WE WILL WORK TOGETHER AND GET THROUGH THIS!
Immediate financial assistance for Morris Park small businesses is available
From the City of New York: NYC Department of Small Business Services (SBS)
1) NYC Employee Retention Grant Program
Small businesses with 1-4 employees that suffered a 25% loss of revenue are eligible to receive a grant to cover 40% of
payroll costs for 2 months to help retain employees. Online application is now OPEN, HERE:
2) NYC Small Business Continuity Loan Fund
Businesses with less than 100 employees that suffered a loss of 25% of revenue are eligible for zero
interest loans up to $75,000, to mitigate profit loss. Online application is now OPEN, HERE:
From the Federal Government: Small Business Administration (SBA) under the CARES Act
1) Economic Injury Disaster Loan (EIDL) Grant
provides a loan with a non-reimbursable $10,000 advance grant, made available within 3 days of request directly from the
SBA, with a fast online application. The advance payment can be used by small businesses to provide sick leave to
employees, making rent or mortgage payments, maintaining payroll, etc.
OPEN ONLINE APPLICATION IS AVAILABLE NOW, HERE: https://covid19relief.sba.gov/#/
BRONX TIMES R 28 EPORTER, APRIL 3–9, 2020 BT
2) Paycheck Protection Program (PPP):
provides loans with a forgivable portion of up to 8 weeks of eligible expenses including mortgage, rent, insurance, paid
sick or medical leave, utilities and payroll costs incurred from February 15, 2020 – June 30, 2020; PPP loan repayments are
deferred for 6 months; lenders can elect to defer the loan for a total of 12 months; interest rates for PPP loans are a
maximum of 4% per year, with no fees for borrowers to apply, and no collateral requirements or personal guarantees for
the loan. Amount spent by borrower in the first 8 weeks from loan origination will be forgiven with appropriate
documentation provided to the lender. Amount not forgiven or repaid by December 31, 2020 will convert to a maximum 10
year loan at a maximum 4% interest rate per year. Additional details on PPP are pending from the SBA, and are required by
the CARES Act to be provided within 15 days of March 27, 2020.
PPP loans will be processed through approved lenders, authorized banks and non-bank lenders. Start gathering your
documentation (incorporation certificates, tax statements, payroll, rent and mortgage documentation, and
CONTACT YOUR BANKING INSTITUTION to express interest in a PPP Loan under the CARES Act.
Thank you to all medical staff supporting the Morris Park community and the City of New York!
Thank you to all residents supporting Morris Park Avenue local businesses!
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