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
- Paycheck Protection Program: Pursuit is now accepting applications for PPP! You can find the latest PPP resources, FAQS, and guides here. Get started on your PPP application here.
- SBA Economic Injury Disaster Loan Program (EIDL): The deadline to apply for a COVID-19 pandemic Economic Injury Disaster Loan has been extended to December 31, 2021, pending the availability of funds. Loans are offered at affordable terms, including a 3.75% interest rate for small businesses and 2.75% for non-profit organizations, a 30-year maturity, and an automatic deferment of one year before monthly payments begin. All eligible small businesses and nonprofits are encouraged to apply. Learn more and apply for an Economic Injury Disaster Loan.
- 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.
- 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.
- 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.
- Black-Owned Small Business Impact Fund: The NAACP and BeyGOOD launched is providing $10,000 grants to Black-owned small businesses in New York City to expand economic opportunity. Grants will be awarded on the 15th of each month through the end of 2020. Learn more information and apply here.
- Community Capital New York, in partnership with the Westchester County Planning Department, is offering the Westchester County Emergency Grant program to meet the needs of small businesses in the Westchester Urban County Consortium that were negatively impacted by COVID-19. Get more information and apply here.
Raising the NYS Bar Restaurant Recovery Fund is offering reimbursement grants for up to $5,000 to eligible businesses. The program is intended to support full-service restaurants – the industry hit hardest by the pandemic – during the winter months when outdoor dining is limited and as restaurants adjust to New York State’s COVID-19 safety measures. Learn more and apply here.
The Shuttered Venue Operators (SVO) Grant: Established by The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, this program includes $15 billion in grants to shuttered venues that will be administered by the SBA’s Office of Disaster Assistance. Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. The SBA is not yet accepting applications. More information is available here.
NYC disaster funding programs
- NYC LMI Storefront Program: Due to overwhelming interest and limited funds, the NYC is no longer accepting applications for the NYC LMI Storefront Loan. If you are interested in learning about other financing options, visit nyc.gov/financingassistance. For more information about the application process and how to access one-on-one application assistance, click here and search for “PPP + Financing Assistance”. Sign up for updates on the NYC LMI Storefront Loan 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
Other Local & Regional Funding Programs
- The State of New Jersey announced $100 million in additional Coronavirus Aid, Relief, and Economic Security (CARES) Act funding to support New Jersey residents and businesses affected by the COVID-19 pandemic. Funding will support grants for restaurants and micro-businesses, reduced-price PPE for small businesses, rent relief for tenants, and food insecurity. Learn more information here.
- 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.
- 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.
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 paid your loan for a 6 month period beginning with any payment due on/after March 27, 2020. You are now required to resume payments on your loan.
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] 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