Overwhelmed with the news and constant updates on resources available to small businesses?
GoHomeNY wants to help you navigate the current programs available through the CARES Act to support self-employed individuals, including real estate professionals, small businesses, sole proprietorships and independent contractors. The programs offered through the CARES Act continue to respond to the current situation. Below are some helpful resources to see if you are eligible for benefits and to file claims. We’ll continue to update the resources on the website as the programs, and information available changes.
Self-employed individuals (i.e. Real Estate Sales and Brokers)
This includes real estate sales and brokers who file 1099’s who usually are not eligible for Unemployment Insurance. With the CARES Act, this group can apply for Pandemic Unemployment Compensation through the Unemployment Insurance program that provides $600/week in benefits.
If you are already receiving UI insurance benefits, the Pandemic Emergency Unemployment Compensation will provide you with an additional 13 weeks of UI benefits for 39 weeks of coverage and an additional $600. File claims online. It may require you to call (888) 209-8124 to complete your claim. To get an actual person on the phone is a bit of a challenge because of the number of people filing UI insurance.
Below is a helpful chart provided by the New York Department of Labor to help you better understand if you are eligible for UI and PUA benefits.
Chart courtesy https://labor.ny.gov/ui/cares-act.shtm
Small Businesses, Sole Proprietorships, Independent Contractors and Self-employed individuals
For small business owners, the Small Business Administration (SBA) is offering programs to help businesses affected by Coronavirus. The programs are available for businesses and nonprofits in operations as of February 15, 2020 including sole proprietorships, independent contractors and self-employed individuals. The programs include:
Paycheck Protection Program (“PPP”) is now available with the incentive of helping small businesses keep their workers on the payroll. The PPP loan is for 8 weeks and it must use the loan for payroll, rent, mortgage interest or utilities only. The PPP fund for up to 250% of the monthly payroll for a 2 year loan at 1% interest. The program will be available through June 30, 2020. The Small Business Association has information on the program and how to apply, Fortune has a list of banks who are taking part in the program, and NYC Score is providing free video and email business mentoring services to help small businesses navigate the loan process.
Economic Injury Disaster Loans (EIDL) of up to $2M have maturities of up to 30 years. Pricing is 3.75% for businesses, 2.75% for nonprofits. The loan requires a credit check and is the determining factor in a business’ approval. Visit the SBA for more information and to apply and Inc.’s article on the loans’ caveats.
The Small Business Debt Relief Program covers all interest, principal payments and fees on new or existing non-emergency SBA loans (7A, 504, microloans) for six months.
The NYC Small Business Continuity Loan Program paused applications April 8th because of the overwhelming interest. Sign up with the NYC Department of Small Businesses to receive updates on its programs.
The New York Community Trust’s NYC COVID-19 Response and Impact Fund is offering loans and grants to NYC-based nonprofits. Priority will be given to nonprofits healthcare and food insecurity; arts organizations are also eligible.
Score NYC also has Crowdfunding resources, such as, Kiva and Mainvest.
Facebook plans to provide funding and advertising credits. Although the program is not available yet, sign up to receive updates on when grants will be offered.
Google also announced plans to provide $340M in advertising credits to small businesses who have been advertising with Google since the beginning of 2019.
Photo courtesy: Joseph Gruenthal
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