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Dear small business partner, 

 

As you know, this is a rapidly changing situation and we are here to support you, whether you are a business owner or a jobseeker.   

 

Please see below for a roundup of new developments as of May 7, 2020.   

 

Though we are still under NYS On Pause until next Friday, May 15, 2020, Governor Cuomo has outlined a series of metrics to help determine when NY can reopen, called New York Forward. You can see the outline and where we stand here. 

 

New York State's moratorium on COVID-related evictions will be extended until August 20th with fees for missed or late rent payments banned during the moratorium

 

SBS is offering daily webinars to help you learn about a range of assistance available for small businesses in NYC impacted by COVID-19.  

 

Topics include:  

• Financial assistance, including public and private funding opportunities 

• Tax, debt, and utilities relief 

• Marketing support 

• Regulatory changes 

• Employee support 

 

This webinar is offered in Mandarin every Thursday (next one is May 14), and will be held in Spanish on Monday, May 11.

 

Find the full list of dates and, and search for “Assistance Overview for NYC Small Businesses Impacted by COVID-19. 

 

Need technical assistance? Businesses can access free assistance to apply to the SBA loan products. 

 

We help businesses: 

• Understand which loan is best suited for their needs   

• Review and put together loan documents  

• Calculate loan repayment terms  

• Connect with multiple lenders – including banks, credit unions, non-profit lenders and the Small Business Administration (SBA)  

• Prepare SBA loan forgiveness documents  

• Understand loan payment deferment options  

  

 

Need legal assistance? The Small Business Legal Relief Alliance (SBLRA) is a group of legal service organizations and 15+ top law firms providing free consultations with pro bono lawyers for small businesses impacted by the COVID-19 pandemic. The Alliance serves small businesses, nonprofits and self-employed individuals in practice areas including: loan & grant, tax, commercial lease, contracts, employment, insurance, and intellectual property, among others.   

 

The NYC Food Czar, Kathryn Garcia, shared the following updates and reminders with us: 

 

Bars and restaurants are allowed to be open for take-out/delivery only. 

• On-premises licensees can sell alcohol for off-premises consumption 

• Bars and restaurants should adopt policies that promote social distancing for waiting patrons and cannot exceed 50% of capacity for patrons waiting inside the premises.

 

Face Coverings

 

All bars and restaurants must provide, and their employees must wear, a face covering when in direct contact with customers or members of the public, except where doing so would inhibit or otherwise impair the employee’s health. 

 

A face covering is any well-secured paper or cloth that covers one’s nose and mouth. Face coverings can be such items as bandanas or scarves, provided they cover the nose and mouth.  

 

Patrons must wear face coverings and practice social distancing when waiting for take-out. While bars and restaurants should adopt policies that promote social distancing, it is the customer’s responsibility to comply with social distancing requirements.  

 

Bars and restaurants can adopt a policy that prohibits customers from entering your restaurant or being served without a face covering.  

 

Guidance For Serving Alcohol Through Take-out Windows

 

While bars and restaurants are allowed to operate take-out windows onto the sidewalk for alcohol, congregating and consuming alcohol on the sidewalk is not permitted. While patrons are responsible for practicing social distancing while waiting for food and/or alcohol, bars and restaurants should adopt policies that promote social distancing and should also arrange to: 

• Manage lines to allow for social distancing 

• If there’s a take-out window onto the sidewalk, allow for enough space for those passing by to practice social distancing 

• Ensure that there is no congregating/gathering outside of the take-out window 

 

When adopting policies related to face coverings and social distancing, bars and restaurants must offer reasonable accommodations to customers with disabilities and should follow the guidance of the New York City Commission on Human Rights for “Public Accommodations Protections,” 

 

 

Tip: Ask your lender!

Ask your lender or accountant about depositing any SBA funding into a separate business banking account. They may recommend doing so, and using that account to only pay for eligible expenses outlined by the SBA, which include: payroll, mortgage interest, rent, utilities, retirement benefits, and health insurance. Separating out your SBA funds from other sources of income may help you more easily prove compliance and enable forgiveness of these loans.  

 

Grants & Loans

 

NY Presbyterian Hospital in partnership with Congressman Adriano Espaillat 
have established a $10M fund to help small businesses in Washington Heights and Inwood. The fund is being managed by the Hispanic Federation. 

If you have questions, please contact Congressman Espaillat's office:
646-678-0721
 

 
The United States Chamber of Commerce  Foundation
has made available grants of $5,000 for those businesses that qualify.  Criteria includes:

1. Employ between 3 and 20 people
2. Be located in an economically vulnerable community
3. Have been harmed financially by the COVID-19 Pandemic.  

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CARES ACT:  A massive stimulus package was passed by Congress.
The section that applies to small businesses can be found within the Paycheck Protection Program (PPP) which includes loan forgiveness for eligible businesses.  
Among the loan forgiveness provisions:
Payroll Costs
Interest payments on any mortgage incurred prior to February 15, 2020
Payment of rent on any lease in force prior to February 15, 2020
Payment on any utility for which service began before February 15, 2020                                
This is a first come, first serve program. An additional  $484 billion was just passed by Congress for small businesses, hospitals and coronavirus testing.  Please check with your bank to apply for the PPP program

Treasury Secretary Steve Mnuchin called on large businesses that applied for and received loans for PPP to return them in the near future.  (The Hill, April 22, 2020)

Quote from MNUCHIN: 

"The intent of this money was not for big public companies that have access to capital" Mnuchin said, adding that there will be severe consequences for companies that accept funds that should have gone to small businesses.

Paycheck Protection Program sample application
 

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Additional lender information:
The following are community development organizations who are also managing applications. Please contact them directly for more information.

ACCION   Loans up to $10,000 for existing clients only.
Contact:  Sandra Bojorque     
sbojorque@accioneast.com

BROOKLYN COOP   Loans  up to $250,000.  Applications accepted from non-members
Contact:  Jesus     
jesus@brooklyn.coop

Economic Industry Disaster Loan (EIDL).  

You can apply for up to $10,000 of emergency relief. Apply online and be prepared to answer multiple questions on the state of your business.
https://covid19relief.sba.gov/#/

The complete guide to the CARES Act


 

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