COVID-19 Small Business Resources

COVID-19 Small Business Resources

City of New London

The City of New London understands that there is a tremendous amount of uncertainly during these difficult times. The Administration and Office of Economic Development will continue to gather up the latest information and post the information below.

Useful Links


Local & Municipal Resources


SBA Coronavirus Recovery Information is available in Other Languages!!!!

The SBA is providing materials in languages other than English to help business owners recover. Please click here for information.


The American Rescue Plan Act’s Small Business Assistance and Support

The American Rescue Plan Act provides additional relief for the nation’s small businesses and hard-hit industries for programs the SBA is currently administering and adds new efforts, including:

  • $7.25 billion additional for the Paycheck Protection Program, including to expand eligibility to additional nonprofits and digital news services
  • Additional funds are allocated for the Shuttered Venue Operators Grant program, and now allows businesses to apply for both a PPP loan after Dec. 27, 2020, and the SVOG
  • $15 billion additional for Targeted Economic Injury Disaster Loan Advance (EIDL) payments, including NEW $5 billion for Supplemental Targeted EIDL Advance payments for those hardest hit
  • NEW, MORE INFO COMING SOON! $28.6 billion for the Restaurant Revitalization Fund for industry-focused grants
  • NEW, MORE INFO COMING SOON! $100 million to establish a Community Navigator pilot program; grants will go to eligible organizations supporting efforts to improve access to COVID–19 pandemic assistance programs and resources.

SBA’s current relief efforts can be found at www.sba.gov/coronavirusrelief, and more details about these program updates and new efforts the SBA will administer in the coming weeks.


Cares Act: Small Business Administration Programs (SBA)

Payroll Protection Program: NOW OPEN

All PPP applications close on March 31, 2021! Please act quickly!
The SBA website includes tools to help you get matched with a lender or find lenders in your area.

To view the new Interim Final Rule, click here.
To view the updated First Draw application, click here.
To view the updated Second Draw application, click here.

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program

Key Payroll Protection Program updates from the Small Business Administration (SBA) & U.S Department of the Treasury include:

  • PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to meet their business needs best;
  • PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
  • The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations;
  • The PPP provides greater flexibility for seasonal employees;
  • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
  • Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.
    • A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
      • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses.
      • Has no more than 300 employees; and
      • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

Partes importantes de las actualizaciones sobre el Programa de Protección de Pagos de La Agencia Federal de Pequeños Negocios de Estados Unidos (SBA, por sus siglas en inglés) y la Tesorería de lo Estados Unidos incluyen:

  • Para satisfacer mejor sus necesidades comerciales, los prestatarios de PPP pueden escoger que el período de cobertura de su préstamo sea de entre 8 y 24 semanas.
  • Los préstamos de PPP cubrirán gastos adicionales, incluidos los gastos de operaciones, los costos de daños a la propiedad, los costos de proveedores y los gastos de protección de los trabajadores;
  • Las siguientes organizaciones serán elegibles para el programa; 501 (c) (6), cooperativas de vivienda, organizaciones de marketing directo, y otros tipos de organizaciones;
  • El PPP proporciona más flexibilidad para los trabajadores estacionales;
  • Ciertos prestatarios de PPP existentes pueden solicitar la modificación de su primer préstamo de PPP y
  • Algunos prestatarios existentes serán elegibles para solicitar un segundo préstamo de PPP.
    • Un prestatario generalmente es elegible para un segundo préstamo de PPP si el prestatario:
      • Recibió anteriormente un préstamo de PPP y ha utilizado o va a utilizar el total solo para usos autorizados;
      • No tiene más de 300 empleados; y Puede demostrar al menos una reducción del 25% en los ingresos entre trimestres comparables en el 2019 y el 2020.

The Shuttered Venue Operators (SVO) Grant program

Established by The Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues, to be administered by the Small Business Administration’s Office of Disaster Assistance.

  • Eligible entities include:
  • Live venue operators or promoters
  • Theatrical producers
  • Live performing arts organization operators
  • Relevant museum operators, zoos, and aquariums meet specific criteria.
  • Motion picture theater operators
  • Talent representatives, and
  • Each business entity is owned by an eligible entity that also meets the eligibility requirements.
  • Other requirements:
  • Must have been in operation as of Feb. 29, 2020.
  • The venue or promoter must not have received a PPP loan on or after Dec. 27, 2020.

Click here to learn about the program.

Updated 3/11: SVOG Preliminary Application Checklist

For additional information, email SVOGrant@sba.gov. All emails regarding SVO Grants will be sent using an official government email address ending in @sba.gov.


Economic Injury Disaster Loan: OPEN FOR LOAN APPLICATIONS ONLY- ADVANCE IS TARGETED

To learn more about eligibility and to apply, click here.


The SBA has extended the Deferment Period for all COVID-19 EIDL and Other Disaster Loans until 2022

  • All SBA disaster loans made in the calendar year 2020, including COVID-19 EIDL, will have the first payment due date extended from 12-months to 24-months from the note’s date.
  • All SBA disaster loans made in the calendar year 2021, including COVID-19 EIDL, will have the first payment due date extended from 12-months to 18-months from the note’s date.

Questions on SBA COVID-19 EIDL and disaster loan payments can be answered by email at DisasterCustomerService@sba.gov or by calling SBA’s Customer Service Center at 1-800-659-2955 (TTY: 1-800-877-8339

Relief Programs/ Grants

Arts, Culture, and Community Funding & Resources

https://www.artistrelief.org/?fbclid=IwAR0Mq2I9Xa6EeFJyu_FYYeB92Q6sKVZETthVUm3RV8xTWzgzVrFSBEmgGvo

HOSPITALITY

  • One Fair Wage Emergency Fund: Restaurant workers, gig workers, and other hourly workers are facing unprecedented economic hardship from the coronavirus crisis.  It’s our turn to serve them. https://ofwemergencyfund.org/ https://ofwemergencyfund.org/ayuda
  • Another Round, Another Rally: $500 relief grants for hospitality workers who lost their jobs or had their hours slashed in the wake of the COVID-19 outbreak.

https://anotherroundanotherrally.org/

Spanish application: https://airtable.com/shrSKwUlE214l2hf4

  • Southern Smoke Emergency Relief Program provides emergency funding to those employed by or own restaurants or bars or is employed by a restaurant or bar supplier that is faced with unforeseen expenses that cannot or will not be covered by insurance. We stand with those in our community and are committed to “taking care of our own”. https://form.southernsmoke.org/smoke/application/

 https://form.southernsmoke.org/smoke/application/spanish/

BEAUTY & WELLNESS

  • The PBA COVID-19 Relief Fund: Will provide $500 to licensed beauty professionals who are unable to work due to COVID-19. The funding, if awarded to you, is intended to be emergency aid for short-term immediate needs such as food and bills. https://www.probeauty.org/covid-relief-fund-application

VETERAN

NON-PROFIT

  • Grow Grants- The Grow grant program is geared towards groups who have some experience implementing a project in their community. Grow grants support groups to deepen their work by further developing a community vision, lowering barriers to participation, identifying new stakeholders, and working to bring more voices and lived experiences into core decision-making processes.

https://grassrootsfund.org/grant-programs/grow-grants?fbclid=IwAR0E0lLF6FNzS-CICFkY-F6m1kvS1INA-TisDapglo8Ev-h4Wp4xrjoRNwY

  • AARP Community Challenge – provides small grants to fund quick-action projects that can help communities become more livable for people of all ages. Applications are accepted for projects to improve public spaces, housing, transportation, civic engagement, coronavirus recovery, diversity and inclusion, and more. After reading the information below, click the yellow button to apply.

https://www.aarp.org/livable-communities/community-challenge/info-2021/2021-challenge.html

MINORITY/WOMEN OWNED

  • Power Forward, Small Business Grant- Qualified applicants must be Black-owned small businesses with 1 to 25 employees and be based in Massachusetts, Maine, New Hampshire, Rhode Island, Vermont, or select areas of Connecticut*. Applicants should be able to demonstrate the impact their small business has on their greater community and showcase how they intend to use the $25,000 grant award.