A number of local, state and federal programs have been announced to assist businesses adversely affected by the coronavirus. Efforts to support businesses continue to evolve and expand. As new initiatives are announced, this page will be updated to reflect the latest information available on those programs you may be eligible to benefit from.
SBA: SBA provides low-interest, long-term loans for physical and economic damage caused by a declared disaster. Visit the SBA site for more information.
[NEW] Summary of COVID-19 State Relief:
Below is breakdown of each state's small business relief programs in light of COVID-19:
[NEW] Paycheck Protection Program VS. Economic Injury Disaster Loan
Businesses that have been affected by the outbreak of COVID-19 can apply for Small Business Administration (“SBA”) relief through two programs available through the SBA – an Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP).
Click the image below to see a side-by-side analysis of each across several categories:
New York City Small Business Services: The City has established two programs providing financial assistance for small businesses in NYC seeing a reduction in revenue because ofCOVID-19.
- NYC Small Business Continuity Fund: Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible for zero interest loans of up to $75,000 to help mitigate losses in profit.
- NYC Employee Retention Grant Program: Businesses with fewer than 5 employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. will receive a grant covering up to 40% of their payroll for two months to help retain employees. Businesses can access up to $27,000.
New York State: There are currently no financial relief programs available through New York State for businesses impacted by COVID-19. Please refer to Empire State Development’s webpage on COVID-19 Related Resources.
Pennsylvania: To assist small businesses impacted by COVID-19 in Pennsylvania, the Commonwealth Financing Authority is providing relief by authorizing the transfer of $40 million to the Pennsylvania Industrial Development Authority. To learn more, visit here.
Philadelphia: The Philadelphia COVID-19 Small Business Fund is designed to provide immediate relief – in the form of grants and zero-interest loans - to Philadelphia businesses negatively impacted by COVID-19. To learn more, visit here.