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Immediate Assistance to Small Businesses from the City and the Federal Government
Friday, April 3, 2020 Updates
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Immediate financial assistance for Morris Park small businesses is available now:
From the Federal Government: Small Business Administration (SBA) under the CARES Act
1)
Economic Injury Disaster Loan (EIDL) Grant
provides a loan with a
non-reimbursable $10,000 advance grant
,
made available within 3 days of request
directly from the SBA, with a fast online application. The advance payment can be used by small businesses to provide sick leave to employees, making rent or mortgage payments, maintaining payroll, etc
. OPEN ONLINE APPLICATION IS AVAILABLE NOW,
HERE
:
2)
Paycheck Protection Program (PPP):
provides
loans with a forgivable portion of up to 8 weeks of eligible expenses including mortgage, rent, insurance, paid sick or medical leave, utilities and payroll costs incurred from February 15, 2020 – June 30, 2020
;
PPP loan repayments are deferred for 6 months; lenders can elect to defer the loan for a total of 12 months; interest rates for PPP loans are a maximum of 4% per year, with no fees for borrowers to apply, and no collateral requirements or personal guarantees for the loan. Amount spent by borrower in the first 8 weeks from loan origination will be forgiven with appropriate documentation provided to the lender. Amount not forgiven or repaid by December 31, 2020 will convert to a maximum 10 year loan at a maximum 4% interest rate per year. Additional details on PPP are pending from the SBA, but some banks may have applications or pre-applications available. PPP loans will be processed through approved lenders, authorized banks and non-bank lenders. Start gathering your documentation (incorporation certificates, tax statements, payroll, rent and mortgage documentation.
Contact your banking institution expressing interest in a PPP Loan under the CARES Act.
Start preparing your documentation using the TREASURY GUIDANCE available
here.
From the City of New York: NYC Department of Small Business Services (SBS)
1)
NYC Employee Retention Grant Program
(open until Friday, April 3, 5pm)
Small businesses with 1-4 employees that suffered a 25% loss of revenue are eligible to receive a grant to cover 40% of payroll costs for 2 months to help retain employees. Online application is now OPEN,
HERE:
2)
NYC Small Business Continuity Loan Fund
Businesses with less than 100 employees that suffered a loss of 25% of revenue are eligible for zero
interest loans up to $75,000, to mitigate profit loss. Online application is now OPEN,
HERE
:
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BIDs providing essential services to commercial districts in times of uncertainty
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The Morris Park BID was featured, along with Belmont BID and 161st St BID in an article in the Bronx Times Reporter, for our work to assist businesses coping with the impact of COVID-19, and to continue providing supplementary sanitation services.
Morris Park Avenue continues to be serviced by our Clean Ambassadors 7 days/week, 7hrs/day, with enhanced sanitation measures including disinfection of high-touch areas including mail boxes, parking meters and street furniture.
The BID also provides graffiti removal services once a month to the commercial corridor. Below a sample of graffiti removal from March, cleaning up the side walls of a newly opened business at 1810 White Plains Road.
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We continued reaching out to open businesses, providing them with free reusable totes to encourage takeout orders and support deliveries in the neighborhood.
Thank you to all residents supporting our local businesses by ordering takeout, deliveries, and buying gift cards!
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Welcome to new business!
Congratulations to new business "White Plains Deli Market" opened at 1810 White Plains Road.
They are offering a juice bar, fresh smoothies, sandwiches and salads, all available for takeout. Welcome to the neighborhood!
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Congratulations to Patricia's and Emilio's of Morris Park for being featured in
AmNewYork
List of 10 best Bronx restaurants for takeout!
Thank you all businesses, community members, Morris Park elected officials, CB11 and individuals supporting our work to keep Morris Park clean, green, safe and thriving! Morris Park BID Team, April 3, 2020
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Our district is among the most under-counted NYC districts! Did you know you can provide your informatIon safely, online, RIGHT NOW?
You can fill your Census 2020 questionnaire
HERE.
Over the next decade, lawmakers, business owners, and many others will use 2020 Census data to make critical decisions. The results will show where communities need new schools, new clinics, new roads, and more services for families, older adults, and children.
The results will also inform how hundreds of billions of dollars in federal funding are allocated to more than 100 programs, including Medicaid, Head Start, etc.
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We encourage all businesses to actively use social media (Facebook, Instagram and Twitter), to inform customers of operational updates.
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Morris Park Business Improvement District
morrisparkbid.org
966 Morris Park Avenue, Bronx, NY US 10462
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