Month: April 2020
Spring Bank will be able to offer Small Business Administration (SBA) 7(a) loans through the recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act. As an SBA Preferred Lender with delegated authority to make 7(a) loans, the bank will be able to offer loans offered through the Paycheck Protection Program provision of the CARES Act.
Here are key points of the program:
- All eligible businesses and nonprofits in operation on or before February 15, 2020 with fewer than 500 employees are eligible
- Loan proceeds may be used to maintain payroll, rent, business related debt costs.
- Loan amounts are the lesser of average monthly payroll during the last 12 months x 2.5 or $10MM
- The portion of the loan that is used for eligible purposes during the first eight (8) weeks after funding is eligible for forgiveness
- No SBA guarantee fees
- No personal guarantee
- No collateral requirement
These loans are intended to assist struggling small businesses across the country. The money can be used for payroll, rent, utility or mortgage expenses as well as interest costs on other debt obligations incurred before February 15, 2020. As more details are available, Spring Bank will be updating their website. For more details from the SBA please go to: Coronavirus (COVID-19): Small Business Guidance & Loan Resources.
The CARES Act signed at the end of March 2020 contains $376 billion in relief for American workers and small businesses. In addition to traditional SBA funding programs, the CARES Act established several new temporary programs to address the COVID-19 outbreak. Find more info about the loan programs here.
This database is designed to provide an easily searchable resource of information and tools that will help Bronx small business owners, employees, and local residents suffering from the economic disruption caused by COVID-19.
Help support and save NYC restaurants and bars through this website. Order food, cocktails, wine, and beer for delivery or take-out and keep your local favorites in business! They are working hard to keep these lists up-to-date, but please check with individual businesses to confirm their hours, menus, and availability.
The New York City Department of Education is committed to making three free meals available daily for any New Yorker. Any New Yorker who wants one can get three free meals a day at more than 400 Meal Hubs across the city.
- Meals can be picked up at all Meal Hubs 7:30 am to 1:30 pm, Monday through Friday
- Meals Hubs will operate for children and families from 7:30 am to 11:30 am, and for adults from 11:30 am to 1:30 pm
- No one will be turned away at any time
- All adults and children can pick up three meals at one time
- Vegetarian and halal options available at all sites
- No dining space is available, so meals must be eaten off premises
- Parents and guardians may pick up meals for their children
- No registration or ID required
Use the Meal Hub lookup tool at this link to find a location near you!
This toolkit includes step by step instructions for how you can build your own mutual aid network while staying safe from the spread of COVID-19. On Wednesday, March 18, Congresswoman Alexandria Ocasio-Cortez and organizer Mariame Kaba discussed a response to COVID-19 based in community building and resource sharing — “Mutual Aid.” Mutual aid is “cooperation for the sake of the common good.” It’s getting people to come together to meet each other’s needs, recognizing that as humans, our survival is dependent on one another. If you’re interested in learning more about the long history, politics and practice of mutual aid, we encourage you to read the links we’re including at the end of this toolkit.
NYC Care is a healthcare access program that guarantees low-cost and no-cost services offered by NYC Health + Hospitals to New Yorkers who do not qualify for or cannot afford health insurance based on federal guidelines. NYC Care is the nation’s largest and most comprehensive initiative to guarantee health care for New Yorkers, regardless of immigration status or ability to pay.
Attorneys from Cleary Gottlieb present an online seminar providing an overview of key federal and state financial relief programs that are coming available to assist small businesses affected by Coronavirus, including eligibility criteria and the application process.
Because details on these and many other financial relief programs are still emerging, the team will share highlights of the information currently available, with additional updates to come in the coming weeks and months.
Given the rapidly changing financial relief landscape, please refer to this set of slides that were updated as of March 30, 2020.
The webinar below was recorded on March 30, 2020 and originally published by Start Small, Think Big.