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:
To help New York City’s small businesses experiencing financial distress due to the impact of COVID-19, Citizens Committee has launched the Neighborhood Business Grants. Businesses owned by people of color, immigrants, and women, and businesses that have the greatest need and minimal access to resources will be prioritized:
- The application is intended to be accessible and short, and will be reviewed on a rolling basis.
- Apply directly here
- View Step-by-step Orientation Video
- Download application in Chinese
- For Neighborhood Business Grants general inquiries, contact businessgrants@
- Spanish inquiries, contact Carla at CRodriguez@citizensnyc.org
- Chinese inquiries, contact Di at DCui@citizensnyc.org
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 may be 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
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).
- Restaurant Revitalization Fund (RRF) & Grant Opportunities: Check out the full NEWS RELEASE here. Learn about the details of the RRF Application and other updates on PPP applications/forgiveness and EIDL Increase/Advances here.
- 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