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CMM Coronavirus Resource Hub for Businesses

CMM Coronavirus Resource Hub for Businesses

Welcome to CMM’s Coronavirus Resource Hub for Businesses. Here you’ll find resources including disaster loan relief information, grant opportunities, articles about new legislation impacting your business, and other critical guidance for businesses to move forward, empowered by access to the information you need. This page will continue to be updated.

In addition to providing the resources below, CMM is leading the way with the launch of a first-of-its-kind coronavirus hotline. Members of the business community, regardless of whether they are CMM clients, can send any questions or concerns they have relating to the impact of the COVID-19 pandemic on their business to a dedicated email address, coronarelief@cmmllp.com. The email address will be constantly monitored and routed to the appropriate CMM attorney, who will promptly follow up with guidance at no charge. Questions may also be directed to (631) 738-6781.

As in good times, CMM is here to help businesses become as strong and resilient as possible. Do not go it alone – CMM will help you get through this. Contact us today.

ARTICLES ABOUT CORONAVIRUS-RELATED ISSUES IMPACTING YOUR BUSINESS

WEBINARS

DONATIONS/DRIVES

GENERAL INFORMATION – FEDERAL (see below on this page for SBA loan information)

GENERAL INFORMATION – NEW YORK STATE

GENERAL INFORMATION – LOCAL

SMALL BUSINESS ADMINISTRATION (SBA) LOANS

THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (CARES) ACT, signed into law on March 27, allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. The CARES Act Paycheck Protection Program (PPP) is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan for payroll and certain other expenses. 

  • An overview and eligibility requirements is available here and here.
  • View information and access a webinar about PPP loan forgiveness requirements here (dated April 23, 2020).

FEDERAL DISASTER LOANS: The US Small Business Administration (SBA) is offering designated states, including New York, low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of COVID-19. You can contact SBA’s disaster assistance customer service center at 800-659-2955 (TTY: 800-877-8339) or email disastercustomerservice@sba.gov. Learn more and apply here. Download a PowerPoint and audio recording of a presentation regarding how to apply for disaster assistance here.

Note that these loans are not ideal for short-term, immediate help. A summary of the SBA disaster loan program:

  • Low interest rate loans up to 3.75% for both for-profit and not-for-profit entities
  • Repayment terms for up to 30 years, to be determined by the SBA
  • Collateral is required for loans over $25,000
  • Loans up to $2,000,000, which can be modified as determined by the SBA
  • Can be used for payroll, fixed debts, and other bills that cannot be paid because of the disaster
  • All other financing means must be exhausted
  • Major documents required:
    • SBA loan application (can be done online)
    • Most recent Federal business tax return and an IRS form allowing the SBA to obtain copies directly from the IRS (form 4506-T)
    • Copies of Federal tax returns and form 4506-T for owners with 20% or more ownership in the business applying for the loan and for any others that have a 50% or more ownership in related businesses
    • Personal financial statements for owners with 20% or more
    • Schedule of liabilities listing all fixed debts
    • 2019 financials if 2019 tax returns are not completed
    • 2020 year-to-date P&L

FEDERAL 7(a) LOANS: The 7(a) loan program is the SBA’s primary program for providing financial assistance to small businesses. The terms and conditions, like the guaranty percentage and loan amount, may vary by the type of loan. These SBA-backed loans operate through banks and other lenders. More details here.

The SBA’s Long Island Branch Office is in Hauppauge and can be reached at 631-454-0750.  

Small business owners may also contact:

The SBDC has partnered with the SBA to provide support services for their Economic Injury Disaster Loan program. Please email  SBDC@Stonybrook.edu or click here to schedule an appointment with a business advisor.

OTHER DISASTER RELIEF LENDING & GRANTS

  • The New York Forward Loan Fund (NYFLF) is an economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE. NYFLF targets the state’s small businesses with 20 or fewer full-time equivalent (FTE) employees (90% of all businesses), nonprofits, and small landlords that have seen a loss of rental income. (Open as of May 26, 2020.)
  • Emergency Microenterprise Business Relief Grant Program (Town of Brookhaven) information available here.
  • NYC Small Business Resources are available here.
  • Facebook Small Business Grants Program: Facebook is offering $100 million in cash grants and ad credits to businesses experiencing disruptions as a result of COVID-19. Details and application information are accessible here.
  • James Beard Foundation has launched a fund to help businesses in the food and beverage community. Learn more and apply here.
  • Yelp is offering $25 million in relief, primarily focused on supporting independent local restaurant and nightlife businesses, in the form of waived advertising fees, and free advertising, products and services, during this period.
  • The NYC COVID-19 Response & Impact Fund was created to aid nonprofit service providers struggling with the health and economic effects of the coronavirus. It will give grants and loans to NYC-based nonprofits that are trying to meet the new and urgent needs that are hitting the city. Priority will be given to nonprofits addressing essential healthcare and food insecurity as well as arts and culture.
  • National Endowment for the Arts grant information for nonprofit arts organizations available here.
  • Artist Relief grant information available here.