TruFund Launches $5 Million COVID-19 Relief Fund to Support Disadvantaged Minority and Women-Owned Businesses!!!
TruFund’s small business COVID-19 relief fund is a follow up to its Small Business COVID19 Response Survey launched on March 16, 2020. The fund will include grants up to $10K (to qualified applicants), no application or closing fees for loans up to $75K. Loan interest will accrue at 3% and payments may be deferred for 9-12 months. These funds may be used for operating expenses.
Fill out the survey below to receive the application!
The Small Business Owner’s Guide to the CARES Act
As you know The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) was signed into law by the President on March 27, 2020, allocating $349 billion to small businesses and private, non-profits through multiple relief programs administered by the U.S. Small Business Administration (SBA).
Economic Injury Disaster Loan Program
The CARES Act made some changes to the SBA’s Economic Injury Disaster Loan (EIDL) Program. Highlights of the program include:
- Available to small businesses to cover economic injury resulting from the disaster.
- Provides small businesses with working capital loans of up to $2 million with an interest rate of 3.75% and a maximum 30-year term.
- EIDL Loans are processed directly through the SBA.
- Applicants may request a loan advance of up to $10,000. Funds will be made available within three (3) days of a successful application, and this loan advance will not have to be repaid. This advance may be available even if applicants were declined or still pending. Current applicants must fill out a new application even if a previous EIDL application was submitted. Applying for the advance will not impact the status or slow the existing application.
- Business owners can apply using the link below.
For further assistance with this loan program, please contact the New York Women’s Chamber at firstname.lastname@example.org
Paycheck Protection Program
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. Highlights of the Paycheck Protection Program (PPP), authorized by the CARES Act, include:
- Loans of up to $10 million with an interest rate of 0.5%.
- Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries.
- 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). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
- PPP loans, unlike EIDL loans, are processed through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. You should consult with your local lender as to whether it is participating. A list of participating lenders as well as additional information and full terms can be found at www.sba.gov.
- The program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.
- PPP loans will be available starting on Friday April 3, 2020. Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.
- Business owners can find the link to complete the application below:
NOTE: An applicant may receive an EIDL Loan and a loan from the Paycheck Protection Program as long as the basis for the loans are different.
Northern Manhattan Emergency Recovery Fund
New York-Presbyterian Hospital, in partnership with Congressman Adriano Espaillat, have launched a $10 Million Emergency Recovery Fund for Northern Manhattan small businesses and non-profits.
To qualify, businesses must be located or serve the Washington Heights, Inwood and Hamilton Heights communities, can demonstrate at least a 25% loss in revenue, been in operation for at least six months, non-profits must be an established 501(c)3, and small businesses must be a brick and mortar establishment with a maximum of 100 full and part-time employees.
El hospital, New York-Presbyterian, en asociación con el congresista Adriano Espaillat, han lanzado un fondo de recuperación de $10 millones de dólares para auxiliar a las pequeñas empresas y organizaciones sin fines de lucro del Alto Manhattan. Para calificar, las empresas deben de estar ubicadas o servir a las comunidades de Washington Heights, Inwood y Hamilton Heights. Además, deben comprobar que el negocio ha perdido al menos 25% de sus ingresos, que ha estado en funcionamiento al menos seis meses, que las empresas deben de estar ubicadas dentro de un establecimiento físico con un máximo de 100 empleados a tiempo completo o parcial. Las organizaciones sin fines de lucro deben de estar registradas bajo las regulaciones pautadas del 501(c)3 .
NYC Small Business Continuity Loan Program is Now Open!
To help small businesses deal with the impact of COVID-19, the City has launched the NYC Small Business Continuity Loan Program. This program is available to New York City businesses with fewer than 100 employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. Eligible businesses can apply for an interest-free loan up to $75,000.
- Be located within the five boroughs of New York City
- Demonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenue
- Employ fewer than 100 employees in total across all locations
- Have been in operation for at least 2 years
- Demonstrate ability to repay the loan
- Have no outstanding tax liens or legal judgements
Las empresas con menos de 100 empleados que han visto disminuciones de ventas del 25% o más serán elegibles para los préstamos de interés cero de hasta $ 75.000 a ayudar a mitigar las pérdidas en ganancias.
Las empresas deben:
- Ubicarse dentro de los cinco condados de la ciudad de Nueva York
- Demostrar que el brote COVID-19 causó al menos una disminución del 25% en ingresos
- Emplear 99 empleados o menos en total en todas las ubicaciones
- Demostrar la capacidad para pagar el préstamo
- No tienen los privilegios fiscales pendientes o juicios legales
Small Business Grants Program
Facebook knows that your business may be experiencing disruptions resulting from the global outbreak of COVID-19. We’ve heard that a little financial support can go a long way, so we are offering $100M in cash grants and ad credits to help during this challenging time.
Up to 30,000 eligible small businesses in more than 30 countries where we operate will be able to receive the grant. To be eligible to apply, you must:
- Have between 2 and 50 employees
- Have been in business for over a year
- Have experienced challenges from COVID-19
- Be in or near a location where Facebook operates
The Small Business Relief Initiative
GoFundMe has partnered with Yelp, Intuit QuickBooks, GoDaddy, and Bill.com to provide small business owners with the financial support and resources needed to continue running their businesses during and after the coronavirus crisis.
As part of the Small Business Relief Initiative, GoFundMe, Intuit QuickBooks, Yelp, GoDaddy, and Bill.com have each donated to the Small Business Relief Fund.
Grants are limited to $500 per person!