Small Business Administration (SBA) Support for Small Businesses
The Information on this page has been excerpted from the Empire State Development website and additional useful PDFs and Resource Links have been provided by the Downtown Ithaca Alliance for your benefit. The original content from ESD can be found HERE.
As part of the $2 trillion federal stimulus bill (CARES Act) passed on March 27, New York State small businesses are eligible for a number of relief benefits from the U.S. Small Business Administration (SBA). Apply now—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
DOWNLOAD GENERAL PPP APPLICATION FORM Each bank will have its own version of this PPP form, this one will prepare you for what to expect.
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
Provides small businesses and nonprofits with low-interest loans of up to $2 million to help overcome other financial losses due to COVID-19.
SBDC is Available to Assist
New York's statewide community network of Small Business Development Centers, Entrepreneurship Assistance Centers and Community Development Financial Institutions are available to help guide your business through the SBA loan application process.
Ithaca SBDC Business Advisor:
Email: firstname.lastname@example.org to schedule an appointment
Lindsay is providing guidance sessions to small businesses in Ithaca at no charge.