Resources For Small Business

Small businesses owners and those who are self-employed make up the backbone of our economy in NY-19. As a member of the House Small Business Committee, I am working to fight for our small businesses and the self-employed to make sure they have the resources they need during this challenging time.

Congress has now passed three bills so far to address this crisis. The first bill included an emergency supplemental funding bill with loans for small businesses affected by the virus, enabling the Small Business Administration to provide $7 billion in low-interest loans to affected businesses. The second bill included expanded unemployment insurance, nutrition assistance for children and seniors, emergency sick leave—including reimbursing small businesses for this cost. The third bill, the CARES Act includes critically important measures for our small businesses and farmers, many of whom are self-employed. The bill includes more than $376 billion in relief for struggling small businesses, providing crucial access to grants and loans.

The CARES Act also includes a bill I introduced and fought for: the Small Business Repayment Relief Act. This ensures every small business with a qualified SBA loan automatically be relieved of their loan payments—including principal, interest, and fees—for the next six months. It provides $17 billion in federal funding for SBA to cover these payments without any action from small businesses.

If you’re a small business owner whose operation has been harmed by the coronavirus outbreak, please contact our office at 845-443-2930 to learn about available resources. 

Small Business Disaster Loans

The SBA has declared an economic disaster in New York state. If you are a small business owner in NY-19, you are eligible for an SBA economic injury disaster loan. To apply, please visit: https://covid19relief.sba.gov/#/.  If you have questions or need assistance compiling the financial information, please contact the local SBA District Office or your local small business development center. Visit www.sba.gov/local-assistance to find local help. Visit http://nyssbdc.org/appointment.html to schedule an appointment with your local SBDC.

Six months of SBA payments on qualified SBA Loan payments

The CARES Act includes the Small Business Repayment Relief Act, legislation I introduced. This triggers an automatic six month payment (covers principal, interest, and fees) by the Small Business Administration on all current and new qualified SBA loans.

No applications required, just immediate assistance for our struggling small business owners. Small business owners should contact there loan provider if they have any questions.

Emergency Economic Injury Grants

Independent contractors, self-employed, private non-profits, and small businesses and medium sized businesses with up to 500 employees, including startups, cooperatives, and ESOPs are eligible for a new emergency grant. Grants of up to $10,000 will be provided to eligible individuals within days of a successful EIDL application.

For information on applying, please contact the local SBA District Office or your local small business development center. Visit www.sba.gov/local-assistance to find local help. Visit http://nyssbdc.org/appointment.html to schedule an appointment with your local SBDC.

Paycheck Protection Program

This is a new SBA loan program for small businesses to immediately cover up to 2 months of payroll during the immediate crisis. Small and medium sized businesses of up to 500 employees, non-profits, independent contractors and self-employed workers are eligible for no-fee loans of up to $10 million, with repayment deferred for six months. The loans have a 1.00% fixed interest rate and a two-year maturity,

The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.  Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

For information on applying, please contact the local SBA District Office or your local small business development center. Visit www.sba.gov/local-assistance to find local help. Visit http://nyssbdc.org/appointment.html to schedule an appointment with your local SBDC.

Additional Small Business Resources