Some Business Resources In The Time Of Covid-19 – Part II

By: Harvey Brofman

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The CARES Act (NY State Resources)

By now you have probably heard that Congress has just passed the $2.2 trillion Coronavirus Aid, Relief and Economic Security Act. The intention of the CARES Act is to assist our nation’s small businesses, certain non-profits, and other employers with their needs during the current Covid-19 crisis by providing resources necessary for survival.

Many of you know that in my other full-time job, I invest in and work with startup companies. The coronavirus pandemic has wreaked havoc on many small businesses, and I have spent a great deal of time with other investors and business leaders to dig into what kind of insight, help or other potential resources we can make available to our portfolio companies.

I thought I would share of few of the things we have found in a couple of posts here, after all, Pharmacy is one of the critical businesses open during the crisis. We thank you for that and appreciate what you are doing for our communities. This is part-II of the series.

State Economic Development Grants – New York

As of now, the state itself doesn’t seem to be offering anything. But with New York City hit hardest by the COVID-19 pandemic and Americans across the country are pulling for the greatest city in the world. In the arena of small business relief, Mayor Bill de Blasio announced 2 programs for NYC businesses impacted by the COVID-19 pandemic

NYC Employee Retention Grant Program

Benefits Available: Small businesses with fewer than 5 employees can receive a grant of up to $27,000 to cover 40% of payroll costs for 2 months
Eligible Businesses Must Meet All of the Following Requirements:
- Be located within the 5 boroughs
- Demonstrate 25% reduction in revenue
- Be in operation for at least 6 months
- No outstanding tax liens or legal judgments
Apply Here

NYC Small Business Continuity Loan Fund

Benefits Available: Businesses with fewer than 100 employees are eligible for a zero-interest loan of up to $75,000
Eligible Businesses Must Meet All of the Following Requirements:
- Be located within the 5 boroughs
- Demonstrate 25% reduction in revenue
- Be in operation for at least 2 years
- Demonstrate ability to repay the loan
- No outstanding tax liens or legal judgments
Apply Here