State and Federal Assistance for Business (Quick Facts):
Federal CARES Act
Relief Programs
Nassau County Restaurant Recovery Program (County) - In another effort to support small businesses during the COVID-19 pandemic, Nassau County Executive announced the County's New Restaurant Recovery Program. The Nassau County Restaurant Recovery Grant Program is intended to support full-service restaurants – the industry hit hardest by the pandemic – during the winter months when outdoor dining is limited and as restaurants adjust to New York State's COVID-19 safety restrictions and new mandates. Restaurants can begin applying on November 30, 2020 on www.nassaucountyny.gov/restaurantrecovery, where they can find all the details on eligibility criteria. The key requirements for the restaurants include: Must be in Nassau County; Must be in operation on or before March 1, 2019; Must have 50 or fewer full-time employees.
New York Forward Loan Fund (State) - On May 26, the state launched the New York Forward Loan Fund, a $100 million fund to provide flexible and affordable loans to help our small businesses, especially MWBEs (Minority and Women-Owned Business Enterprises) that did not receive federal Covid-19 assistance. The program will take a smart, targeted approach for distributing these loans, focusing on truly small businesses, with 20 or fewer employees and less than $3 million in gross revenues. If you’re a small business who didn’t get federal assistance, you should learn more about this program. To learn more and apply, visit esd.ny.gov/nyforwardloans
(SBA) COVID-19 Loans (Federal) - As part of the $2 trillion federal stimulus bill (CARES Act) passed on March 27, New York State small businesses are eligible for a number of relief benefits from the U.S. Small Business Administration (SBA). It is recommended that businesses apply now—these programs are expected to be in high demand from small businesses across the country. It’s also important to understand the programs that best suit your needs and the information needed to apply. For a guide to these programs and for help regarding the application process, go to https://esd.ny.gov/small-business-administration-sba-covid-19-loans?fbclid=IwAR1sgowm74yGQHl5RKHZ__YVx05Y1vcOm4-VTk86XF2ydCVFLwaxjVMnWaY
- Paycheck Protection Program - The PPP provides $349 billion in loans to small business, nonprofits, sole proprietors and other eligible entities with fewer than 500 employees. Loans of up to $10 million can be obtained to cover certain business costs including employee payroll, rent, insurance, paid sick or medical leave, interest on mortgage obligations and utilities. PPP loans cover costs incurred February 15, 2020 – June 30, 2020. Up to 8 weeks of eligible expenses may be forgiven. Loan repayments will be deferred for 6 months. Click here for more information on how to apply
- SBA Subsidy Loan Program - The $2 trillion CARES Act also provides benefits for businesses with existing SBA loans. Eligible businesses can apply for the SBA to pay interest and principal payments for 6 months on their existing SBA loans. For SBA loans made prior to March 27, 2020 SBA loan types eligible: 7(a), community advantage, 504 and microloans. Click here for more information on how to apply.
- SBA Economic Injury Disaster Loan (EIDL) Program - Provides small businesses and nonprofits with low-interest loans of up to $2 million to help overcome other financial losses due to COVID-19. Click here for more information on how to apply.
Organizations Available to Assist
Discover Long Island - All industry businesses can utilize this page for breaking information related to the travel industry, and upcoming opportunities for Long Island Businesses.
NY Small Business Development Centers (SBDC) - The New York Small Business Development Centers (NYSBDC) provides small business owners and entrepreneurs in New York with the highest quality, confidential business counseling, training, and business research at no cost. Get assistance with how to start a business, the small-business loan application process and more. You must schedule an appointment, and you can do so by calling at 800-732-7232, or visiting nysbdc.org/appointment.html.
Entrepreneurship Assistance Centers (EAC) Contact List - Entrepreneurship Assistance Centers (EAC) provide instruction, training, technical assistance and support services to new and aspiring entrepreneurs in local communities statewide.
Community Development Financial Institution (CDFI) Contact List - CDFIs are local financial service providers with locations throughout New York State, and often are the sole provider of banking and other financial services in communities that are not served by traditional banks and financial institutions.
New York State Department of Financial Serivces (NYSDFS) - Provides information for consumers and small businesses to help protect New Yorkers.
The US Small Business Administration (SBA) customer service center can be contacted with any questions about SBA disaster assistance at 800-659-2955.