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Emergency Relief: Loans and Grants for Small Businesses

Emergency Relief: Loans and Grants for Small Businesses

CARES Act Webinar

Senate Passed Version: https://caresactny.eventbrite.com

 

Join me for an In-Depth Review of CARES Act Relief Opportunities
including:

  • *SBA 7(a) Loan Changes
  • *Employee Retention Credit & Interaction with 7(a) and EIDL
  • *Economic Injury Disaster Loans
  • *NY City Loan and Grant Offerings

CARES Act SBA 7(a) Loan

CARES Act SBA 7(a)-Vast New Relief is Offered Hereunder with Some of the Loan
applicable for Forgiveness but application process is not yet available and may not be available for a few more days. Once available the process should be fast to apply and receive funds.

Highlights:

Loan amount up to $10,000,000

Interest rate of 4%

10-year loan

Payment deferral

Unsecured and no personal guarantee

Eligible for loan forgiveness

Employee Retention Credit:

Must have been closed, partially closed, or show revenue down more than 50% in a quarter due to Government related policies for COVID-19

Credit for 50% of wages paid to employees (where employer under 100), $10,000 max total per employee during relevant quarters

Cannot take this credit and the 7(a) Loan

Overage is paid as a refund

Emergency Disaster Relief Loan

Emergency Disaster Relief Loan – Emergency Disaster Relief Loan – SBA Loan Approved for States deemed Disaster Areas due to COVID-19. No Forgiveness options.

Highlights:

Loan amount up to $2,000,000

Emergency Grant: Up to $10,000.00 within 3 days of application which does not have to be repaid. Must be used for specific business continuity purposes.

3.75% interest rate for For-Profit companies

2.75% interest rate for Not-For-Profit companies

Loan term not to exceed 30 years

NYC Employee Retention Grant Program

NYC Employee Retention Grant Program – Offered by City of NY

Highlights:

Must show 25% decrease in revenue

NY City Business only

1 - 4 Employees required

Grant covering up to 40% of their payroll for two months

Access up to $27,000

Applying for this could diminish available funds under SBA 7(a) Loan

NYC Small Business Continuity Loan Fund

NYC Small Business Continuity Loan Fund– Offered by City of NY

Highlights:

New York City businesses

Under 100 employees

25% decrease in revenue as a result of COVID-19

Funds under this could diminish available fund under SBA 7(a) Loan or EIDL

Interest-free loan up to $75,000

Facebook Grants: https://www.facebook.com/business/boost/grants

Facebook is offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries where we operate. We’ll share more details as they become available

Are you seeking legal advising on Employment or Business Issues?
Email me at counsel@dlcesq.com

Families First Coronavirus Response Act
and NY State Covid Leave Webinar

Did you miss it?

Watch the full webinar free here. (Note the slides appear after the first few minutes)

Legal Resources

Families First Coronavirus Response Act Info

https://www.dol.gov/agencies/whd/pandemic/ffcra-employee-paid-leave

NY State Covid Leave Information

https://paidfamilyleave.ny.gov/COVID19

Updated NY State Paid Family Leave and Disability Info

https://paidfamilyleave.ny.gov/COVID19

Financial Resources