Emergency Assistance Available to Small Businesses
NY Forward Loans for Small Business & NFPs
The New York Forward Loan Fund is aimed at helping small businesses (20 or fewer employees), non-profit groups and small landlords in parts of the state that are starting to re-open after being shut down by the pandemic since March. It will have a particular focus on aiding woman- and minority-owned enterprises.
Greene County Zeroes in on COVID Disaster Relief
In response to the business damages created by the COVID-19 pandemic, Greene County has created a special disaster loan program to assist small businesses that were negatively affected.
The U.S. Small Business Administration is offering low-interest loans to small businesses struggling with the effects of COVID-19. Grants and other assistance may also be available.
SBA Economic Injury Disaster Loans (EIDL)
The U.S. Small Business Administration’s (SBA) federal disaster loan program provides low-interest loans for working capital to small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations suffering as a result of the coronavirus (COVID-19).
Comptroller DiNapoli Announces $50 Million Toward Small Business Relief, Job Retention
New York State Comptroller Thomas P. DiNapoli announced on April 27, 2020 that the New York State Common Retirement Fund (the Fund) is putting $50 million toward the federal Paycheck Protection Program (PPP).
Capital Region Advancement Funding available to Greene County Businesses
Greene County businesses are eligible for funding through the new Capital Region Advancement Fund. Administered by the Albany County Business Development Corporation (ACBDC) and capitalized with an $8 million grant from the EDA under the CARES Act, the Fund provides low-interest loans for working capital at 1.5%.
Companies must be for-profit businesses.
Companies that received the EIDL and/or PPP are eligible for funding.
Funding can be used to retain employees, cover expenses, and make necessary adjustments toward a sustainable future after the pandemic subsides.
SBA Paycheck Protection Program
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds are provided in the form of loans that will be fully forgiven when used for payroll costs,
interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.
Additional EIDL Resources
Temporary Program Suspension
On April 16, the SBA announced a temporary suspension of NEW applications under the Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL Loan) and Economic Injury Disaster Loan Advance (EIDL Advance), pending new appropriation funding from Congress.