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 June 10, 2020.
Reopening Plain Language Industry Guides
As a reminder, we entered Phase One on Monday, June 8, 2020. In this phase, the following industries are now allowed to resume:
- Construction
- Manufacturing
- Wholesale Trade
- Retail (curbside only)
- Non-food Agriculture
- Forestry
- Fishing
If you own a business in one of these industries, you must affirm that you have read and understand the State-issued guidelines.
If you are unclear if your business is included in Phase One, you can use this tool to check.
If you have any questions, you can reach out to us via our hotline, 888-SBS-4NYC.
Financial Assistance for Small Businesses
Changes to the Payroll Protection Program (PPP)
The Small Business Administration (SBA) changed the criteria for the PPP to be more favorable for businesses!
Key changes include:
- Time period during which the proceeds must be used: now 24 weeks from 8 weeks
- Proceeds that must be used for payroll: lowered from 75% payroll requirement to 60%
- Repayment Period for Unforgivable Loans: lengthened from 2 years to 5 years (for loans approved after 6/5/20)
- Period to Rehire Employees: extended from June 30th to December 31st, 2020
- Deferral Period (no payments required): extended to 10 months after the loan forgiveness covered period (from 6 months)
- New Exceptions will be considered for borrowers that are unable to return to the same level of business activity because of covid-19 regulations and worker safety
This program ends on June 30, 2020. Reach out to your lender to apply! Need application assistance? We can help! Learn more.
New York State Financial Assistance Programs
As a reminder, the New York Forward Loan Fund application is open. This is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE.
Businesses who have already received SBA funding through the Paycheck Protection Program (PPP) or the Economic Injury Disaster Loan (EIDL) are not eligible.
If you have any questions or need help with your application, visit nyc.gov/financingassistance to get support from our Business Solutions Centers.
Additionally, the State Department of Financial Services will issue an emergency regulation to help businesses and consumers who suffered damage from looting and vandalism. DFS is directing insurers to expedite claims, provide free mediation of disputes and accept photos as reasonable proof of loss so businesses don’t have to wait for police reports. More information is available at dfs.ny.gov.
Upcoming Opportunities
Need assistance navigating reopening and other requirements related to COVID-19?
Go to nycsmallbizcourses.eventbrite.com and search for “Assistance Overview” for general COVID-19 information including funding opportunities.
You can also search for “Reopening Guidance” to see a list of upcoming webinars designed to help you navigate requirements around reopening.
Join our Virtual Resource Fair!
We’re hosting a virtual resource fair on Friday, June 12!
Representatives from various City agencies will be on hand to answer any questions about reopening your business.
SBS and partners will provide information about:
- Requirements and guidelines to reopening
- Safety plans for reopening
- Financial assistance
- Regulatory changes
- Employee support and more
Make sure your business is prepared for any emergency at our upcoming Business PREP webinar on June 13.
From gas leaks and fires, to major hurricanes, flooding, and blackouts, NYC business owners face many challenges that can impact your operations and assets. The Department of Small Business Services (SBS) is here to help guide you through the start of a business continuity plan. Join us in starting your business continuity plan.
A View From You – A Reverse Town Hall
The City of New York Listens to the Small Business Community
For the first time during this pandemic, and in one of the first times in city history, New York City is hosting a broadcasted interactive public meeting where the public is the focus. Participants will be able to participate by phone, text, web, or call in to have their voices heard and help inform the City, which will use the information gathered from this interactive event to better assist small businesses; for example, by influencing future City guidelines for reopening and will help inform the City’s future events so that they are better catered to the needs of our local business owners.
Join Dr. Larry Schooler, Host/Executive Producer of A View From You, Joni Kletter, OATH Commissioner and Chief Administrative Law Judge, Jonnel Doris, Commissioner of NYC’s Department of Small Business Services and Melba Wilson, chef, cookbook writer and owner of Melba’s Restaurant in Harlem for this unique event! Tuesday, June 16th from 5:30 – 6:30 p.m.
For additional general guidance and information, please visit nyc.gov/coronavirus. For additional guidance for business owners, please visit nyc.gov/covid19biz.
