Newly Announced Small-Business Support and Financing

Alternative Avenues for Business Support

Current & Newly Announced Grants & Loans

We hope this message finds you safe and healthy as we all face this unprecedented disruption and challenge together. We here at VantagePoint Benefit Administrators recognize that this crisis has had major effects on every aspect of our society, especially Small & Mid-sized Businesses.

We, just like you, are doing our best to ‘Keep Calm and Carry On’ as we all navigate these uncertain times. This is why we try to actively keep you up to date with the latest news and insights from our network and experienced perspective.

We’ve uncovered a number of new financing programs now available to help businesses survive (and thrive!) in this extremely disruptive environment.

Newly Announced Grants and Loans

1. Goldman Sachs announced a $300 million effort to aid small businesses and communities suffering through the coronavirus crisis. They are currently assisting in the underwriting of the NYC Small Business Continuity Loan Program.

2. Facebook has set up a small business grant program. To apply: https://www.facebook.com/business/boost/grants

3. Many credit card issuers, including Amex, are offering payment extensions, waiver of late fees, and the skipping of payments. Call your credit card issuer to see what financial assistance is.

4. There are numerous Industry-specific financial assistance programs. We find the Federal Reserve Bank of New York an excellent, reliable site for the latest information.

5. Small Business Administration (Economic Injury Disaster Loans)

The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital.

• Cash Advance of up to $10,000.
• Loans offer up to $2 million for temporary loss of revenue.
• Interest rate is 3.75% for small businesses; non-profits 2.75%. Up to 30- year term.
• Can be used to pay fixed debts, payroll accounts payable, and other bills

6.  Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork.

7. Many states have, or are rolling out their own, loan or grant programs such as:

• The New Jersey Economic Development Authority (NJEDA)
• Launched a grant program April 3rd as part of a package of initiatives to support businesses and workers facing hardship due to the outbreak of the COVID-19.
• For other states, Google search: business assistance COVID + state name or economic development COVID + state name to help you find these programs in your respective state.

8.  Alice is providing small business grants up to $10,000:

• https://businessforall.helloalice.com/grant
• https://www.covid19businesscenter.com/

9. Thryv Foundation is providing grants up to $15,000 for small to medium-sized businesses.

10. New York provides zero-interest loan up to $75,000 for NYC

11. Kiva provides zero-interest loans for US business owners.

12.  CARES Act – Paycheck Protection Program (PPP) Update.

• This is the standard form approved SBA lenders will use as the basis for data gathering.
• For those searching for lenders, visit this SBA’s website link.
• See this blog post for additional details.

Please note that although they are approved lenders, they may choose not to participate, or they may not be ready to process loans yet.

13. CARES Act – Other Provisions

• An additional 13 weeks of federally funded benefits (on top of the standard 6 months) for those currently receiving UI benefits and new applicants.
• An additional $600 per week for up to four months (expires July 31). Direct Cash Payments of $1,200 for each adult with an annual income of
• $75,000 or less (the benefit begins to phase out for those with incomes above $75,000), plus $500 for each child.

 

Call us. We are here to help.

Monday – Friday: 8:30 am – 5:30 pm (516) 599-2120 or Info@VantagePointBenefit.com