https://tarlow.com/wp-content/uploads/2016/05/logo.png 0 0 Joanna Castle https://tarlow.com/wp-content/uploads/2016/05/logo.png Joanna Castle2020-03-17 21:30:192020-03-17 21:30:19NYC and U.S. Small Business Administration Disaster Loan Assistance Update
Tarlow is in contact with NYC Small Business Services and other regulators to remain updated and understand how state and local responses to COVID-19, such as shutdowns or restrictions, may affect small businesses. We wanted to ensure you knew that there is potential help from both New York City and the federal government.
NYC has the following two programs available:
- For businesses with fewer than 100 employees who have seen a sales decrease of 25% or more, there is the potential for a zero-interest loan of up to $75,000.
- For small businesses with fewer than 5 employees, a grant may be available to cover 40% of payroll costs for two months to help retain employees.
The federal government Small Business Administration loan assistance program includes:
- $50 billion in funding set aside for the program.
- $2 million maximum loan and an annual interest rate of 3.75% with no prepayment penalties.
- Please click here for the latest updates on the program.
Tarlow Partners and staff members are available to work with you on both of these programs to help you get the financial assistance you need during this difficult time. We are also available to consult with you on all items related to contingency planning during this time. Please remember to use our Client Portal and do not hesitate to contact us if we can be of assistance, whether it is related to the COVID-19 situation or otherwise.