Print Friendly, PDF & Email

May 29, 2020 – Dear DHC Client,

In light of the current COVID-19 crisis, and ongoing discussions in Washington, D.C. about possible financial relief for New York – we thought it prudent to highlight, and in some cases remind you of funding opportunities for impacted businesses. Please do not hesitate to contact us directly should you have any questions, or need assistance in reviewing your options.


New York Forward Loan Fund (NYFLF) is a new economic recovery loan program aimed at supporting small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE.

To be considered, businesses must have no more than 20 full-time equivalent employees; and must not have received a prior loan from either the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loans (EIDL) in 2020. Further, annual revenue must not exceed $3 million.

Borrowers may be able to receive up to $100,000, which is not forgivable in part or whole, and must be repaid over a 5-year term at 3%. The loan can be used for working capital, inventory, marketing, refitting for social distancing guidelines, emergency maintenance, property taxes, utilities, rent and supplies.


Paycheck Protection Program (PPP) provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. The SBA resumed accepting and processing PPP applications from participating lenders on April 27, 2020. Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or tribal business with 500 or fewer employees can apply; as well sole proprietors, independent contractors and self-employed individuals. No collateral or personal guarantees are required.

Borrowers may be able to receive up to $100,000, which is not forgivable in part or whole, and must be repaid over a 5-year term at 3%. The loan can be used for working capital, inventory, marketing, refitting for social distancing guidelines, emergency maintenance, property taxes, utilities, rent and supplies.

Economic Injury Disaster Loan (EIDL) is offered through the SBA and is intended to provide economic relief to businesses that are experiencing temporary difficulties due to the COVID-19 pandemic. This program has been suspended (except for Agricultural entities); however, lawmakers are currently in discussions to include additional funding for this program in the next stimulus package.

EIDL can provide up to $2 million in financial assistance (actual loan amounts are based on amount of economic injury) to small businesses or private, non-profit organizations (with up to 500 employees). Independent contractors, sole proprietors and self-employed individuals can also access these funds. A grant advance of up to $10,000 can be made available within 3 days of application and does not have to be repaid if loan is denied. If loan is approved, EIDL can be repaid over a 30-year term at 3.75% for small businesses; and can be used for payroll, bills/accounts payable and fixed debts.

Businesses that already submitted an EIDL application, and are seeking an update can contact their federal representatives and request that they obtain a status on their application.

Main Street Lending Program was created through the CARES Act and provides support to small and medium-sized businesses by supporting the provision of credit. The availability of additional credit is intended to help companies that were in sound financial condition prior to the onset of the COVID-19 pandemic maintain their operations and payroll until conditions normalize. Businesses with up to 15,000 employees or with revenues of less than $5 billion are eligible to receive funding, once they commit to make reasonable efforts to maintain payroll and retain workers.

The minimum loan size is $500,000 and the loan must be repaid over a 4-year term at a variable rate of 1%. There are restrictions on using loan for compensation, stock purchase and dividends.


There are no existing city-funded options for businesses in response to the COVID-19 pandemic. However, businesses are encouraged to click here for updates.


Wefuder Coronavirus Loans Program provides crowdfunding for small businesses with loans ranging from $20,000 to $1 million. The only requirement is for businesses to be US-based. Wefunder charges 3.75% for funds raised, and businesses can customize interest rate and payments based on revenue; and deferred until 2021. Funds can be used for any business purpose.

Honeycomb Crowdfunded Small Business Relief Loan is making community-sourced funds available for small businesses impacted by COVID-19. Businesses must have been in operation for over a year and broke even or was otherwise profitable in 2019. Also, they must demonstrate an above-average credit score, with no delinquencies (personal or business). Between $10,000 and $50,000 can be borrowed and must be repaid within 3 years at 3.75% over initial 6-month interest-only period; and then 7.5% over a 3-year fully amortizing loan after initial 6 months. Loan can be used for working capital.

Brooklyn Chamber of Commerce Bring Back Brooklyn Fund will create access to no-interest recovery loans between $500 and $30,000.The loans will be community-driven and have flexible repayment terms. Consideration will be given to businesses that do not qualify for government or most other commercial loans; demonstrate that they were directly impacted by the COVID-19 pandemic; and plan to re-start or re-open in Brooklyn. The application process will coincide with the timeline outlined by New York State for the reopening of the economy. Once that timeline is announced,  all criteria and the application will be posted here:

Fedex Small Business Grants provide eligible businesses with $5,000, plus a $500 credit that can be used for printing banners, posters, floor graphics and custom branded boxes.

Businesses must apply by June 12, 2020 and requirements include, but are not limited to businesses with 50 employees or less, with no more than $5 million in annual sales in 2019. Further, businesses must have been in operation for more than a year as of May 25, 2020 and must have shipped with Fedex during the last year; or plan on doing so in the upcoming year.

Facebook Small Business Grants Program is offering cash grants and ad credits. Establishments that have been in business for more than a year, with 2 – 50 employees and have been impacted by COVID-19 are eligible to apply.

Stay up to date

Subscribe to receive the latest insights and news from DHC.