The CARES Act in place for assistance to Small Businesses.
We recommend you contact the agencies listed below for your specific needs
The key elements to the CARES Act provide:
- Paycheck Protection Program (PPP) Loans = capital to cover the cost of retaining employees.
- Small Business Debt Relief Program = quick infusion of a smaller about of cash to cover right now.
- Economic Injury Disaster Loans (EIDL) & Emergency Economic Injury Grants = Updated application to keep up with payment on current SBA loan or apply for new loan.
- Counseling and Training = help navigating the economic crisis.
Important links and instructions to download/print:
- Small Business Owners Guide to the CARES Act
- Stimulus Small Business Explainer
- Small Business Administration Loan Application
- Long Island Small Business Development Center
- Empire State Development Resources
New updates as of April 1
- EIDL Applications- the EIDL application process has been simplified and a new application portal is live on our website right now at sba.gov/disaster. Business that successfully submitted an application or uploaded documents late last week via the temporary document upload portal do not have to take additional action as their applications have been received for processing. Anyone that was unable to complete an application on the prior application portal AND/OR did not upload their application to the document upload portal, should restart their application via the new portal.
- EIDL Advances- also available now are advances of up to $10,000 on EIDL loans. The form is part of the new EIDL application process above. If approved, these funds can be used for payroll and other operating expenses and will be forgiven. All applicants who successfully submitted an application prior to yesterday received an email notifying them of this.Below are the instructions we sent them:
This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.
If you wish to apply for the Advance on your EIDL, please visit www.SBA.gov/Disaster as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.
- EIDL and Faith-based organizations-faith-based organizations may now apply for EIDL within the new application for any public service/secular operations they may have.
Paycheck Protection Program /Stimulus questions
- PPP and stimulus related changes will be available in the coming days as SBA completes the rulemaking process, updates procedures/systems, and then on-boards lenders. Please direct businesses to the EIDL application in the interim. Businesses may benefit from both, so long as they don’t use them for the same purposes/time periods. No duplication of the use of proceeds, in other words.
- Download/print Paycheck-Protection-Program-Application-3-30-2020-v3.
- Download/print Payroll Protection Worksheet
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