Latest Covid-19 updates
Latest updates and Economic Assistance due to COVID 19, May 21st
The CARES act Paycheck Protection Program has already distributed 500 billion dollars of much needed funds to financially strapped businesses as of May 20th, 2020. There is still 100 billion dollars to be distributed, and we advise that companies take advantage of this SBA loan, which can also become forgivable under certain circumstances.
Independent contractors/1099 workers and self-employed individuals that have been adversely impacted by the COVID-19 pandemic are also eligible for this loan!
From what we have seen from our clients, many are having success and being approved quickly from Kabbage, an SBA facilitator from a small Bank in Cincinnati Ohio. Here is the link to apply directly:
· The Hebrew Free Loan Society recently launched a new Small Business Loan Program that offers interest free loans of up to $25000 without needing Guarantors, if you can show that your business is struggling due to COVID 19. You can contact CHYE for more information about this loan program.
· Unemployment-NEW for those self employed/freelancers
As many of you probably know, due to the pandemic, Self Employed individuals and Independent Contractors can now apply for Unemployment/PUA. Based on eligibility, you can be approved of a base weekly payment, and an additional $600 weekly (until July 31st, 2020)
Here is the link to help determine eligibility:
https://www.labor.ny.gov/ui/pdfs/pua-factsheet.pdf
For any assistance or questions, contact us
There are other financial resources available to help small businesses through this trying time. Here are some links:
· Hello Alice is offering $10,000 grants being distributed immediately to small business owners impacted by the coronavirus. For Alice Emergency Grants, visit here https://www.covid19businesscenter.com/
• Thryv Foundation is offering hardship grants to help small and medium businesses through the economic impacts of the COVID-19 pandemic. For information, visit here. https://grantspace.org/resources/knowledge-base/covid-19-emergency-financial-resources/?fbclid=IwAR2bfOXbYaLGq_SHwLWOsbtwBOJb9Jz0_1Lqppu8cnD9o-l1Q5R0ifxEyrQ
• KIVA is offering up to $15,000 in zero-interest loans for small businesses. Apply here. https://www.kiva.org/borrow/WECROWD
• GoFundMe.org Small Business Relief Fund will provide micro-grants to qualifying small businesses negatively impacted by the COVID-19 pandemic. For information, visit here. https://www.gofundme.com/f/smallbusinessrelieffund
• Salesforce Care Small Business Grants will be offering $10,000 grants to U.S. small businesses. For information, click here. https://essentials.salesforce.com/salesforce-care-for-small-business/
• Business For All is offering grants up to $50,000 to support business growth, including $10,000 emergency COVID-19 Business for All Grants to help small businesses in crisis. Apply here. https://businessforall.helloalice.com/
• Small Business Owners may qualify for a $5,000 grant from the Save Small Business Fund, created by the U.S. Chamber of Commerce Foundation. For information, click here. https://savesmallbusiness.com/
FREE LEGAL ASSISTANCE:
· The City Bar Justice Center (CBJC)’s COVID-19 Small Business Legal Clinic offers remote support for COVID-19 related inquiries from New York City small businesses and entrepreneurs. Potential clients can request an appointment for a 45-minute consultation via this link.
https://www.citybarjusticecenter.org/covid-19-small-business-remote-legal-clinic/
· The Small Business Legal Relief Alliance (SBLRA) is providing free consultations with pro bono lawyers for small businesses, non-profits, and self-employed individuals impacted by COVID-19. Learn more about practice areas and request assistance here:
https://www.sblra.org/