We will be using this page to keep you informed regarding the COVID-19 pandemic and how you can keep managing your finances and your business through the crisis.
CARES Act Information
In New York City Mayor de Blasio announced that the city will provide some relief for small businesses:
U.S. Small Business Administration (SBA) Economic Injury Disaster Loan Program
- Small business owners in New York are currently eligible to apply for a low-interest loan
- Loans are up to 2 million dollars with interest rates of 3.75% (2.75% for non profits) with repayment terms up to 30 years.
- Employers with 500 employees or less are eligible.
- Maximum loan term of up to 30 years (term is determined on a case-by-case basis).
- Credit history will be taken into account and borrower Must show ability to repay the loan.
- Collateral is required for loans over $25,000. SBA accepts real estate as collateral when applicable. SBA will not decline a loan for lack of collateral and will require borrower pledge collateral that is available.
Connecticut Recover Bridge Loan Program
- Up to $75,000 or three months of operating expenses, whatever is less
- The company must have no more than 100 employees
- Profitable prior to 3/10/20 with no adverse credit reports in the past 6 months
- 0% interest, 12 months term, with 6-month extension available
- PERSONAL GUARANTEE REQUIRED