Hello Business Owner,
With changes occurring every day as the nation deals with the coronavirus, here are 4 key resources for businesses today:
1. New resource page for New Rochelle businesses: Visit Coronavirus Information for Business and check back regularly for the latest info.
2. SBA Small Business loans / grants: All businesses are strongly encouraged to review federal relief available through the SBA and to apply quickly. The money is first come / first served. Details here thanks to the New Rochelle Chamber of Commerce:
Paycheck Protection Plan (PPP) loans
Lenders officially started accepting applications for Paycheck Protection Plan (PPP) loans from independent contractors and sole proprietors on April 10 in addition to the applications from other small businesses.
· PPP can be used for the sum of payments of any compensation to or income of a sole proprietor or independent contractor that is a wage, commission, income, net earnings from self-employment, or similar compensation and that is in an amount that is not more than $100,000 in one year, as pro-rated for the covered period.
· The SBA has been advising Small Businesses to apply through their current bank on their bank’s portal, if they are an SBA-approved bank. However, if your primary bank is not SBA-approved here is a link find another lender:
Find Eligible SBA Lenders
Deadline to apply is June 30. 2020
Economic Injury Disaster Loan Advance
(considered an Emergency EIDL Grant)
Businesses may receive an immediate advance (3-days) of up to $10,000 with an Economic Injury Disaster Loan Advance.
· UPDATE - the Advance will be calculated as $1000 per full time employee up to $10,000
· This advance does not have to be repaid (even if the loan is denied) as Advance will be considered an Emergency EIDL Grant.
· UPDATE - You may keep the Advance even if you choose not to take the loan.
· Application for the Advance must be made on the application for EIDL. (linked below). Check the box requesting the Advance and submit your banking information on the application as it will be a Direct Deposit.
Apply as soon as possible, deadline to apply is December 31, 2020.
Economic Injury Disaster Loans (EIDLs)
Small business owners and not-for-profits are eligible to apply for an Economic Injury Disaster Loan.
· The Economic Injury Disaster Loan Program (EIDL) can provide up to $2 million of financial assistance (actual loan amounts are based on amount of economic injury) to small businesses or private, non-profit organizations that suffer substantial economic injury as a result of the declared disaster, regardless of whether the applicant sustained physical damage.
· Apply on the SBA website:
Apply as soon as possible, the funds are capped and it’s first come, first served. Deadline to apply is December 31, 2020.
3. RXR provides volunteer assistance
RXR, the master developer for New Rochelle, has launched a new volunteer platform called, RXR Volunteer. The concept is to match organizations in need of financial support, but with little experience in navigating the world of federal relief, with volunteers with a particular skill-set. You are encouraged to visit the RXR volunteer platform to get the help you need to learn about and apply for financial assistance.
4. New Guidance for Grocery Stores issued by New York Agriculture and Markets
This guidance was created to provide owners/operators of retail grocery stores and customers with precautions to help protect New York’s vulnerable populations during this public health emergency and to clarify social distancing in retail grocery store settings. For the purpose of this guidance, retail grocery stores shall include but are not limited to supermarkets, bodegas, bakeries, specialty markets, superstores offering groceries, and warehouse clubs. See www.newrochelleny.com//retailfoodstoreguidance for compliance with these new procedures.