COVID-19 INFORMATION

NYC will make the following available:

  • 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

https://www1.nyc.gov/site/sbs/businesses/covid19-business-outreach.page
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.
Federal
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-
covid-19
Congress
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
    Credit Cards
  • Banks are seeking to work with cardholders to stretch out payments. Call your credit
    card company for information.

Interest Rate

  • The Federal Reserve lowered their interest rate by 1% Sunday night. This should lower
    prime rate, credit card rates and Line of Credit rates.

Cash Flow

  •  Look at what your highest expenses are and see how you might reduce:
    – Credit card payments
    – Rent Payments
    – Salaries

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