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Resources For Small Businesses

As you know, Congress recently passed the CARES Act to extend credit access to qualified small businesses through bank loans. This bill secured $350 million in forgivable loans and $10 billion in grants to small businesses, tribal business concerns, and certain nonprofits. It also gave small businesses the opportunity to apply for up to $10,000 in grants to retain workers and pay for debt obligations. Finally, the CARES Act created a new SBA 7(a) Paycheck Protection Program that would forgive loans used for payroll costs (including paid leave, health care, and other costs) to retain workers, and other expenses such as rent, mortgage interest, and utilities. Independent contractors, sole-proprietors, and other self-employed persons were to be eligible for these loans.

Unfortunately, the Trump Administration made changes to the loan programs in the dark of night that sabotaged the programs and prevented companies from accessing the credit they desperately needed. As a result the Administration completely botched the roll-out of this essential program.

I am closely monitoring the implementation of these loan programs and will conduct the oversight and investigations necessary to ensure that these programs provide small businesses with the support they need. In the meantime feel free to fill out the application here and contact my office at 347 413 1959 to address your specific situation.

 

In the meantime, below are some resources for small and midsized businesses during this pandemic: 

Loans & Grants: 

State Resources:

Small Business Administration Disaster Resources:

National Resources: