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"Bronx Business Continuity Loan"
now accepting small businesses applications
Friday, April 10, 2020 Updates
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"Bronx Business Continuity Loan" launched by the Bronx Overall Economic Development Corporation and the Bronx Borough President to support Bronx small businesses:
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Financial assistance for small businesses affected by COVID-19 is available from the federal government under the CARES Act, managed by SBA:
1)
Economic Injury Disaster Loan (EIDL) Grant
provides a loan with a
non-reimbursable $10,000 advance grant
,
made available
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
.
Online application is open
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. 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
.
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We continued reaching out to open businesses, providing them with information about assistance programs and current regulations. Thank you to all residents supporting our local businesses by ordering takeout, deliveries, and buying gift cards!
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Congratulations to Big Deal Miguel Garcia, his sons and all staff members that provide essential services to the Morris Park Avenue commercial corridor!
Check out the Bronx Times article about their work
here.
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Thank you Bronx Times for continuting to help in sharing information that is vital for our small businesses survival!
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 10, 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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