Business Resources and Recovery
March 24, 2020
Businesses grappling with the economic impact of the ongoing COVID-19 crisis have the opportunity to apply for financial assistance through a variety of Federal, State and Local programs. Farrell Fritz negotiates and secures financial incentive packages for small and medium sized businesses and nonprofit organizations throughout New York State. Please contact Peter Curry or Nick Terzulli. We can help you navigate all government assistance programs and secure eligible financial incentives. We stand ready to help you navigate all government assistance programs and secure eligible financial incentives.
Small Business Administration (“SBA”)
The SBA is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of COVID-19 throughout New York State. The Economic Injury Disaster Recovery Loan program provides loans up to $2 million, thirty year repayment schedules, and a capped 3.75% interest rate to qualifying businesses. More information about the program and an application for the loan can be found here: https://www.sba.gov/disaster-assistance/coronavirus-covid-19
Export-Import Bank of the United States (“EXIM”)
EXIM is offering relief measures, including waivers, deadline extensions, streamlined processing, and flexibility, to EXIM customers for an initial period of 30 days (with the possibility of a further extension of the period, at EXIM’s discretion) to enable businesses and financial institutions that participate in EXIM programs to return to their business concerns and EXIM-related obligations at an appropriate time without penalty. More information can be found here: https://www.exim.gov/fact-sheet-exim-covid-19-assistance
Small Business Development Centers (“SBDCs”)
Small Business Development Centers, local offices sponsored by the SBA to assist small business owners and entrepreneurs, are available throughout New York to provide technical assistance to businesses during the COVID-19 crisis. More information can be found here: https://americassbdc.org/coronavirus-information/
Empire State Development Corporation (“ESD”)
ESD is New York State’s primary economic development agency and serves as a clearinghouse for all Federal and State COVID-19 economic assistance programs and policies. At this time, there are no direct ESD programs targeted at businesses effected by COVID-19. That may change in the future. More information on ESD can be found here: https://esd.ny.gov/
Industrial Development Agencies (“IDAs”)
IDAs provide property tax, mortgage recording tax, and sales and use tax exemptions to qualifying businesses in New York State. These exemptions are typically tied to growth and expansion; however, after Superstorm Sandy in 2012, the eight (8) IDAs on Long Island created programs to assist businesses effected by the storm. Although the IDAs have not enacted formal policies yet related to COVID-19, large employers may be eligible for tax stabilization programs aimed at ensuring businesses retain their employees.