Guidance on Essential Businesses
Guidance issued by the Department of Economic Development applies to each business location individually and is intended to assist businesses in determining whether they are an essential business and steps to request such designation.
If you have a business that was impacted by coronavirus, visit Empire State Development for information on available resources.
Business Interruption Insurance
U.S. Small Business Administration (SBA) COVID-19 Loans
New York State small businesses are eligible for a number of relief benefits from the U.S. Small Business Administration (SBA) - part of the $2 trillion federal stimulus bill (CARES Act). These programs are expected to be in high demand from small businesses across the country. It’s also important to understand the programs that best suit your needs and the information needed to apply.
SBA Paycheck Protection Program (PPP)
The PPP provides $349 billion in loans to small business, nonprofits, sole proprietors and other eligible entities with fewer than 500 employees. Loans of up to $10 million can be obtained to cover certain business costs including employee payroll, rent, insurance, paid sick or medical leave, interest on mortgage obligations and utilities.
- PPP loans cover costs incurred February 15, 2020 – June 30, 2020
- Up to 8 weeks of eligible expenses may be forgiven
- Loan repayments will be deferred for 6 months
SBA Subsidy Loan Program
The $2 trillion CARES Act also provides benefits for businesses with existing SBA loans. Eligible businesses can apply for the SBA to pay interest and principal payments for 6 months on their existing SBA loans.
- For SBA loans made prior to March 27, 2020
- SBA loan types eligible: 7(a), community advantage, 504 and microloans.
SBA Economic Injury Disaster Loan (EIDL) Program
The EIDL program provides small businesses and nonprofits with low-interest loans of up to $2 million to help overcome other financial losses due to COVID-19.
Visit the Empire State Development website to learn more about these programs. The ESD website also has information about the statewide community network of Small Business Development Centers, Entrepreneurship Assistance Centers and Community Development Financial Institutions available to help guide businesses through the SBA loan application process.