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Coronavirus (COVID-19) Resources for Your Small Business

Everything you need to keep your business going in these challenging times.
AT
Astorian Team
Last Updated: April 14, 2020
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These are no normal times and we feel immensely for you, your business, your employees and families. We founded Astorian to bring businesses together, to help contractors win jobs that are hard to come by and to give the best companies a chance to grow and to succeed.
In response to the great pain that this pandemic has caused, Astorian has gathered this information together to make it easy for your business to receive the help you need from Federal and State governments.

Check out the list below to see all the opportunities, and don't hesitate to reach out to us at
support@astorian.com
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if there’s anything else you need.

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Federal Government Resources

Paycheck Protection Program (PPP) Loan

Who qualifies?
Any small business (500 or fewer employees, with some exceptions) across all 50 states is eligible to apply. Self-employed, sole proprietors, freelance and gig economy workers are also eligible.

What is this loan?
Created as part of the COVID-19 stimulus bill, the Paycheck Protection Program offers loans up to $10 million dollars. When businesses use the loan funds for eligible payroll, mortgage, rent, and utility expenses, 8 weeks of these expenses can be entirely forgiven from your loan — the money doesn’t need to be paid back.

How do I apply?
You apply for a PPP loan by filling out
this application
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and submitting it to a lending institution, such as your bank or credit union.

We suggest applying with the lending institution that you already have a relationship with; most banks report that they are prioritizing their existing customers.
However, if your bank is not participating, you can still submit your completed application form to any SBA Participating Lender or FDIC-insured depository institution. Check out
this spreadsheet
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to see the status of which banks are currently participating (note that this is not a complete list of all the participating banks in the country)

The trickiest part of the application is calculating your average payroll expenses.
This tool
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can help you with that.
*Note: the tool currently only works if you use one of these services for your payroll: Gusto, Justworks, Rippling, TriNet, or Zenefits
If you need to calculate your expenses on your own, you can also check out this helfpul guide
here
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Click the arrow on the left to access more details about this loan

What are the detailed terms of this loan?
This loan has a maturity of 2 years and an interest rate of 1%.
No personal guarantee or collateral is required for the loan
Payments are deferred up to six to 12 months

Can I receive both an Economic Injury Disaster Loan and a Paycheck Protection Program loan?
Yes, small businesses can get both an EIDL and a Paycheck Protection Program loan as long as they don’t pay for the same expenses. However, be sure to check with your financial advisor or lender before taking both types of loans if you are not sure of the specifics.

How does the forgiveness work?
Loans are forgiven when the proceeds are used for any of these costs:
Payroll costs, excluding prorated amounts for individuals with compensation greater than $100,000
Rent pursuant to a lease in force before February 15, 2020
Electricity, gas, water, transportation, telephone, or internet access expenses for services which began before February 15, 2020
Group health insurance premiums and other healthcare costs.

Note that your forgiveness amount may be reduced if you lay off employees or cut pay:
In order for the amounts to be forgiven, you must maintain the same average number of employees for the first eight-week period beginning on the origination date of the loan as you did from February 15, 2019 - June 30, 2019 or from January 1, 2020 until February 15, 2020. If you don’t meet this requirement, the amount forgiven is reduced.
You incur additional reductions if you cut compensation for employees who make under $100,000 by more than 25%, as compared to the most recent quarter. (The US Chamber of Commerce offers a step-by-step
 calculation here
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).
However, you won’t be penalized for a reduction in employment or wages during the period from February 15, 2020 to April 26, 2020, if you rehire employees that you previously laid off or restore any decreases in wages or salaries by June 30, 2020.

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US Small Business Administration (SBA) Economic Injury Disaster Loan

Who qualifies?
Small businesses (500 or fewer employees, with some exceptions) in all 50 US states are eligible to apply.

What is this loan?
Economic Injury Disaster Loans (EIDLs) are low-interest loans of up to $2M, and can be repaid over many years. The interest rate is 3.75% for small business (2.75% for non-profits) and the term of the loan is 30 years. As part of the COVID-19 stimulus, EIDL borrowers can also receive up to $10,000 in emergency grant funding that does not need to be paid back if spent on eligible expenses like payroll or rent.
For the grant, the amount you receive is based on the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.

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APPLY HERE
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Click the arrow on the left to access more details about this loan

What is required to get a loan?
These loans will be issued through the SBA based solely on an applicant’s credit score to help facilitate faster processing. The COVID-19 CARES Act also waives the requirement that you be unable to obtain credit elsewhere. That means you can apply even if you already have a credit line.
Loans that are smaller than $200,000 can be approved without a personal guarantee. They are also not requiring real estate as collateral and will take a general security interest in business property.
The emergency grant cash advance can be forgiven if spent on paid leave, maintaining payroll, increased costs due to supply chain disruption, mortgage or lease payments or repaying obligations that cannot be met due to revenue losses.

When will I receive the money?
The (up to) $10,000 emergency grant will be made available shortly after your application is submitted successfully, and this loan advance will not have to be repaid (if spent on eligible expenses).
For receiving the full loan amount, there is not yet a definitive timeline. Our advice is to apply as soon as you can.

How can I learn more and apply?
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APPLY HERE
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Additional information can be found
here
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SBA Express Bridge Loans

Who qualifies?
Small businesses who currently have a relationship with an SBA Express Lender.

What is this loan?
If a small business has an urgent need for cash while waiting for a decision on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan, which provides up to $25,000 with less paperwork.

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LEARN MORE HERE
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Paid Sick Leave Reimbursements

Who qualifies?
All employers with fewer than 500 employees.

What is this?
On March 18, Congress passed the Families First Coronavirus Rsponse Act (FFCRA). The Act provides employers with fewer than 500 employees with tax credits to cover the cost of providing paid sick leave.
Employers will receive 100% tax credit against their payroll tax liability up to the capped amount of benefits they must pay, including health insurance costs.

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LEARN MORE HERE
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Additional information can be found
here
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, and for more information on how to claim the tax credits, click
here
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Tax Code Changes

Who qualifies?
Different changes apply to different groups, but many businesses in the US will be able to take advantage of these new tax rules.

What are the changes?
The deadlines to FILE and PAY federal income taxes are extended to July 15, 2020. This applies to all US businesses.

The CARES Act recently passed by Congress also makes additional beneficial tax changes for businesses, including:
Employee retention tax credit
If 1.) your business operations were fully or partially suspended due to a COVID-19 shut-down order; or 2.) gross receipts declined by more than 50% compared to the same quarter in the prior year, you can get a refundable 50% tax credit on wages up to $10,000 per employee.
However it is important to note that a business cannot claim this tax credit AND receive a Paycheck Protection Program (PPP) loan.
Payroll tax payment delay
Businesses and self-employed individuals can delay their payroll tax payments. These payments, the employer share of Social Security tax owed for 2020, can instead be deferred and paid over the next two years.
There are a number of other beneficial changes as well (more information can be found in
this article
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) ー make sure to discuss with a tax professional to take advantage as much as you can.
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Business Crisis Advising

Who qualifies?
All small businesses.

What is this?
SCORE is America’s premier source of free business mentoring and education, and is now offering advice and assistance from its business mentors including help navigating financial challenges and assistance in applying for SBA disaster assistance loans.

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CONNECT WITH A FREE MENTOR HERE
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New York Resources

NYC Employee Retention Grant

Who qualifies?
Businesses with fewer than 5 employees who have seen a revenue decrease of 25% or more due to COVID-19. Businesses must have been in operation for at least 6 months.

What is this grant?
The NYC Employee Retention Grant covers 40% of payroll costs for two months to help retain employees. Businesses can access up to $27,000 in grant funding, which does not need to be repaid.
To calculate the revenue impact of COVID-19, NYC will compare the average revenue for two months in 2020 (after the COVID-19 impact) to both:
average revenue for the same two month period in 2019, and
average monthly revenue based on total 2019 revenue.
If either calculation shows at least a 25% decrease in revenue, then you meet the revenue criteria.

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LEARN MORE AND APPLY HERE
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NYC Small Business Continuity Loan Fund

Who qualifies?
Businesses with fewer than 100 employees who have seen revenue decreases of 25% or more due to COVID-19. Businesses must have been in operation for at least two years.

What is this loan?
The NYC Small Business Continuity Loan is a zero interest loan of up to $75,000.
To calculate the revenue impact of COVID-19, NYC will compare the average revenue for two months in 2020 (after the COVID-19 impact) to both:
average revenue for the same two month period in 2019, and
average monthly revenue based on total 2019 revenue.
If either calculation shows at least a 25% decrease in revenue, then you meet the revenue criteria.

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LEARN MORE AND APPLY HERE
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NY Shared Work Program

The Shared Work Program gives you an alternative to laying off workers during business downturns by allowing them to work a reduced work schedule and collect partial Unemployment Insurance benefits for up to 26 weeks. Instead of cutting staff, you can reduce the number of hours of all employees or just a certain group.
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LEARN MORE HERE
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Instructions and forms for applying can be found
here
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Commercial Lease Assistance

New York City small businsess who need help with a commercial lease issue may be eligible for free legal services.
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LEARN MORE HERE
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FAQ and Guidance for Business Owners

The NYC government has put together this guide to answer your workplace FAQs in this crisis, including information about financial and insurance relief.
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CHECK OUT THE GUIDANCE HERE
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Insurance and Financial Institutions

Insurance Policies to Help You

Contact your insurance company to determine if any of your company's policies will cover damages incurred as part of the COVID-19 pandemic. In particular, you may have protection under your Business Interruption insurance policy, if you have one.
It is possible to have business interruption coverage under another type of insurance policy. You should contact your broker to obtain an explanation of related coverage in other types of policies you may hold.

Leeway from Banks and Credit Cards

Banks and credit card companies are offering assistance to customers experiencing financial hardship due to coronavirus related business closures. Customers may have late fees waived or receive assistance with minimum payments. Financial institutions encourage customers to contact customer service for assistance.
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Wells Fargo
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Capital One
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Citi
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American Express
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NerdWallet: Credit Card Hardship Program Information
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Additional Resources

Non-New York Resources

"Business For All" Grant Program
Business for All is a national movement to lift up 100,000 small business owners to receive funding and mentorship. By completing
this application
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, you’re eligible to receive up to $50,000 in grant funding.
If your business has been severely impacted by COVID-19, please complete the full application as well as the "COVID-19 Business for All Grant" section to apply for immediate support in the form of $10,000 grants.

Forbes has put together this
Small Business Relief Tracker
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which details grants and resources available from the federal government and from over 20 cities and states including Florida, California, Michigan, Washington, Wisconsin, and more.

Kabbage has also put together a
list of state and city resources
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across the country.

Facebook has launched a grant program for small businesses. They are offering $100M in cash grants and ad credits for up to 30,000 eligible small businesses in over 30 countries.
More information is available here
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.

Resources for Individuals

The Federal government's new stimulus bill will provide direct cash payments of up to $1,200.00 per person (married couples and people with children will receive additional funds) to US citizens and permanent residents.
More information can be found here.
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The New York Times has put together a comprehensive hub of information related to government benefits, free services, and financial strategies for people whose income has fallen or been comletely cut off.
Check out the guide here.
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*Disclaimer: The information in this article is provided solely for your convenience and is not to be taken as legal or financial advice. Since rules and regulations change over time and can vary by location, consult a legal or financial advisor for specific guidance. Astorian cannot guarantee the correctness of this information or that you will receive any of the loans/grants listed here.



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