This page is being updated in live time with new information and resources for businesses during the COVID-19 crisis as it becomes available; please check back for updates.
Disaster and recovery funding options
Loan and grant programs are available for businesses impacted by COVID-19 in New York, New Jersey and Pennsylvania. Here are the programs that are currently available:
National disaster and recovery funding programs
- Community Advantage Recovery Loan Program (CARL): Access up to $250,000 in funding that can be used for almost any business purpose. The program also provides borrowers with 15+ hours of business support at no cost.
- Paycheck Protection Program: Pursuit is a PPP lender. However, the PPP program has expired. We are continuing to accept applications and will process them if the program is reinstated.
- SBA Economic Injury Disaster Loan Program (EIDL): The SBA announced this weekend that it ended its Economic Injury Disaster Loan Advance program after exhausting $20 billion in funding. Businesses can still apply for EIDL loans, however. Learn more and apply here.
- IRS Employee Retention Credit: The Treasury Department and the IRS announced the new Employee Retention Credit to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. More information is available here.
- The Small Business Relief Fund: Powered by GoFundMe in partnership with Yelp, Intuit QuickBooks, GoDaddy and Bill.com, this fund offers up to $500 in grants for businesses that raise $500 in funding through the GoFundMe platform. More information is available here.
- Business For All Grant Fund: Apply for grants up to $50,000 to support business growth, including $10,000 emergency COVID-19 Business for All Grants to help small businesses in crisis. Learn more and apply here.
- Bring Back Brooklyn Fund Loan and Grant Program: Administered through Brooklyn Alliance Capital (BAC), the Bring Back Brooklyn Fund is designed to provide small businesses with grants for Personal Protective Equipment (PPE) and deep cleanings, and no-interest recovery loans up to $10,000 for businesses unable to obtain capital elsewhere. Get more information and apply here.
- The Red Backpack Fund will make 1,000 grants of $5,000 each to female entrepreneurs in the U.S. for COVID-19 relief. The Red Backpack Fund accepted applications from April 6-Sept. 15. If you applied for a Red Backpack grant and have not yet received an update on the status of your application, you will be notified by Oct. 30. Get more information here.
- Yonkers IDA Loan and Yonkers IDA Grant Programs: If your small business or nonprofit needs immediate working capital, the Yonkers IDA Loan offers up to $25,000 to help you bridge the gap. Small businesses and nonprofits in Yonkers are available to apply for a $10,000 grant for personal protective equipment, retrofitting enterprises for social distancing, and preventing the spread of COVID-19. You can apply here for either program using the same application.
- Citizen’s Committee Neighborhood Business Grant: Small businesses in NYC can receive grants of $5,000-$10,000 to maintain payroll and operations. Eligible businesses must demonstrate business revenue decrease of at least 25% due to COVID-19, and must employ no more than 10 employees. Businesses owned by people of color, immigrants, and women will be prioritized. Applications will be reviewed on a rolling basis. Get more information and apply here.
- Capital Region Advancement Fund: Created to provide low-interest loans of $25,000-$500,000 to help businesses who have been impacted by the COVID-19 pandemic. The fund is available to for-profit businesses located in Albany, Columbia, Greene, Rensselaer, Saratoga and Schenectady counties. Learn more information and apply here.
- Westchester County Business FIRST Program: Awardees may use grant funds for expenses directly related to impacts of the pandemic. Any business or nonprofit organization based in Westchester County with 99 or fewer employees that meets the eligibility requirements may apply. Applications will be accepted September 21 through September 30, 2020. Learn more and apply here.
NYC disaster funding programs
- NYC Small Business Continuity Loan Program Due to overwhelming interest in this program, NYC SBS has paused application intake. If you would like to be notified of new assistance programs as they become available, you can sign up for NYC SBS updates here.
- Coronavirus Financial Impact Loan Program: Provides interest-free loans of $2,000-$5,000 to residents who are facing financial challenges caused by the Coronavirus outbreak. View more information and apply here
NY Forward Loan Fund
Pursuit is proud to be participating as a lender in the New York Forward Loan Fund. If you are interested in learning about eligibility requirements or applying for a loan, please go to NYLoanFund.com for full program details. Pre-applications will open on May 26, 2020 at Noon Eastern Daylight Time and will only be available on the NYLoanFund.com site.
Other Local & Regional Funding Programs
- New Jersey (statewide): The New Jersey Economic Development Authority’s (NJEDA) announced two programs to support businesses that have been impacted by COVID-19. These include:
- The Small Business Emergency Assistance Grant program (phase 2): NJEDA will award a total of $45 million in federal CARES Act funding to small businesses. Apply here now.
- The Small Business Emergency Assistance Loan program: the Small Business Small Business Emergency Assistance Loan Program applications have closed.
- Binghamton: Zero-interest loans up to $15,000 are available to businesses with fewer than 50 employees through the Binghamton Local Development Corporation (BLDC). Payments are deferred for 12 months. To qualify, businesses must demonstrate a reduction in workforce, customer access, production or other operations due to coronavirus. Businesses can access the application online at BLDC’s website.
- Broome County: The Broome County Emergency Loan Fund offers loans to businesses in Broome County with no principal and interest payments for 12 months. More information is available here and questions may be directed to Tom Gray at (607) 584-9000 or [email protected].
- Erie County: The Erie County Industrial Agency’s RDC is offering disaster relief business loans to qualified Erie County businesses affected by the COVID-19 shutdown. Loan amounts range from $10,000 to $50,000 at an interest rate of 2.5%. More information is available here. To apply, call 716-856-6252, ext. 219.
- Monroe County: A small-business emergency loan program is available through Monroe County to provide businesses with up to $10,000 in no-interest funding in seven days. Businesses in a broad range of industries with fewer than 50 employees can qualify. Program instructions and applications are available on the Monroe County website and applications can be submitted to [email protected].
- North Country: Loans of up to $25,000 at 5% interest are available to businesses in the following counties: Jefferson, Lewis, St. Lawrence, Clinton, Essex, Franklin and Hamilton. View the program fact sheet and application information.
- Business Emergency Retention Grant: Through this program, businesses can apply for grants up to $2,000 for working capital to continue operations and pay employees. More information is available here.
- City of Rochester and REDCO Request for 90-Day Loan Deferral: Business owners that have current loans with the City of Rochester and/or REDCO may request a deferral through the above links.
- KIVA Rochester Small Business Aid: The KIVA Rochester crowdfunding platform is offering interest-free loans up to $15,000. Learn more here.
- Westchester and Long Island: The Coronavirus Financial Impact Loan Program provides interest-free loans of $2,000-$5,000 to residents who are facing financial challenges caused by the Coronavirus outbreak. View more information here.
- Westchester County: The County of Westchester Industrial Development Agency (IDA) is offering financial assistance to small businesses and small not-for-profit corporations. Grants are available up to $10,000, as well as 0% interest loans up to $25,000. View more information and apply here.
- Pennsylvania (statewide): The Working Capital Access Program administered by The Pennsylvania Industrial Development Authority (PIDA) is now closed.
- Philadelphia, PA: The City of Philadelphia and the PIDC have stopped accepting applications for the COVID-19 Small Business Relief Fund as of 5 p.m. on March 30. Applications will still be accepted for the microloan enterprise grant program, and more information is available here.
How to request a deferral for your Pursuit loan
We are working with existing Pursuit clients on a case-by-case basis to potentially modify and/or defer payments on loans to provide immediate cash flow savings. If you are a current Pursuit client requesting a deferral, please submit an online request here. If you have loans with other lenders, we encourage you to contact them directly about payment assistance.
If you have an SBA 7(a), 504, Community Advantage or Microloan in regular servicing status, SBA will pay your loan for a 6 month period beginning with any payment due on/after March 27, 2020. Please review the details of this benefit here before deciding to request a loan deferral.
Frequently Asked Questions
Other COVID-19 resources
- [On demand webinar] Business Health During a Pandemic, hosted by Pursuit
- [On demand webinar] Managing Your Paycheck Protection Program Loan, hosted by The Small Business Development Center
- [On demand webinar] Business Recovery: Digital Marketing Strategies to Try Now, hosted by Pursuit
- [On demand webinar] What to Consider as You Re-Open Your Business, hosted by Pursuit
- [On demand webinar] PPP Loan Forgiveness Webinar, hosted by Pursuit
- [On demand webinar] How the New PPP Forgiveness Rules Impacts Your Loan, hosted by Pursuit
Regional and Local Resources
New York – Statewide
- NYS businesses can receive assistance completing applications for the SBA Economic Injury Loan Program through their local Small Business Development Center. You can schedule an appointment on the SBDC website.
New York - Greater Binghamton