Please contact us for immediate assistance with SBA Disaster Loan Applications, Insurance Matters and all other business questions, for FREE as always. Business Advisors will walk you through the loan application paperwork and assist with the processing, as well as help you make a plan to apply the funds to your business if you are approved.
Please contact us at 631-632-9837 or email@example.com.
Stony Brook SBDC Business Advisors will help you navigate the application process. For more information, to make an appointment and help getting started in the application process, please contact the Stony Brook Small Business Development Center at 631-632-9070.
Restaurant Resiliency Program Application The Restaurant Resiliency Program will provide relief to the restaurant industry, which continues to face severe challenges from the COVID-19 pandemic. The program will build on the successful Nourish New York initiative. It will provide funding to New York's network of food banks and emergency food providers to purchase prepared meals from New York restaurants and deliver them to families in need.
COVID EIDL Loan Program Overview Updated Fact Sheet The SBA is particularly focused on promoting the enhanced benefits available to applicants seeking Covid EIDL loans, before the program ends on December 31.
Payment Protection Program Direct Forgiveness Portal The PPP forgiveness application portal allows borrowers with PPP loans of $150,000 or less to apply for forgiveness directly through the SBA.
Restaurant Return To Work Tax Credit FAQ Empire State Development released a new Restaurant Return to Work Tax Credit FAQ.
COVID-19 Pandemic Small Business Recovery Grant Program The COVID-19 Pandemic Small Business Recovery Grant Program provides grant funding to small and micro businesses and for-profit independent arts and cultural organizations impacted by the pandemic.
COVID EIDL Loans FAQ The SBA has released the latest FAQ about the COVID EIDL loans.
PPP Direct Forgiveness Portal Guide The SBA has released a comprehensive guide to their new PPP Direct Forgiveness Portal.
SBA Drops PPP Loan Necessity Questionnaire Requirement
The U.S. Small Business Administration (SBA) has informed lenders that it is eliminating
the loan necessity review for Paycheck Protection Program (PPP) loans of $2 million
The SBA stated it would no longer request either version of the Loan Necessity Questionnaire: SBA Form 3509 for for-profit borrowers and SBA Form 3510 for not-for-profit borrowers. Learn more here
American Rescue Plan Grants
Arts grants funded through the American Rescue Plan are now available to eligible
“These funds are intended to help support jobs in the arts sector, keep the doors open to arts organizations nationwide, and assist the field in its response to and recovery from the COVID-19 pandemic.” - National Endowment for the Arts
Learn more about the grants and apply here
Employee Retention Credit Tax incentives for keeping employees on the payroll if your business:
- Has 500 or fewer employees;
- Was at least partly closed due to a government order OR the business’s revenue declined by 20% or more for any
- quarter this year; AND
- You kept employees on the payroll: You may be eligible for 2021 employee retention tax credits of up to $28,000 per employee. And the longer you keep your employees on payroll, the more benefits you are eligible to receive.
SBA: PPP Funds Exhausted for All But CDFIs, MDIs
The Small Business Administration, effective May 4th, 2021, has informed trade associations that Paycheck Protection Program funding has been exhausted and that the PPP application portal has now stopped accepting applications for loans from most lenders. Learn more here
Veteran Rapid Retraining Assistance Program The Department of Veterans Affairs (VA) is preparing to launch the Veteran Rapid Retraining Assistance Program (VRRAP) as part of its continued effort to support Veterans seeking retraining and economic opportunities in response to the effects of the COVID-19 pandemic. VA in partnership with the Department of Labor published a list of high-demand occupations. The list is available here and includes healthcare, education, media, engineering, and high tech opportunities.
SBA Opens Shuttered Venue Operators Grant Applications
Venue Operators can now apply for the SBA's Shuttered Venue Operators Grant. For a full user guide and tips to apply for the new application, click below:
SBA Removes SAM Registration Requirement for the Restaurant Revitalization Grant Program
The SBA has updated their requirements for the Restaurant Revitalization Grant Program, as well as ansered a series of frequently asked questions. The FAQ, compliled by the Independent Restaurant Coalition, can be read here
SBA to Increase Lending Limit for COVID-19 Economic Injury Disaster Loans Starting the week of April 6, 2021, the SBA is raising the loan limit small businesses and non-profit organizations can borrow through its COVID-19 EIDL program. To learn more, click here
USDA Announces ‘Pandemic Assistance for Producers’ to Distribute Resources The USDA is establishing new programs and efforts to bring financial assistance to farmers, ranchers, and producers who felt the impact of COVID-19 market disruptions. The new initiative, known as the USDA Pandemic Assistance for Producers, will reach a broader set of producers than in previous COVID-19 aid programs. Learn more here
- All SBA disaster loans made in calendar year 2020, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 24-months from the date of the note.
- All SBA disaster loans made in calendar year 2021, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 18-months from the date of the note.
Learn more here
Restaurant Revitalization Fund An eligible business may receive a tax-free federal grant equal to the amount of its pandemic-related revenue loss, calculated by subtracting its 2020 gross receipts from its 2019 gross receipts. Read the policy brief here
The American Rescue Plan Act The American Rescue Plan Act provides additional relief for the nation’s small businesses and hard-hit industries for programs the SBA is currently administering and adds new efforts, including:
- $7.25 billion additional for the Paycheck Protection Program, including to expand eligibility to additional nonprofits and digital news services
- Additional funds are allocated for the Shuttered Venue Operators Grant program, and now allows businesses to apply for both a PPP loan after Dec. 27, 2020, and the SVOG
- $15 billion additional for Targeted Economic Injury Disaster Loan Advance (EIDL) payments, including NEW $5 billion for Supplemental Targeted EIDL Advance payments for those hardest hit
- NEW: $28.6 billion for the Restaurant Revitalization Fund for industry-focused grants
- NEW: $100 million to establish a Community Navigator pilot program; grants will go to eligible organizations supporting efforts to improve access to COVID–19 pandemic assistance programs and resources.
SBA Public Private Strategies
SBA provided recordings of exclusive conversations with leaders at the Small Business
Administration on new changes to the Paycheck Protection Program and what tools and
resources are available to help America's small businesses recover from the COVID-19
pandemic and economic crisis.
Black and African-American Small Business Owners
Hispanic Small Business Owners
Asian-American and Pacific Islander, Native American and Tribal Small Business Owners
Women Small Business Owners
ICYMI General Small Business Owner Session
Empire State Development Lease Assistance Program
As a result of the economic hardships brought on by the Covid-19 pandemic, many once-successful
businesses are now struggling to pay rent, thus resulting in higher commercial vacancies
for landlords. To avoid evictions, Empire State Development has partnered with nonprofit
Start Small Think Big and the New York Bar Association to provide pro bono legal services
to small businesses and landlords to reach a mutually agreeable lease renegotiation.
30/60/90 Day Plan A comprehensive plan for pivoting your business during COVID-19. Authored by Stony Brook SBDC business advisor Willa Smith.
ALERT! Paycheck Protection Program (PPP) Reopening January 11th, 2021 The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re- open the week of January 11 for new borrowers and certain existing PPP borrowers. To learn more, click here .
Biden-Harris Administration Increases Lending to Small Businesses in Need, Announces Changes to PPP to Further Promote Equitable Acces to Relief The Biden-Harris Administration has announced several reforms to PPP to extend much needed resources to small businesses. These reforms include:
- Instituting a 14-day period, starting Wednesday, during which only businesses with fewer than 20 employees can apply for relief through the Program.
- Helping sole proprietors, independent contractors, and self-employed individuals receive more financial support.
- Consistent with a bipartisan bill, eliminating an exclusionary restriction that prevents small business owners with prior non-fraud felony convictions from obtaining relief through the Paycheck Protection Program.
- Eliminating an exclusionary restriction that prevents small business owners who are delinquent on their federal student loans from obtaining relief through the Paycheck Protection Program.
- Ensuring access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Numbers (ITINs) to apply for relief.
- Addressing waste, fraud, and abuse across all federal programs. Unlike the previous round of the PPP, loan guaranty approval is now contingent on passing SBA fraud checks, Treasury's Do Not Pay database, and public records.
- Promoting transparency and accountability by improving the PPP loan application.
- Improving the Emergency Relief Digital Front Door.
- Continuing to conduct extensive stakeholder outreach to learn more about challenges and opportunities in the implementation of current emergency relief programs.
- Enhancing the current lender engagement model.
Payment Protection Program (PPP) Policy Updates
Updated First Draw Forms:
Second Draw Forms:
- Form 2483-SD – Second Draw Borrower Application
- Form 2484-SD – Second Draw Lender Guaranty Application
Guidance and Resources:
- Accessing Capital for Minority Underserved, Veteran and Women-Owned Business Concerns Guidance
- Top-Line Overview of First Draw PPP Loans
- Top-Line Overview of Second Draw PPP Loans
- Interim Final Rule #1 – PPP as Amended by Economic Aid Act
- Interim Final Rule #2 – PPP Second Draw Loans
- Procedural Notice – Modifications to SBA Forms 3506, 3507 and 750 CA (PPP only)
- Procedural Notice - SBA Procedural Notice on Repeal of EIDL Advance Deduction Requirement
For more information and updates, click here.
Shuttered Venue Operators Grant
What You Need to do NOW in Order to Apply
Obtain a DUNS Number - Entities are encouraged to obtain a Dun & Bradstreet (DUNS ) number so they can then register in the System for Award Management (SAM.gov). Other identifiers, such as an Individual Taxpayer Identification Number or Employer Identification Number, cannot be used.
SAM.GOV Registration - Entities that have or receive a DUNS number should immediately begin registering in SAM.gov as the SAM registration may take up to two weeks after submission.
Compile Employee Count and Monthly Revenue - See FAQ Calculation on Page 6
Document Gross Earned Revenue Loss - See FAQ Calculation Methods on Page 6-7
Click Here For Eligibility - Entities must not have an application pending for a PPP loan. If the entity has applied for either a first- or second-draw PPP loan on or after Dec. 27, 2020, they are ineligible to apply for an SVOG until their PPP loan application is denied. Entities may not apply for a PPP loan and an SVOG at the same time. However, an entity that applied for and received a PPP loan during the first iteration of PPP last year is eligible to apply for an SVOG.
Empire State Development Announces “Raising The Bar” Restaurant Recovery Fund - Empire State Development is offering grants of up to $5,000 for restaurants adjusting to COVID-19 safety guidelines. "Raising the Bar" grant funding can be used for COVID-19-related improvements and equipment. To learn more and apply, click here
Deciding Whether to Reopen
Developing a Plan
Planning for the Future
BNB Bank Sponsors Unique Collaboration amongst dynamic Centers of
Stony Brook University
In response to small business economic injury, BNB has sponsored the Stony Brook SBDC to create a Business Resiliency and Recovery Program conceived to provide critical tools for the ongoing sustainability and success of small businesses. The purpose of the program is to create a series of webinars targeted by industry to address small business recovery planning. Tools provided will assist businesses to assess their risks and damage and develop a strategic plan enabling them to recover from the immediate disruptions. “Critical times, calls for critical tools, and this program is going to help keep businesses alive and well.” Said, Dan Delehanty, CRA Officer, Director of Community Development at BNB Bank.
SBA Rolls Out Dedicated Tool for Small Businesses to Connect with CDFIs, Small Asset
Lenders Participating in PPP
Today, U.S. Small Business Administration Administrator Jovita Carranza announced the launch of a dedicated online tool for small businesses and non-profits to be matched with Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), Farm Credit System lenders, Microlenders, as well as traditional smaller asset size lenders in the Paycheck Protection Program (PPP). SBA’s Lender Match is an additional resource for pandemic-affected small businesses who have not applied for or received an approved PPP loan to connect with lenders. Learn More
Federal Reserve Board expands its Main Street Lending Program to allow more small
and medium-sized businesses to be able to receive support
The Federal Reserve Board on Monday expanded its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support. The Board lowered the minimum loan amount, raised the maximum loan limit, adjusted the principal repayment schedule to begin after two years, and extended the term to five years, providing borrowers with greater flexibility in repaying the loans. The Board expects the Main Street program to be open for lender registration soon and to be actively buying loans shortly afterwards.
MOVING NEW YORK FORWARD
Industry Guidance and Reopening
Safety Plan Template
Each business or entity, including those that have been designated as essential under Empire State Development's Essential Business Guidance, must develop a written Safety Plan outlining how its workplace will prevent the spread of COVID-19. A business may fill out this template to fulfill the requirement, or may develop its own Safety Plan. This plan does not need to be submitted to a state agency for approval but must be retained on the premises
- Paycheck Protection Program
- New Economic Injury Disaster Loan and Loan Advance Applications Are Now Open
- SBA Debt Relief
- SBA Express Bridge Loans
For more complete information on these programs (and other assistance options), visit SBA’s page.
Pursuit provides businesses with affordable loans and resources so that they can transform and grow. Check out their COVID-19 Resource Center .
New York Forward Loan Fund (NYFLF)
Governor Andrew Cuomo announced that the state is launching 'NY Forward,' a $100 million loan fund to provide flexible and affordable loans to help small businesses, eligible only to those small businesses who did not receive federal COVID-19 funding assistance under the SBA Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loan (EIDL). Applications will open on May 26, 2020 at Noon Eastern Daylight Time and will be on a rolling basis thereafter as regions and industries reopen. Click here for more information
Suffolk County Provides Businesses With Reopening Best Practices
As our region prepares to reopen its economy, Suffolk County has complied a document of local
and national resources to assist various industry sectors and businesses in safely operating and
reopening during the COVID-19 pandemic. The information is subject to change and based on best practices by industry professionals to protect public health.
- Suffolk County Reopening Resource Guide
- Statewide Regional Reopening Metrics
Suffolk County IDA
The Suffolk County IDA (SCIDA or the IDA) is making available the SCIDA COVID-19 Sales Tax Equipment Relief Program, which will grant sales and use tax exemptions to manufacturers, suppliers, and distributors of personal protective equipment (PPE)
SBA Rolls Out Dedicated Tool For Helping Small Businesses to Connect with CDFIs
The SBA's LenderMatch is used to match small businesses and non-profits with Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), Farm Credit System lenders, and Microlenders in the Paycheck Protection Program (PPP). Learn how LenderMatch can help you here
Town of Brookhaven IDA
The Town of Brookhaven Industrial Development Agency’s (“IDA”) COVID-19 Sales Tax Relief Program (the “Program”) will grant sales and use tax exemptions of up to $100,000 to manufacturers, suppliers and distributors of personal protective equipment (“PPE”) and other COVID-19 recovery products.
Start preparing NOW. Gather documents that provide proof of payment for allowable expenses under Paycheck Protection Program and be ready to make related certifications for the application