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Coronavirus (COVID-19) Resources for Your Small Business

Everything you need to keep your business going in these challenging times.
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
if there’s anything else you need.



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
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
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.
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

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



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.



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



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.



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.

Additional information can be found
, and
for more information on how to claim the tax credits, click


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
) ー make sure to discuss with a tax professional to take advantage as much as you can.


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.



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.



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.



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.
Instructions and forms for applying can be found


Commercial Lease Assistance

New York City small businsess who need help with a commercial lease issue may be eligible for free legal services.


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.


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.


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
, 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
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
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.
.

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.

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.


*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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