Financial Assistance Updates
The Small Business Administration (SBA) has changed the criteria for the PPP to be more favorable for businesses.
Key changes include:
- Time period during which the proceeds must be used: now 24 weeks from 8 weeks
- Proceeds that must be used for payroll: lowered from 75% payroll requirement to 60%
- Repayment Period for Unforgivable Loans: lengthened from 2 years to 5 years (for loans approved after 6/5/20)
- Period to Rehire Employees: extended from June 30th to December 31st, 2020
- Deferral Period (no payments required): extended to 10 months after the loan forgiveness covered period (from 6 months)
- New Exceptions will be considered for borrowers that are unable to return to the same level of business activity because of covid-19 regulations and worker safety
The deadline is August 8, 2020
The New York Forward Loan Fund application is open. This is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE.
Businesses who have already received SBA funding through the Paycheck Protection Program (PPP) or the Economic Injury Disaster Loan (EIDL) are not eligible.
Application assistance is available from our city government for both programs here.