June 16, 2020:  The U.S. Small Business Administration has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19.

The EIDL program offers long-term, low-interest assistance to small businesses or non-profits. These loans can provide vital economic support to help alleviate temporary loss of revenue. EIDL assistance can be used to cover payroll and inventory, pay debt or fund other expenses. Additionally, EIDL Advance will provide up to $10,000 ($1,000 per employee) of emergency economic relief to businesses that are currently experiencing temporary difficulties; these emergency grants do not have to be repaid.

To learn more, click here. 

“Boost Nassau” loan program for Nassau County businesses and non profits who have not received PPP or EIDL.   https://www.boostnassau.net/

Espanol:  El condado de Nassau está lanzando “Boost Nassau” para ofrecer préstamos críticos de estabilización a los pequeños de Nassau empresas, MWBE y organizaciones sin fines de lucro afectadas por la pandemia de COVID-19. Parte del NY Forward Fondo de préstamos anunciado por el gobernador Andrew Cuomo, Boost Nassau ofrecerá hasta $ 10 millones en préstamos al aprovechar una inversión de $ 500,000 del condado de Nassau y el local del condado de Nassau Corporación de Asistencia Económica * [“LEAC”]. Esta contribución local dirigida ayuda a garantizar un sólido capitalización del programa de préstamos para las empresas y organizaciones sin fines de lucro de Nassau.

Boost Nassau Loan Program

Detalles del programa de préstamos

▪ Los mismos términos que el Préstamo NY Forward Small Business Programa

▪ Préstamo de hasta $ 100,000 para empresas sin más que $ 3M en ingresos brutos; sin cantidad mínima

▪ Sin tarifas de solicitud o préstamo

▪ Término de 5 años o 60 meses (pagos solo de interés primeros 12 meses; pagos de capital e intereses

meses 13-60)

▪ tasa de interés del 2% para organizaciones sin fines de lucro; Tasa de interés del 3% para

pequeñas empresas

▪ Diseñado para atender necesidades no cubiertas por préstamos federales programas como PPP

Prestatarios elegibles

▪ NYS para empleadores con y sin fines de lucro con menos de 20 empleados, en funcionamiento durante al menos un año

▪ Impactado por COVID-19 y no ha accedido programas respaldados por el gobierno federal

▪ Empresas propiedad de MWBE y aquellas en barrios económicamente angustiados en NDC

Las comunidades asociadas tendrán prioridad

▪ En funcionamiento a partir de 3.1.20 y capaz de mostrar 3 meses de necesidad

▪ Sin quiebra

▪ El propietario ofrece una garantía personal del 20% o más.

Usos elegibles

▪ “Capital de supervivencia y de trabajo” a largo plazo, es decir, operaciones, alquileres, suministros [incluido el EPP], compras de materiales

Asociación de Condado / LEAC / NDC

▪ Bajo NY Forward, el financiamiento se apalanca en una proporción de 20: 1 entre CDFI y socios de la comunidad

▪ Impulsar los préstamos Nassau para capitalizarse con fondos y apoyo de:

o Condado de Nassau CDBG-CV económico fondos de préstamos para el desarrollo

o NC LEAC – Desarrollo industrial de NC

Agencia hermana de la agencia [IDA]

o Consejo Nacional de Desarrollo [“NDC”] – desarrollo comunitario sin fines de lucro con

experiencia capitalizando viviendas asequibles, préstamos a pequeñas empresas, desarrollo de capacidades iniciativas; uno de los 6 “CDFI” seleccionados para participar en el nuevo programa de préstamos del estado de Nueva York

Cómo aplicar

▪ Préstamos administrados a través del portal común. www.boostnassau.net, abierto después del 5.28.20

▪ Los solicitantes deben elegir NDC como el preferido

CDFI

▪ Aprobaciones de préstamos entre 21 y 28 días desde la presentación

▪ Fondos transferidos al prestatario

▪ Alineado con la reapertura gradual de NY Forward

Governor Cuomo recently announced the NY Forward Loan Program for small businesses, non-profits and landlords. The NY Forward Loan Program is designed to provide assistance to small businesses, non-profit organizations and landlords that have not been able to access the federal funding assistance programs. During the webinar you will be provided with an overview of program as well as:

– Eligibility Components
– Regional Loan Distributions
– Application Process

This program is funded in part through a Cooperative Agreement with the U.S. Small Business Administration. Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance. Contact (Kate Baker, 518.380.5073) to make arrangements. Services are extended to the public on a nondiscriminatory basis.  Please send your questions, comments and feedback to: kbaker@albany.edu

You may sign up for upcoming NY Forward Webinars through the following link:

https://www.gotostage.com/channel/6dca26d677234bbbaddb8af8abfea09e?fbclid=IwAR24QlHxNzsyJEb9FgMLUbSOga9aZKsWB8LbYAf2tzuet4ROIdqw3jYtm9o

In addition, Nassau County is launching “Boost Nassau” to offer critical stabilization loans to Nassau’s small businesses, MWBEs and non-profits hard hit by the COVID-19 pandemic.  Part of the NY Forward Loan Fund announced by Governor Andrew Cuomo, Boost Nassau will offer up to $10M in loans by leveraging an investment of $500,000 from Nassau County and the Nassau County Local Economic Assistance Corporation* [“LEAC”]. This directed, local contribution helps ensure robust capitalization of the loan program for Nassau’s hard-hit businesses and non-profits. have announced additional funding sources for businesses, non-profits and religious organizations who have not previously received PPP or EIDL funding.

Boost Nassau Loan Program

SBA NY Forward Loan Program

5/22/20:  New York State announced the launch of the New York Forward Loan Fund (NYFLF). This $100 million small business relief program will distribute loans to eligible businesses with 20 or fewer employees and less than $3 million in revenue (corrected from $3 billion).These funds will be available to businesses and nonprofits that have not received a loan from either the SBA Paycheck Protection Program (PPP) or the SBA Economic Injury Disaster Loan (EIDL) related to COVID-19 in 2020. Borrowers can apply to receive funds here; pre-application begins today. The SBDC New York office is also offering webinars on the program; to learn more and register click here. 

For a full list of current loan funds available to New York businesses, click here.

In addition, the SBA had provided the following updates:

Paycheck Protection Program (PPP) Policy Update – Friday, May 22, 2020

Interim Final Rule on Loan Forgiveness (released May 22, 2020)

Interim Final Rule on Loan Review Procedures and Related Borrower Responsibilities (released May 22, 2020)

Note: These IFRs are being posted in advance of publication in the Federal Register. The official versions will appear in the Federal Register.

For more information and updates, visit SBA.gov/PaycheckProtection or Treasury.gov/CARES

PPP and EIDL Reports

In total, the SBA guaranteed 4,426,118 PPP loans through May 23, 2020. For more information on loan activity, click here.

Report: EIDL Loans as of 5-23-20

https://www.newsday.com/business/coronavirus/business-webinar-powerpoint-1.43582449

Due to Covid-19 Virus, Glen Cove City Hall will be closed to the public effective Tuesday, March 17, 2020 and all non-essential staff will be working remotely.  The CDA/Section 8/IDA/LEAC staff will be checking both email and voice mail remotely and we can be reached via the following contact information: