Staten Island Small Business Development Center
College of Staten Island
Dean L. Balsamini, Director
SBDC at CSI to Assist Staten Island Small Businesses During This Coronavirus Crisis
STATEN ISLAND, N.Y.
Updated: March 19, 2020
The Staten Island Small Business Development Center (SBDC) at CSI is prepared to assist local businesses impacted by the coronavirus (COVID-19) to apply for financial aid loans and grants, as well as business continuity plans. The SBDC Team is available remotely for virtual counseling sessions through SBDC@csi.cuny.edu. As more information becomes available, updates will be circulated and posted on www.sisbdc.org/covid19-assistance.
Below is a list of financial assistance opportunities. Please connect with an SBDC advisor if you need assistance.
SBA Economic Injury Disaster Loans
Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to help overcome the temporary loss of revenue they are experiencing. The loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
NYC Employee Retention Grant Program
To help small businesses deal with the impact of COVID-19, the City has launched the Employee Retention Grant Program to help retain employees as businesses face decreased revenue. This program is available to New York City businesses with one to four employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. Eligible businesses will receive a grant covering up to 40% of their payroll for two months. Businesses can access up to $27,000.
NYS DOL Shared Work Program
Shared Work – the layoff alternative. Consider the Shared Work program as you manage business cycles and seasonal adjustments. Shared Work lets you keep trained staff and avoid layoffs. Employees can receive partial Unemployment Insurance benefits while working reduced hours. Full-time, part-time and seasonal employees are eligible. The Shared Work Program helps you avoid some of the problems caused by a layoff. If you keep your employees during a temporary slowdown, you can gear up quickly when business conditions improve. You do not have the expense of recruiting, hiring, and training new employees. Also, you spare your employees the hardships of full unemployment.
NYC Small Business Continuity Loan Program
NYC businesses with fewer than 100 employees impacted by COVID-19 and experiencing a decrease in sales of 25% or more will be eligible for interest-free loans up to $75,000 to help mitigate losses in profit.
To be eligible businesses must:
- Be located within the five boroughs of New York City
- Demonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenue
- Employ 99 employees or fewer in total across all locations
- Demonstrate the ability to replay the loan
- Have no outstanding tax leins or legal judgments
The NYC Small Business Continuity Fund is not yet live, but New York City has asked that you complete this interest form here to be notified when the applications open.
The Staten Island SBDC team is dedicated to our NYS Mission of providing customized solutions through advisement, education, research and advocacy for Entrepreneurs, Innovators and the Small & Medium Enterprise community. Our team of certified advisors are experienced in Disaster Relief Counseling and are ready to provide small business owners with the guidance they need in these trying times of uncertainty. Now more than ever we are Staten Island Strong for Small Business.
As more information becomes available, updates will be circulated and posted on www.sisbdc.org/covid19-assistance.