Coronavirus

Coronavirus: CDFIs Respond

The members of the NYS CDFI Coalition are reporting that their communities are being hit hard by the consequences of the Coronavirus. We are working with our partners at the Federal, State and local levels to continue to deliver financial resources and stability to our neighbors.

In the following weeks and months, we are planning to develop and deliver information – updates, webinars, and conference calls – that will help our members deal with both short-term and long-term impacts of the Coronavirus pandemic.

We’ll also continue to share news you can use – state and federal policy updates, calls to action and best practices – from across the industry. We’ll be updating this list as additional information becomes available.

We urge you to take care of yourselves and your neighbors, and to watch your inbox for updates. The NYS CDFI Coalition is working to muster all the resources we can to help our members across New York State, and we thank you for your support.

Events and Trainings

For CDFIs and their Clients

CDFI Coalition Event Calendar


Resources for CDFIs

Sign up for Digest email updates from CDBA

CDBA is the national trade association for banks that are US Treasury designated Community Development Financial Institutions (CDFIs). CDBA noted that many members were sharing their digest and developed a sign-up option for anyone who would like their own copy by email.


Federal

Federal Reserve Board

Fed Acts to Include CDFIs in PPP Liquidity Facility – 4/23/20

Small Business Administration

COVID-19 Economic Injury Disaster Loan (EIDL)

UPDATE – 5/18/20
Breakdown of EIDL Loans by State and Territory

UPDATE – 5/18/20
Breakdown of PPP Loans by State and Territory

To apply for a COVID-19 Economic Injury Disaster Loan, click here.

Small business owners are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

SBA Debt Relief

The SBA Debt Relief program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis. Under this program:

  • The SBA will pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.
  • The SBA will pay the principal and interest of current 7(a) loans for a period of six months.

Paycheck Protection Program

Update 5/15/20
SBA has launched a new search functionality within the E-Tran Loan Servicing section of the Capital Access Financial System (CAFS). This tool will help PPP lenders review loans in their portfolios.

Update – 5/14/20
PPP Lenders not holding a Dashboard account must register with Colson Services.

Update – 5/8/20
A new IFR was released on 5/8/20 – “Extension of Limited Safe Harbor with Respect to Certification Concerning Need for PPP Loan Request.” 

Updated IRS Guidance
Income associated with forgiveness is excluded from gross income under CARES Act.

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Enter your ZIP code to find a PPP lender in your area.

  • Eligible recipients may qualify for a loan up to $10 million (8 weeks of prior average payroll plus an additional 25% of that amount.)
  • Loan payments will be deferred for six months.
  • If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.

All SBA Disaster Assistance in Response to the Coronavirus

Industry Assistance

Restaurant Reopening – 4/22/20
For other resources visit restaurant.org/covid19

Consumer Financial Protection Board

Protect yourself financially from the impact of the coronavirus

Administration for Community Living

What do Older Adults and People with Disabilities Need to Know?


New York State


NYC

  • NYC Employee Retention Grant Program
    The City is offering small businesses with fewer than 5 employees a grant to cover 40% of payroll costs for two months to help retain employees.
  • NYC Small Business Continuity Fund
    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.