
STATEN ISLAND, N.Y.
The Staten Island Small Business Development Center (SBDC) at CSI is here to assist local businesses impacted by the coronavirus (COVID-19) to apply for financial aid loans and grants, as well as develop business continuity plans.
The SBDC Team is available remotely for virtual counseling sessions through SBDC@csi.cuny.edu. As more information becomes available, updates will be circulated and posted on www.sisbdc.org/covid19-assistance.
Below is a list of financial assistance opportunities. Please connect with an SBDC advisor for assistance.
SBA Economic Injury Disaster Loan (EIDL) & Advance
Updates as of April 27th 2020:
With additional funding provided by the new COVID-19 relief package, SBA will resume processing Economic Injury Disaster Loan (EIDL) Loan and Advance applications that are already in the queue on a first come, first-served basis. We will provide further information on the availability of the EIDL portal to receive new applications (including those from agricultural enterprises) as soon as possible. To follow up on your previously submitted application, please call 800-659-2955 or email firstname.lastname@example.org, or connect with an SBDC advisor.
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to help overcome the temporary loss of revenue they are experiencing. The loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
24/7 Customer Service Hotline: 1-800-659-2955 New Link: Apply for SBA Economic Injury Disaster Loan (EIDL)Info: SBA Financial Resource Overview
SBA Payroll Protection Program (PPP)
Updates as of Monday, April 27th 2020
With additional appropriations now allocated for the Paycheck Protection Program (PPP), the SBA will resume accepting PPP applications from participating lenders today (Mon 4/27) at 10:30am EDT. If you already have an application submitted, we encourage you to follow up with your lender.
To find a participating lender, please click here for the SBA’s Lender Finder. To review the PPP application, calculate your maximum loan amount, and to discuss all other questions & inquiries, we encourage you to connect with our team of certified advisors.
The CARES Act establishes a new $349 billion Paycheck Protection Program. The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed. The new loan program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.
Eligible businesses: All small businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries
Maximum loan amount up to $10 million
Loan forgiveness if proceeds used for payroll costs and other designated business operating expenses in the 8 weeks following the date of loan origination (due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs)
All loans under this program will have the following identical features:
Interest rate of 0.5%
Maturity of 2 years
First payment deferred for six months
100% guarantee by SBA
No personal guarantees
No borrower or lender fees payable to SBA
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.
Lenders may begin processing loan applications as soon as April 3, 2020.
The Paycheck Protection Program will be available through June 30, 2020.Learn More: Payroll Protection Program (PPP)
NYC Employee Retention Grant Program
CLOSED: Friday, April 3rd by 5:00pm
To help small businesses deal with the impact of COVID-19, the City has launched the Employee Retention Grant Program to help retain employees as businesses face decreased revenue. 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.
NYC Small Business Continuity Loan Program
* Application On Pause *
NYC businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible to apply for zero interest loans of up to $75,000 to help ensure business continuity.
To be eligible businesses must:
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
The Staten Island SBDC team is dedicated to our NYS Mission of providing customized solutions through advisement, education, research and advocacy for Entrepreneurs, Innovators and the Small & Medium Enterprise community. Our team of certified advisors are experienced in Disaster Relief Counseling and are ready to provide small business owners with the guidance they need in these trying times of uncertainty. Now more than ever we are Staten Island Strong for Small Business.
As more information becomes available, updates will be circulated and posted on www.sisbdc.org/covid19-assistance.