Apply for Small Business Administration (SBA) COVID-19 Loans

Important Information about Small Business Administration (SBA) COVID-19 Loans

As part of the $2 trillion federal stimulus bill (CARES Act) passed on March 27, New York State small businesses are eligible for a number of relief benefits from the U.S. Small Business Administration (SBA). Apply now—these programs are expected to be in high demand from small businesses across the country. It’s also important to understand the programs that best suit your needs and the information needed to apply.

See below for a guide to these programs and for help regarding the application process.

SBA Paycheck Protection Program (PPP)

The PPP provides $349 billion in loans to small business, nonprofits, sole proprietors and other eligible entities with fewer than 500 employees. Loans of up to $10 million can be obtained to cover certain business costs including employee payroll, rent, insurance, paid sick or medical leave, interest on mortgage obligations and utilities. 

  • PPP loans cover costs incurred February 15, 2020 – June 30, 2020
  • Up to 8 weeks of eligible expenses may be forgiven
  • Loan repayments will be deferred for 6 months

Click here for more information on how to apply

 

SBA Subsidy Loan Program

The $2 trillion CARES Act also provides benefits for businesses with existing SBA loans.  Eligible businesses can apply for the SBA to pay interest and principal payments for 6 months on their existing SBA loans.

  • For SBA loans made prior to March 27, 2020
  • SBA loan types eligible: 7(a), community advantage, 504 and microloans.

Click here for more information on how to apply

 

SBA Economic Injury Disaster Loan (EIDL) Program

Provides small businesses and nonprofits with low-interest loans of up to $2 million to help overcome other financial losses due to COVID-19. 

Click here for more information

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.

NY Small Business Development Centers (SBDC)

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