Most relevant websites for funding
Employer [Summary slides]
Employee [Summary slides]
1. Reopening Business and Economy
2. Data and map of coronavirus cases
US state- and county-level and global confirmed case counts, testing locations, news, supplies, trends, videos, and job tracker.
US state-level and county-level case counts live tracker.
Hospital resource use, including beds, ICU beds, invasive ventilators needs and projected shortage.
Statewide and county-level cases, tests, and demographics
US and global case counts, news, guide, and impact.
Zip code level data for Long Island.
3. Employer responsibility and employee rights during crisis
The Families First Coronavirus Response Act (FFCRA) requires certain employers to provide employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. The Department of Labor’s (Department) Wage and Hour Division (WHD) administers and enforces the new law’s paid leave requirements. These provisions will apply from the effective date through December 31, 2020.
The CARES Act rolls out the Economic Injury Disaster Loan Program (EIDL) and Paycheck Protection Program (PPP) to assist small businesses, with the goal to incentivize businesses to keep workers on the payroll.
4. Federal relief and stimulus programs
| Summary slides (English) | Summary slides (Chinese) | Summary Video |
Federal Disaster Loans for Businesses, Private Nonprofits, Homeowners, and Renters. Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. New York State Small Businesses applying SBA Coronavirus Economic Injury Disaster Loan, click HERE and HERE.
● SBA Paycheck Protection Program [Summary slides (English), Video]
The Paycheck Protection Program authorized by the CARES Act makes loans of up to $10 million available to certain qualified small businesses. These loans are intended to be forgivable if the borrower maintains employees and otherwise complies with the CARES Act. You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.
Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster Loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan. To apply SBA Express Bridge Loans, click HERE.
Credit support to small and medium-sized businesses and their employees with loan size between $500,000 to $200 million. Not grants, and cannot be forgiven.
Federal Reserve takes additional actions to provide up to $2.3 trillion in loans to support the economy on April 9. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic. Included actions are (1) bolster the SBA PPP by supplying liquidity; (2) Ensure credits flow to small and mid-sized businesses with the purchase of up to $600 billion in loans; (3) increase the flow of credit to households and businesses by purchasing corporate debt, asset-backed securities loans; (4) help state and local governments manage cash flow stresses by offering up to $500 billion in lending to states and municipalities.
Individuals will be able to defer up to $1 million in tax payments to the IRS for 90 days, and corporations would be able to defer up to $10 million in tax payments.
5. Government and nonprofit funding sources
SBA provides a number of loan resources for small businesses to utilize when operating their business. For more information on loans or how to connect with a lender, visit HERE
SBA Disaster Assistance through the Stony Brook SBDC in response to the Coronavirus. A Business Advisor will help you through the abundance of resources available for your particular business/industry and to avoid the most common mistake of incomplete or inaccurate Economic Injury Disaster Assistance Loan application.
SBA Coronavirus Small Business Financial Assistance Programs, click HERE; Schedule online appointment with a business advisor, clcik HERE; Applying SBA Coronavirus Economic Injury Disaster Loan click HERE; Applying Paycheck Protection Program Loan click HERE.
How to Apply for an SBA Disaster Relief Loan; For everything you need to know about applying for a small business loan, click HERE
Coronavirus Emergency Loans Small Business Guide and Checklist
Remote Mentoring: Mentors offer free, personalized assistance to address the current crisis to help you adapt your business. Remote mentoring services are available via phone, email, video and chat. To find a mentor, go to https://www.score.org/find-mentor
6. Non-profit funding sources
A searchable database of over $1 trillion in COVID-19 cash relief resources available to small business and nonprofit entrepreneurs everywhere, produced by The Center for the Advancement of Social Entrepreneurship (CASE) at Duke University’s Fuqua School of Business.
International, Canada and USA federal, state, local, foundation, and corporation grants for nonprofits, individuals, and small businesses.
Opportunity Fund is committed to supporting existing and new small business customers who are financially struggling amidst the COVID-19 outbreak.
Facebook is offering $100M in cash grants and ad credits to help struggling businesses cover payroll expenses, rent, advertising, and operational costs.
Citi is taking a variety of different measures to help small business clients that are experiencing hardship, including increasing access to credit. Small Business Citibank customers are being treated to waivers on monthly service fees and remote deposit capture, and waived penalties for early CD withdrawal. Bankers are available after hours and on weekends for support.
Founders looking for specific inspiration for changing their business model need look no further than this new guide from Hello Alice. From a brewery offering remote tastings to a jewelry shop getting by on gift cards, this guide is full of ideas from nimble business owners.
Local businesses are facing unprecedented challenges as they navigate COVID-19. Opportunity Finance Network (OFN) is working with Google to launch the Grow with Google Small Business Fund. The $125 million fund will deliver responsible financing to community development financial institutions (CDFIs) to help thousands of small businesses hardest hit by the coronavirus.
Between May and September 2020, GlobalGiving’s Red Backpack Fund will award $5,000 emergency assistance grants to at least 1,000 majority women-owned businesses and nonprofits in the U.S. The grants are possible through a $5 million gift from The Spanx by Sara Blakely Foundation to support female entrepreneurs struggling with the effects of the COVID-19 pandemic.
Looking for funding for your business during this challenging time? Kabbage put together this list of lenders for small businesses impacted by the COVID-19 crisis. Use these available resources to help you navigate your business through the pandemic.
7. Local and regional community support
Virtual Fireside Chat with New York Fed President Williams with Long Island, co-hosted by College of Business of Stony Brook University
New York Fed Community Resources on and Actions Related to COVID-19
New York Fed Regional Economic Data Center
Stony Brook University College of Business Resources for Business in the Age of COVID: offering free information, workshops, videos, webinars, training sessions, and virtual expert office hours.
Stony Brook University Launches #StonyBrookStrong Campaign
Suffolk County Business Recovery Unit,conducts the “Business Impact Survey”, provides guidance for employers pm a range of topics related to COVID-19 responses.
Nassau County COVID-19 Economic Impact Survey Results, provides survey results of 1400+ businesses on Long Island (mostly in Nassau).
The Shift Group, a local online education company, aiming to help entrepreneurs worldwide start and grow their businesses sustainably, is developing a “Pandemic Shift” program to bring small businesses together to handle challenges and pivot business strategies.
Duke University Fuqua Business School COVID resources to assist entrepreneurs, including funding, video, webinar, and research, etc..
Wilmington Trust, a member of the M&T family of businesses, informed us that M&T managed to get more than 96 percent of the companies that applied through the bank approved for the PPP.
Stony Brook University Hospital “Coronavirus Crisis Challenge” fundraisingwith $750,000 matching funds from the Della Pietra Family and the Clarkson and Heintzelman Family.
Stony Brook University “Seawolves Helping Seawolves” fundraising for emergency student support with $100,000 matching funds from Stony Brook Foundation.