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Small Business Development Center at Stony Brook University

Disaster Relief

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 sbdc@stonybrook.edu.

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.  

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

Join the SBA for a Three-Part Series on Small Business Financing Learn how to access the roughly $35 Billion in annual SBA Small Business financing, authorized by Congress, in support of America’s small businesses.
Session One: Wednesday, April 7 th from 1-2 pm

  • SBA Business Financing: The 504 loan Program.
  • Learn how to purchase your own facility with as little as 10% down, below market rates, and avoid state taxes and fees on the SBA portion of the loan.

Session Two: Wednesday, April 14 th from 1-2 pm

  • SBA Business Financing; 7(a) loans, Express loans.
  • Learn how to access financing for working capital, lines of credit, real estate, equipment, and more.

Session Three: Wednesday, April 21 st from 1-2 pm

  • SBA CDFI Financing; Microloans and Community Advantage loans
  •  Learn how to access financing for working capital, supplies, equipment, and more.

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

SBA Extends Deferment Period for all COVID-19 EIDL and Other Disaster Loans until 2022

  • 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.

For more information, read the official fact sheet here

Payment Protection Program (PPP) Policy Updates
Updated First Draw Forms:

Second Draw Forms:

Guidance and Resources:

For more information and updates, click   here.

SBA Office of Capital Access PPP Updates 3.4.21

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.
SVOG FAQ

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

  Review
Deciding Whether to Reopen

  1. Personal Assessment

  2. Initial Business Assessment

  3. Cash Flow Assessment

  4. Financial Future Assessment

  5. Reopening Assessment

Reopen
Developing a Plan

  1. Reopening Plan

  2. Staffing

  3. Supply Chain

  4. Inventory

  5. Pricing

Recover
Planning for the Future

  1. Marketing & Communications

  2. Record Keeping

  3. Technology

  4. New Ideas for Moving Forward

  5. What If?

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

  SBA Coronavirus Small Business Financial Assistance Programs

  1. Paycheck Protection Program
  2. New Economic Injury Disaster Loan and Loan Advance Applications Are Now Open
  3. SBA Debt Relief
  4. 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 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.

       PPP Checklist
  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