Here is an update on newly available loans designed to alleviate the economic challenge of being a small business owner during the crisis.
Goldman Sachs 10000 Small Businesses, NYC Business, Tapestry’s Coach Foundation, and Pursuit have partnered to launch the Small Business Continuity Fund to help firms located in the five boroughs. Loans are available for up to $75,000 to be used for working capital, inventory and other investments. Businesses must have fewer than 100 employees; revenue must have decreased by 25% or more; potential borrowers have to be free of any outstanding tax liens or legal judgements. Start the application process here.
The Small Business Administration has initiated two programs. The Paycheck Protection Program is a loan enabling you to continue to meet your payroll (up to 500 employees). The loan will be forgiven if employees are kept on the payroll for eight weeks. It can also be used for rent, utilities or mortgage interest. The program extends to sole proprietors, independent contractors and self-employed persons, private nonprofits and veterans organizations. You can apply through June 30, 2020 at any SBA 7(a) lender, federally insured depository institution, federally insured credit or Farm Credit System. No collateral or personal guarantees are required; loan payments will be deferred for six months. Lenders are set to begin processing loan applications as soon as today, April 3rd. Sample application form here.
Its second new program, Economic Injury Disaster Loans and Loan Advance, provides small businesses with working capital loans of up to $2 million to help overcome any temporary loss of revenue. In addition, there is a loan advance feature for up to $10,000 that will be made available within three days of a successful application. The loan advance will not have to be repaid. To apply for a COVID-19 Economic Injury Disaster Loan, click here.
Note: Federal Reserve Bank (FRB) of NY has launched a Resource Hub to address COVID-19 challenges. The FRB is encouraging banks to work diligently with current borrowers to alleviate hardships related to loan repayments. It also recommends banks make small-dollar loans to both individuals and small business owners. Do not hesitate to talk to your lender today about how they might help you during the pandemic.
Check the FRB Resource Hub here.
Update: As for the Facebook Small Business Grant, the company still has not made the application available but is inviting you to sign up for information as it continues to develop the program. .
There has been an uptick in reported domestic violence incidents. We want you to know: If you are in a dangerous domestic situation, New York State will help you find safe shelter. You are not trapped just because of Coronavirus. If there is an issue where you are in immediate harm, call 911. If you need help, call the State’s Domestic Violence Hotline at 1-800-942-6906.
I have been in tears every night watching news of the medical professionals and other first responders as they battle COVID-19 without the necessary PPE (Personal Protective Equipment). I was profoundly touched by the people making masks on 3D printers and women sewing face masks at home, and wondered what I could do to contribute not having the ability to do either of those things.
I recently received word that one of my suppliers is now manufacturing Face Shields to help meet the demand. This allowed me to order and donate 100 Face Shields for a family friend who is a medical professional battling the pandemic at a hospital in Queens, NY. This is part of what she wrote to me: “Our hospital needs anything and everything we can get…These will absolutely make a difference and help our hospital!!”
She was so grateful, and I was so moved, that I realized some of you also might want to donate these Face Shields to your local medical professionals.
If you do, please fill out the attached form and email it back to me. (Note: you can fill it out by hand, take a picture and send me that, if easier.) The Face Shields must be purchased in sets of 100. The cost for a set of 100, including all shipping and handling costs to any address in the U.S., is $275.00. The outside of the box will have a label that says: DONATED BY [Fill in the blank]. Some further information about the Face Shields is attached.
MCC Theater (Bob LuPone, Bernie Telsey, and Will Cantler, Artistic Directors; Blake West, Executive Director) cancelled of the remainder of their 2019/2020 Season and the creation of two challenge grants to help during this difficult time.
The first Challenge Grant is the “Board Challenge Fund” created by MCC’s Board of Directors, chaired by Susan Raanan. Donations, Patron pledges, and Gift Vouchers will be matched by MCC’s Board of Directors dollar-for-dollar up to $375,000. To donate and for more information visit here.
The second Challenge Grant in the ‘Be Our Light’ campaign comes via The Robert W. Wilson Charitable Trust. Each 2020/2021 Season subscription purchased between now and June 30 will unlock an equal amount of funding for MCC from The Robert W. Wilson Charitable Trust up to $125,000. While show details of the 2020/2021 Season are yet to be announced, four-show subscription packages are now available for purchase by clicking here. These funds will be used to support MCC’s preparation for the coming season, which will be announced shortly.