Category: COVID19 Business Resource
The Bronx Overall Economic Development Corporation (BOEDC) and the Office of the Bronx Borough President has established the Bronx Business Continuity Loan (BBCL) to help sustain businesses through the Covid19 pandemic. The use of these funds will provide local emergency business financing and bridge loan funding until government contingency financing is in place.
For-profit entities, including service, retail and manufacturing companies operating in the Bronx and nonprofit organizations in the Bronx.
– Payroll expense
– Commercial Mortgage / Rent
– Equipment lease options
– Insurance premium expense
– Misc. business discontinuance expense
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.
Start Small Think Big is a nonprofit that provides free legal, marketing, and financial services to under-resourced entrepreneurs and can help you with the NYC funding applications. Visit their COVID-19 resource page for more information.
Small business owners in New York are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19) through the U.S. Small Business Administration (SBA).
The NYC COVID-19 Response & Impact Fund was created to aid nonprofit service providers struggling with the health and economic effects of the coronavirus. Continue reading NYC COVID-19 Response & Impact Fund
The Mayor’s Office of Food Policy is exploring the capacity of NYC businesses to make, provide, and deliver meals within New York City and provide other foods/groceries. The initial ask is for 25,000 meals on a consistent basis. Please indicate if you can offer Kosher, Halal, or other cultural or ethnic options.
If you are interested, fill out this form: https://forms.gle/JTqr6qvK1ogCdRea9