Has Coronavirus hurt your business? NYC is providing zero interest loans to help.
Dear Members and Friends of GatewayJFK,
We understand that many of our businesses have started to feel an impact related to disruptions in the market driven by the coronavirus (COVID-19) outbreak. Due to the international nature of the air cargo industry some of our businesses have been hit especially hard. Among other things, air freight charter rates ave been rising sharply as cargo shipments are taken over by medical supplies and relief aid, and huge amounts of belly cargo capacity has been withdrawn from the market due to the suspension of passenger flights.
In order to offset the negative affects from this outbreak NYC will be offering loans to small businesses to help them deal with the changes to the business environment during this time.
Your business may qualify for low-interest loans, zero-interest loansand/or employee retention grants through the NYC Department of Small Business Services (SBS).
Businesses with fewer than 100 employees, seeing a decrease in sales up to 25% or more will be eligible for zero interest loans up to $75,000 to help mitigate losses in profit.
The City is also offering eligible small businesses with fewer than five employees a grant to cover 40% of payroll costs for two months to help retain employees.
GatewayJFK will continue to work with SBS on this issue and we will continue to send out information, including on financial assistance, as more details become available. In the meantime, please fill out the below form to stay up to date on industry-specific information.
Sign up to receive email updates about COVID-19 and NYC SBS programs to help
Apply Here for a Coronavirus Business Loan from NYC
The City remains open for business. At this time, New Yorkers do not need to limit travel within the city, change where they purchase food or how they prepare it, or avoid public gatherings and public transportation. New Yorkers are reminded to stay home if they feel sick, and practice good hygiene.
Below are updated resources to help you and your business stay safe and prevent the spread of germs. This is a rapidly changing situation, visit the NYC Health website for more up-to-date information, including FAQs for employers
Please do not hesitate to contact GatewayJFK if you need small business assistance. We will work with the City, or other financial partners to make sure you get the funds you need to keep operating despite this crisis.
Thank you,
Scott Grimm-Lyon, AICP
Executive Director
GatewayJFK
Scott@GatewayJFK.org
167-43 148th Ave. # 203
Jamaica, NY 11434
516-730-3400
www.GatewayJFK.org
Tips and Resources for Business Owners:
Tips for Small Businesses Owners:
Talk to your landlord about your situation.
Call your insurance
Call your credit card company and see what they are offering
Keep written records of all of the above emails, calls, texts and conversations, when they happened, next steps and outcomes.
The IRS/Treasury/Labor have announced help regarding Tax Credits and Paid Leave. It may be worth you chatting with your accountant. Click here for the website with more information.
State, City & Federal Resources :
New York State’s Shared Work Program provides an alternative to laying off workers during business downturns Watch the video which explains how it works and how to apply, here's the website
NYC Small Business Services - Employee Retention Grant Program application process is now live. This program is available to New York City businesses with one to four employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. Eligible businesses will receive a grant covering up to 40% of their payroll for two months. Businesses can access up to $27,000. For more information and to apply, click here
The U.S. Small Business Administration’s (SBA) Economic Injury Disaster Loans offers up to $2 million in low interest loans to help small businesses overcome the temporary loss of revenue they are experiencing. The loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%. For more information, click here
Information about deferred mortgage and tax payments along with daily updates from Governor Andrew Cuomo, can be found here
File for tax abatements visit here
Information from Mayor deBlasio and the City of New York can be found here
If you or someone that you know needs personal help beyond what is mentioned above:
The Governor Andrew Cuomo announced the Department of Financial Services has issued a new directive to New York State mortgage servicers to provide 90-day mortgage relief to mortgage borrowers impacted by the novel coronavirus.
The directive includes:
a. Waiving mortgage payments based on financial hardship;
b. No negative reporting to credit bureaus;
c. Grace period for loan modification;
d. No late payment fees or online payment fees; and
e. Postponing or suspending foreclosures.
More information can be found at the NYS Dept. of Finance.Invisible Hands can help with groceries and prescription deliveries for vulnerable people. Visit www.invisiblehandsdeliver.com to request assistance.
If you are feeling extremely anxious, depressed or hopeless, text 741741 to be connected to a trained Crisis Text Line counselor. This service is free, confidential and available 24/7. For more information, visit www.crisistextline.org
Please do not hesitate to contact GatewayJFK if you need business assistance. We will work with the City, or other financial partners to make sure you get the funds you need to keep operating despite this crisis.
Thank you,
Scott Grimm-Lyon, AICP
Executive Director
GatewayJFK
Scott@GatewayJFK.org
167-43 148th Ave. # 203
Jamaica, NY 11434
516-730-3400
www.GatewayJFK.org
