There are a number of federal and state resources available currently to small businesses that have been impacted by the current crisis. Below are some resources, broken up by federal or state, for your business to consider.
New York State Resources
New York is launching the New York Forward Small Business Lease Assistance Partnership. Recognizing the economic impact of COVID-19, this program will provide small businesses and their landlords with informational resources and pro bono assistance to help both parties reach mutually-beneficial lease workout agreements. This service is available to all New York State small businesses and landlords, and participation is voluntary. Over the next year, the partnership has the capacity to serve thousands of small businesses statewide. Learn more here.
New York State launches a $100+ million loan program for small businesses. The loan program will focus on supporting small businesses that were less likely to receive federal loans, especially women and minority-owned businesses, and very small businesses with 20 or fewer employees. Learn more at
U.S. Small Business Association Economic Injury Disaster Loan Program
The U.S. SBA is offering low-interest disaster loans of up to $2 million for small businesses who are suffering due to the crisis. To be eligible, businesses must have suffered “substantial economic injury” due to COVID-19 and have no available credit. These funds may be used for debts, payroll, or other expenses.
- Must be a business with no more than 500 employees, an individual operating a sole proprietorship, a cooperative with no more than 500 employees, or a non-profit organization
- The state in which your business operates must have been declared a “disaster area” (all of the
U.S. has since been declared a “disaster areas”)
- Must have suffered “substantial economic injury” (Substantial economic injury occurs when a business concern is unable to meet its obligations as they mature or to pay its ordinary and necessary operating )
- Funds may be used to pay fixed debt, payroll, accounts payable, and any other bills that cannot be paid due to the ongoing
- Funds may NOT be used for refinancing debt, make payments on loans held by other federal agencies, to pay tax penalties, repair physical damage, or pay dividends to
See also: New York Small Business Development Center: COVID-19 Response
New York Small Business Administration
Third Party Resources
Facebook Small Business Grants Program
Facebook will be providing up to 30,000 small businesses $100 million in cash grants and ad credits amid the growing crisis (More details will be provided by in the coming weeks.)
To sign up for updates and alerts:
JPMorgan Chase and Co.
The firm will provide $5 million to support vulnerable and underserved small businesses. This will include an additional $2 million for existing nonprofit partners who are facing new challenges supporting vulnerable populations in response to COVID-19 (More details will be provided in the coming weeks.).
For more information:
James Beard Foundation
This program is available to small, independent restaurant in one of twelve regions (region one is New York State), due to the COVID-19 (Coronavirus) national disaster, which have an immediate need for funds to pay set operating expenses and keep from going out of business. In this first round of funding, the Fund will accept applications through April 3, 2020 at 3:00 P.M. ET. Each applicant (whether an independent restaurant or restaurant group) approved by the Fund shall receive a one-time payment of $15,000. NOTE: This foundation has stopped accepting applications at this time. Please review the website for updates.
- To qualify for funding, a restaurant must be:
- independently owned with 100 or less full- or part-time employees as of February 15, 2020, or
- a restaurant group in which each member restaurant has 100 or less full- or part-time employees on that date
Other Useful Resources
United Tenants of Albany
Tenants seeking assistance can call the United Tenants of Albany hotline number and speak to a housing counselor.
Hotline: (518) 436-8997 extension 3
Legal Aid Society of Northeastern NY → Free civil legal service to low-income individuals Phone Number: (518) 462-6765
New York State Department of Financial Services
NYS DOFS has issued guidance to financial regulators to alleviate the adverse impact caused by COVID-19 for consumers and small businesses (waiving overdraft/late fees, new favorable loans, increased credit limits, loan payment accommodations.)
Technology Tools for Small Business Workforces
A list of technology companies that are helping small businesses by enabling remote work during the COVID-19 outbreak found at the link below.
New York Small Business Development Center: COVID-19 Response
Capital Region Chamber: Coronavirus (COVID-19) Information and Resources