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