The SBA Subsidy Loan Program

The $2 trillion CARES Act provides immediate relief to small businesses with existing SBA loans that were borrowed prior to the COVID-19 pandemic.

Under this program, the SBA will cover all loan payments on these loans—including principal, interest and fees—for six months. 

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This program will provide immediate relief to small businesses with existing SBA loans made prior to March 27, 2020, including:

  • 7(a) loans of up to $5 million;
  • Community Advantage loans; 
  • 504 Loans of up to $5.5 million; and
  • Microloans of up to $50,000.
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How to Apply

If you are seeking a subsidy for an existing loan, please contact your existing lender.

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Organizations Available to Assist

New York's statewide community network of Small Business Development Centers, Entrepreneurship Assistance Centers and Community Development Financial Institutions are available to help guide your business through the SBA loan application process. Business leaders, lawyers and nonprofit professionals have also volunteered to offer loan application guidance.

NY Small Business Development Centers (SBDC): The New York Small Business Development Center (NYSBDC) provides small business owners and entrepreneurs in New York with the highest quality, confidential business counseling, training, and business research at no cost.

Entrepreneurship Assistance Centers (EAC) Contact List: Entrepreneurship Assistance Centers (EAC) provide instruction, training, technical assistance and support services to new and aspiring entrepreneurs in local communities statewide.

Community Development Financial Institution (CDFI) Contact List: CDFIs are local financial service providers with locations throughout New York State, and often are the sole provider of banking and other financial services in communities that are not served by traditional banks and financial institutions.

New York Council of Nonprofits: Empire State Development has partnered with the New York Council of Nonprofits to provide free Paycheck Protection Program and Emergency Injury Disaster Loan consulting and support to all 501(c)3 nonprofits in New York state. An email hotline and individual consultations are available.