Below you can access information about federal, state, city and private resources in regards to coronavirus (COVID-19).

The Paycheck Protection Program (PPP) extends loans to provide an incentive for small businesses and non-profit organizations to keep their workers on the payroll. Importantly, SBA will forgive the loans if all employees are kept on the payroll for eight weeks and the loan funds are used for payroll, and other designated operating expenses. Click on the revised PPP application and go to the list of participating lenders that process PPP applications.

 

Loan amounts are calculated as up to eight weeks of average monthly payroll (based on 2019 figures) including benefits, plus an additional 40% (25% previously) of that amount used for rent, mortgage interest, or utility payments made before February 15, 2020, up to a maximum of $10 million. Go to the SBA's PPP Loan Calculation Guidelines for more detail. 

 

Some other key program details include:

  • Terms: Fixed 1% interest rate with a five-year maturity (two years previously)

  • No collateral or personal guarantee requirement, or borrower or lender fees payable to SBA

  • Payroll costs will be capped at $100,000 annualized for each employee 

  • Businesses must have been in operation on 2/15/20

  • Re-Hiring: You have until December 31, 2020 (June 30th previously) to restore your full-time employment and salary levels for any changes made between February 15, 2020, and April 26, 2020, to be eligible for loan forgiveness

  • Independent contractors and self-employed individuals are eligible 

  • Application deadline is August 8th, 2020

 

For more information, you can check out the SBA’s FAQ document as well as the Treasury Dept program overview.

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Partnership Program with the SBA, administered by the State University of New York. Funded in part through a Cooperative Agreement with the U.S. Small Business Administration.  All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. All SBA funded programs are extended to the public on a nondiscriminatory basis.

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