Resources for Businesses Affected by COVID-19
The impact of the COVID-19 pandemic has been devastating for millions of New Yorkers but one sector that has been hit particularly hard by the necessary restrictions and directives is small and micro-businesses.
Throughout the crisis, we have been supporting – and continue to support – our micro and small business clients and the communities we serve in multiple ways:
- We assisted 26 of our clients apply for – and successfully receive – a total of 1.4 million dollars in SBA Disaster Loans.
- We launched an Emergency Loan Fund to provide struggling clients with no-fee loans ranging from $5k to $25k at 3% interest. As of September 30, the end of FY 2020, we have disbursed 112 emergency loans totaling $1,499,845.
- We successfully submitted 164 PPP applications for clients and other small businesses, who were awarded forgivable loans totaling $2,091,262.
- In addition to the Emergency and PPP loans, we made a total of $3,591,107 in regular small business loans made during fiscal year 2020.
- We provided debt relief to 449 microloan clients and 6 small business clients for a total of $1,190,781 through the SBA CARES 6-month Payment Relief Program, covering payments due from April through September.
- We produced webinars covering a range of business and marketing topics and strategies for navigating the crisis, relief programs, and reopening, attended by over 700 participants.
- We launched an online gofundme campaign to raise funds for emergency cash grants of $500 to $1,000 to support some of our hardest-hit refugee clients. As a result of that campaign, we have awarded 96 emergency grants to date totaling $81,000.
Here are some important updates and New York state and city reopening guidelines:
Does Your Small Business need help as New York City Reopens? Accompany Capital’s #NYCReopening Micro Loan Program can help NYC businesses with loans that are eligible for the CARES Act payment forgiveness plan.
- Loans up to $50,000
- A low 3% interest rate
- Repayment terms up to 3 years
- All fees waived
- Loan repayment forgiveness for 6 months
Apply directly here
NYS REOPENING GUIDELINES
Please click below for the issued guidelines for businesses reopening for phases 2 and 3. This includes, but is not limited to, hair salons and barbershops, essential and some in-store retail, and personal care (including nail salons).
- Raising the NYS Bar Restaurant Recovery Fund: A grant opportunity implemented by the National Development Council for NYS Restaurants and establishments providing food service to help adapt to COVID-19 restrictions. Maximum $5,000 grant, MWBEs are encouraged to apply. Click here to see if you are eligible.
- New York Loan Forward Fund (NYFLF): A new economic recovery loan program aimed at supporting NYS small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE. For more info, click here.
- SBA Disaster Loan Assistance: For Federal Disaster Loans for businesses, nonprofits, homeowners, and renters click here.
- Small Business Owner’s Guide to the CARES Act: For an excellent guide from the Senate Committee on Small Business & Entrepreneurship click here.
- All Accompany Capital Workshops Are Now Being Offered Online: Watch for emails with details or check Facebook or our website.
- To Follow Updates from NYC: Click here or text COVID to 692-692
- NYC Mayor’s Office to Protect Tenants: Info & Resources for NYC tenants impacted by COVID-19
- Volunteers of Legal Services (VOLS): Frequently Asked Questions for Commercial Tenants & Immigrant-Owned Businesses in English and en Español