Business UpdateNew York City
- Small Businesses with fewer that 100 employees who have seen a decrease of sales of
25% or more will be eligible for no interest loans up to $75,000
- Small Businesses with fewer than 5 employees are being offered a grant of up to 40% of
payroll costs for 2 months to help retain employees.
COVID-19 SBS Information
Updated COVID-19 information, March 14, 7 PM
New York State – Unemployment
The Federal Dept. of labor approved unemployment benefits for coronavirus on Wednesday
subject to state approval. NY State is planning to vote to approve this this week.
Financing – $50 Billion in loans will be made available through the SBA to states small businesses
More information will follow; an SBA link is https://www.sba.gov/disaster-assistance/coronavirus-
The House passed, with the President’s backing, a bill that addresses, among other things,
- Paid Emergency Leave
- Enhanced Unemployment Insurance
- The Senate will take this up this week and then specifics will be made available
- Banks are seeking to work with cardholders to stretch out payments. Call your credit
card company for information.
- The Federal Reserve lowered their interest rate by 1% Sunday night. This should lower
prime rate, credit card rates and Line of Credit rates.
- Look at what your highest expenses are and see how you might reduce:
– Credit card payments
– Rent Payments