Important Updates Financial Assistance Overview Webinar Recording Now Available

COVID-19 Message from the SBDC at the College of Staten Island The Staten Island Small Business Development Center (SBDC) at CSI is here to assist local businesses impacted by the coronavirus (COVID-19) to apply for financial aid loans and grants, as well as develop business continuity plans. The SI SBDC Team is available remotely for virtual counseling sessions. As more information becomes available, applications and updates will be circulated and posted on www.sisbdc.org/covid19-assistance . Please visit http://nysbdc.org/Coronavirus.html for additional information.     The Staten Island SBDC team is dedicated to our NYS Mission of providing customized solutions through advisement, education, research and advocacy for Entrepreneurs, Innovators and the Small & Medium Enterprise community. Our team of certified advisors are experienced in Disaster Relief Counseling and are ready to provide small business owners with the guidance they need in these trying times of uncertainty. Now more than ever we are Staten Island Strong for Small Business.  Please email SBDC@csi.cuny.edu or click here to connect with an advisor to receive assistance at this time.

Today's Webinar: "Coping with COVID-19" Today, the SI SBDC partnered with the Staten Island Chamber of Commerce & NYC Business Solutions Center to explain the types of loans and grants that are currently available for small business and to answer questions. Maxed out at 100 participants, this webinar was recorded and is now available to replay.

Click the video to begin watching.

Connect with an Advisor for Assistance

COVID-19 Financial Assistance for Small Business Owners Updates as of March 19, 2020 SBA Economic Injury Disaster Loans  Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.  SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to help overcome the temporary loss of revenue they are experiencing. The loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.  The SBA Application Site is receiving a high volume of visitors daily. Off peak hours are 7pm to 7am. Note: The DCMS Operations Center will be performing DLAP maintenance Today, Tuesday, March 24th, from 6:00pm EDT to 12:00am EDT. DLAP will be unavailable during this maintenance window.

Apply for SBS EID Loan

NYC Employee Retention Grant Program  To help small businesses deal with the impact of COVID-19, the City has launched the Employee Retention Grant Program to help retain employees as businesses face decreased revenue. This program is available to New York City businesses with one to four employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. Eligible businesses will receive a grant covering up to 40% of their payroll for two months. Businesses can access up to $27,000.

Apply for Employee Retention Grant

NYS DOL Shared Work Program  Shared Work – the layoff alternative. Consider the Shared Work program as you manage business cycles and seasonal adjustments. Shared Work lets you keep trained staff and avoid layoffs. Employees can receive partial Unemployment Insurance benefits while working reduced hours. Full-time, part-time and seasonal employees are eligible. The Shared Work Program helps you avoid some of the problems caused by a layoff. If you keep your employees during a temporary slowdown, you can gear up quickly when business conditions improve. You do not have the expense of recruiting, hiring, and training new employees. Also, you spare your employees the hardships of full unemployment.

DOL Shared Work Program: Learn More

NYC Small Business Continuity Loan Program  NYC businesses with fewer than 100 employees impacted by COVID-19 and experiencing a decrease in sales of 25% or more will be eligible for interest-free loans up to $75,000 to help mitigate losses in profit.   To be eligible businesses must:   Be located within the five boroughs of New York City  Demonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenue  Employ 99 employees or fewer in total across all locations  Demonstrate the ability to replay the loan Have no outstanding tax leins or legal judgments The NYC Small Business Continuity Fund is not yet live, but New York City has asked that you complete this interest form to be notified when the applications open.

SBS Interest Form

Get Social with the SBDC!

Follow along with us on Facebook, Twitter, and Instagram. Use  #sisbdc  and tag us  @sisbdc  to connect with us on upcoming events or services you provide for the local small business community.

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Connect with an Advisor for Assistance

718-982-2560 | SBDC@csi.cuny.edu |  www.sisdc.org

The SBDC is a program supported by the U.S. Small Business Administration and extended to the public on a non-discriminatory basis. SBA cannot endorse any products, opinions, or services of any external parties or activities.