Below you can access information about federal and city resources in regards to coronavirus (COVID-19).
Federal Coronavirus Resources
The U.S. Small Business Administration’s(SBA) Economic Injury Disaster Loans offer up to $2 million to help small businesses and private non-profit organizations overcome the temporary loss of revenue they are experiencing as a result of the Coronavirus. The loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere, and 2.75% for non-profits, with a maximum term of 30 years, depending on the ability to repay. Click here for more info.
Check out the NYSBDC application guide for an excellent step-by-step explanation of applying through the SBA’s disaster loan portal. To apply you will need to complete and upload the below forms:
Additionally, you should be prepared to provide:
Personal Federal income tax returns for each principal owning 20% or more of the applicant business
2019 Business Tax Return (Filed) OR Your 2019 year-end Profit and Loss Statement and Balance Sheet & Most Recent (Filed) Business Tax Return
2020 Year to Date Profit and Loss Statement.
Please contact the Pace SBDC business advisor team at email@example.com for assistance with your application and any program questions.