Mar 27, 20203 min read

COVID-19 Federal, Local and Private assistance information.

Federal & Nationwide

Federal Coronavirus Aid, Relief, and Economic Security Act (CARES)

Relevant topics: (1) A tax credit of $1200 to most adults or $2400 for married persons. (2) $377 billion loan program for small businesses (up to 500 employees) to help continue making payroll. A portion can be forgiven depending on how many employees the employer retains. ((3) An increase in weekly unemployment benefits and an extension of the time period that a person can receive benefits. (4) Self-employed people and gig economy workers may also qualify to receive benefits.
PDF | Full Analysis
PDF | Division A Summary

Federal Family First Coronavirus Response Act

The law goes into effect April 1, 2020 and will remain in place until December 31, 2020. Relevant topics: (1) Extends and expands the protections of FMLA job-protected leave for certain childcare COVID-19-related absences, including requiring paid FMLA leave benefits. (2) Provides a new paid sick leave entitlement for certain COVID-19 related absences. (3) Provides tax credits to help employers defray the costs of paying these benefits.
PDF | Summary
PDF | Grid view
PDF | Employee Rights poster

Financial Assistance

Facebook | Small Business Grants
Facebook is offering $100M in cash grants and ad credits.
GoFundMe | Small Business Relief Fund
The GoFundMe.org Small Business Relief Fund will provide micro-grants to qualifying small businesses negatively impacted by the COVID-19 pandemic.
Goldstar | Donations for Live Entertainment Organizers
Goldstar Mobilizes Platform to Raise Donations for Live Entertainment Organizers in Response to COVID-19 Shutdowns
IRS.gov | Paid leave for workers and tax credits for small and midsize businesses
Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave
SBA.gov | Economic Injury Disaster Loans
The Small Business Administration has authorized Economic Injury Disaster Loans of up to $2 million in assistance to help small businesses, private nonprofit organizations of any size, in most states and territories that have been financially impacted as a direct result of the coronavirus (COVID-19) since January 31, 2020.

Information

New York City

Financial Assistance

NY Community Trust | NYC COVID-19 Response & Impact Fund
To be eligible, an organization must meet the following criteria: 501(c)3 nonprofit organization; Based in New York City; Recipient of New York City and/or New York State government funding; Annual operating budget of up to $20M (excluding government contracts); Track record of robust programming and services for New York residents
NYC.gov | NYC Employee Retention Grant Program
This program is available to New York City businesses with one to four employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. Eligible businesses will receive a grant covering up to 40% of their payroll for two months. Businesses can access up to $27,000.
NYC.gov | NYC Small Business Continuity Loan Fund Pre-Application
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 retain employees and ensure business continuity.