I know these are hard time for small businesses, including yours. To help business owners assess what options are available to them amidst the COVID-19 pandemic, I have gathered current information pertaining to the Cities of New York and Los Angeles in hopes to offer you insight and support in navigating through such times.
Loans & Grants:
New York City will provide relief for small businesses across the City seeing a reduction in revenue because of COVID-19. Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible for zero interest loans of up to $75,000 to help mitigate losses in profit. The City is also offering small businesses with fewer than 5 employees a grant to cover 40% of payroll costs for two months (an average of $6,000) to help retain employees. Eligible owners who would like to learn more about these programs should call 311 for assistance. Click here to apply.
In light of the sweeping impact the COVID-19 pandemic is having on the small business community, the City of Los Angeles has responded swiftly and decisively to support local, community businesses. The newly established Small Business Emergency Microloan Program now provides financing needed to strengthen small business enterprises in this time of acute need that have been affected by the COVID-19 outbreak.
The Employment Development Department (EDD) provides a variety of resources for employers who anticipate a reduction of work hours or potential closure or layoffs as a result of Coronavirus. Employers experiencing a hardship as a result of Coronavirus may also request up to a 60-day extension of time from the EDD to file their state payroll reports and/or deposit state payroll taxes without penalty or interest. For question, employers may call the EDD Taxpayer Assistance Center at (888) 745-3886.
LAEDC provides Rapid Response strategic consulting to businesses facing major challenges, confidentially and at no-cost. Their team can help your organization overcome cost issues, evaluate alternatives to layoffs, manage utility cost issues and much more. Businesses can email email@example.com to receive a follow up from the team.
Until April 9th, small business owners can submit a request to receive up to $5k in monetary support from Bumble Business. To apply, head to the Bumble app and match with the Bumble Community Grants profile from any mode.
If there’s anything I can do to support you feel free to reach out and I’d be happy to share our insights and perspective in hopes to assist you during this current climate.
This too shall pass.