Federal, State, City Loans & Grants
There is financial assistance for small businesses and entrepreneurs suffering from financial challenges as a result of COVID-19 from federal, state, and city government, philanthropic, business and private resources.
We will continue to add to this list on an ongoing basis so check back often.
If you have questions filling out federal, state or city loan or grant applications visit here
The New York City Office of the Comptroller offers a comprehensive list of all Federal, State and City loans, grants and resources available to New York City small businesses here
New York Forward Loan Program
New York Forward Loan Fund (NYFLF), is a new economic recovery loan program to support New York State small businesses, nonprofits and small landlords as they reopen after the state has been on PAUSE following the COVID-19 outbreak that have not received PPP or EIDL grants or loans.
Available to small businesses, nonprofits, and small landlords with fewer than 20 full time equivalent employees, NYPLF can help with upfront expenses related to reopening (e.g., inventory, marketing, refitting for new social distancing guidelines, property taxes, utilities, rents, supplies, etc.).
The loans are not forgivable in part or whole, and need to be paid back over a 5-year term at an interest rate of 3% for businesses and landlords and 2% for nonprofits. Click here for more information and to apply
Payroll Protection Program
The Payroll Protection Program is a loan designed to help small businesses to keep their workers on the payroll. The loans will be forgiven loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities as outlined by the SBA.
This program is available to small businesses with less than 500 employees affected by COVID-19 including sole proprietorships, independent contractors, self-employed people, private non-profit organization or 501(c)(19) veteran’s organizations
To apply, contact the bank that you have a business relationship with or find a lender here
Payroll Protection Program Forgiveness
If 75% of PPP loans are used for payroll, utilities and other approved expenses, within 8-weeks after it is received, the loan will be forgiven. The guidelines and application for Payroll Protection Forgiveness can be found here
The document is long and confusing, and terms may changing. We’ll be sharing information about PPP forgiveness as it becomes clearer.
Economic Injury Disaster Loans and Loan Advance
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans to help overcome temporary loss of revenue.
The COVID-19 EIDL includes an automatic one-year deferral on repayment, though interest begins to accrue when the loan is disbursed. There are no upfront fees or early payment penalties charged by SBA. The repayment term will be determined by your ability to repay the loan. The EIDL loan advance does not have to be repaid.
For more information about EIDL visit here
email email@example.com or call 1-800-659-2955
SBA Express Bridge Loans
Businesses that are already customers of SBA Express Lenders should reach out to their existing SBA Express lender.
Philanthropic & Private Grants & Loans
We encourage businesses to apply for all resources they can. Receiving help from private institutions will not impact your ability to receive loans or grants from government resources.
NYC COVID-19 Response and Impact Fund
Bloomberg Philanthropies is offering both grants and zero-interest loans to small and mid-sized nonprofits. $75,000,000 will ultimately be made available for New York City-based nonprofits with a track record of serving New York City residents. Learn more here.
Verizon COVID-19 Response Fund
Grants of up to $10,000 for businesses facing immediate financial pressure due to COVID-19—especially entrepreneurs of color, women-owned businesses and other enterprises in historically underserved communities who don’t have access to flexible, affordable capital are available. For more information, visit here
The international non-profit, Kiva is offering up to $15,000 in loans through their crowd-funding platform. For more information, and to apply, visit here
If you have an existing brick and mortar business that has been negatively affected by the COVID-19 outbreak and you launch a capital raise on Mainvest, you may be eligible to receive a $2,000 zero-interest loan immediately*. Then through your capital raise, you can receive up to $250,000 of investment from your community.
For more information visit here
Business for All Hello Alice Grants COVID-19 Grants
Business for All Hello Alice with the support of Verizon, Silicon Valley Bank, Ebay, and others is offering $10,000 emergency grants, being distributed immediately to small business owners impacted by COVID-19. For more information and to apply visit here
Coronavirus Financial Impact Loan The Hebrew Free Loan Society is offering small zero-interest loans of $2,000 – $5,000 for individuals impacted by COVID-19. However, it may be used by small business owners to offset losses incurred during this outbreak. Visit here for more information.
Federal Express Grants for Small Businesses is offering $5,000 grants and $500 to use for printing banners, posters, floor graphics, custom posters and more to small businesses. To apply, and for more information visit here
Go Fund Me Small Business Relief Grants offers one time matching grants to small businesses that raise a minimum of $500 through the Small Business Relief Initiative or had an existing GoFundMe. For more information, visit here
These grants are in partnership with Intuit, Yelp, Intuit QuickBooks, Go Daddy and others.
Poise Bounce Back is offering $15,000 Grants to female entrepreneurs who have experienced financial hardships as a result of COVID-19 Deadline: June 30. To apply and for more information, visit here
Spanx Red Backpack Fund is offering $5,000 grants to female small business owners .To apply and for more information, visit here
Beauty Changes Lives is offering $1,000 grants to nail professionals. Applications are available here until June 30, 2020.
Brooklyn Chamber will be offering no interest loans soon. For more information, visit here