Center of Entrepreneurial Finance

Long Island Small Business Guide

The one-stop shop for small businesses to obtain the information and toolkit to navigate the coronavirus pandemic crisis

https://tinyurl.com/coronavirusfinance

Most relevant websites for funding

Employer [Summary slides]


Employee [Summary slides]


1. Reopening Business and Economy



2. Data and map of coronavirus cases

US state- and county-level and global confirmed case counts, testing locations, news, supplies, trends, videos, and job tracker.

US state-level and county-level case counts live tracker.

Hospital resource use, including beds, ICU beds, invasive ventilators needs and projected shortage.

Statewide and county-level cases, tests, and demographics

US and global case counts, news, guide, and impact.

Zip code level data for Long Island.


3. Employer responsibility and employee rights during crisis


The Families First Coronavirus Response Act (FFCRA) requires certain employers to provide employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. The Department of Labor’s (Department) Wage and Hour Division (WHD) administers and enforces the new law’s paid leave requirements. These provisions will apply from the effective date through December 31, 2020.


The CARES Act rolls out the Economic Injury Disaster Loan Program (EIDL) and Paycheck Protection Program (PPP) to assist small businesses, with the goal to incentivize businesses to keep workers on the payroll.


4. Federal relief and stimulus programs

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Federal Disaster Loans for Businesses, Private Nonprofits, Homeowners, and Renters. Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. New York State Small Businesses applying SBA Coronavirus Economic Injury Disaster Loan, click HERE and HERE.


â—Ź SBA Paycheck Protection Program [Summary slides (English), Video]

The Paycheck Protection Program authorized by the CARES Act makes loans of up to $10 million available to certain qualified small businesses. These loans are intended to be forgivable if the borrower maintains employees and otherwise complies with the CARES Act. You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.


Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster Loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan. To apply SBA Express Bridge Loans, click HERE.


Credit support to small and medium-sized businesses and their employees with loan size between $500,000 to $200 million. Not grants, and cannot be forgiven.

Federal Reserve takes additional actions to provide up to $2.3 trillion in loans to support the economy on April 9. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic. Included actions are (1) bolster the SBA PPP by supplying liquidity; (2) Ensure credits flow to small and mid-sized businesses with the purchase of up to $600 billion in loans; (3) increase the flow of credit to households and businesses by purchasing corporate debt, asset-backed securities loans; (4) help state and local governments manage cash flow stresses by offering up to $500 billion in lending to states and municipalities.


Individuals will be able to defer up to $1 million in tax payments to the IRS for 90 days, and corporations would be able to defer up to $10 million in tax payments.


5. Government and nonprofit funding sources

SBA provides a number of loan resources for small businesses to utilize when operating their business. For more information on loans or how to connect with a lender, visit HERE

SBA Disaster Assistance through the Stony Brook SBDC in response to the Coronavirus. A Business Advisor will help you through the abundance of resources available for your particular business/industry and to avoid the most common mistake of incomplete or inaccurate Economic Injury Disaster Assistance Loan application.

SBA Coronavirus Small Business Financial Assistance Programs, click HERE; Schedule online appointment with a business advisor, clcik HERE; Applying SBA Coronavirus Economic Injury Disaster Loan click HERE; Applying Paycheck Protection Program Loan click HERE.


How to Apply for an SBA Disaster Relief Loan; For everything you need to know about applying for a small business loan, click HERE

Coronavirus Emergency Loans Small Business Guide and Checklist

Remote Mentoring: Mentors offer free, personalized assistance to address the current crisis to help you adapt your business. Remote mentoring services are available via phone, email, video and chat. To find a mentor, go to https://www.score.org/find-mentor


6. Non-profit funding sources


A searchable database of over $1 trillion in COVID-19 cash relief resources available to small business and nonprofit entrepreneurs everywhere, produced by The Center for the Advancement of Social Entrepreneurship (CASE) at Duke University's Fuqua School of Business.


International, Canada and USA federal, state, local, foundation, and corporation grants for nonprofits, individuals, and small businesses.


Opportunity Fund is committed to supporting existing and new small business customers who are financially struggling amidst the COVID-19 outbreak.


Facebook is offering $100M in cash grants and ad credits to help struggling businesses cover payroll expenses, rent, advertising, and operational costs.


Citi is taking a variety of different measures to help small business clients that are experiencing hardship, including increasing access to credit. Small Business Citibank customers are being treated to waivers on monthly service fees and remote deposit capture, and waived penalties for early CD withdrawal. Bankers are available after hours and on weekends for support.


Founders looking for specific inspiration for changing their business model need look no further than this new guide from Hello Alice. From a brewery offering remote tastings to a jewelry shop getting by on gift cards, this guide is full of ideas from nimble business owners.

Local businesses are facing unprecedented challenges as they navigate COVID-19. Opportunity Finance Network (OFN) is working with Google to launch the Grow with Google Small Business Fund. The $125 million fund will deliver responsible financing to community development financial institutions (CDFIs) to help thousands of small businesses hardest hit by the coronavirus.

Between May and September 2020, GlobalGiving’s Red Backpack Fund will award $5,000 emergency assistance grants to at least 1,000 majority women-owned businesses and nonprofits in the U.S. The grants are possible through a $5 million gift from The Spanx by Sara Blakely Foundation to support female entrepreneurs struggling with the effects of the COVID-19 pandemic.

Looking for funding for your business during this challenging time? Kabbage put together this list of lenders for small businesses impacted by the COVID-19 crisis. Use these available resources to help you navigate your business through the pandemic.


7. Local and regional community support

8. Funding for employees, individuals, and students

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For student funding:


9. Health and mental health support

The Emotional Support Line provides free and confidential support, helping callers experiencing increased anxiety due to the coronavirus emergency. The Help Line is staffed by volunteers, including mental health professionals, who have received training in crisis counseling. For FREE emotional support, consultation, and referral to a provider, call 1-844-863-9314.


10. Health and self care

Podcasts

  • "Beyond the Expected" by Stony Brook University

  • "Prognosis Daily: Coronavirus" by Bloomberg

YouTube channels

  • "MedCram - Medical Lectures Explained CLEARLY" by MedCram world-class instructors


11. Useful articles and websites

Topics of videos include: Addressing Employers' Concerns About Coronavirus; What Banks and Lenders Need to Know; What Does the Families First Coronavirus Response Act Mean for Employers; The Employment View; Overview of FAQ for Employers


Disclaimer: This web page is for information only. The webmaster has no financial interest related to any resource cited here, nor assumes any responsibility for the consequence of using the information on the web page. Use the information at your own risk. Suggestions may be sent to cef@stonybrook.edu

List of volunteers who contribute to this webpage:

  • Center of Entrepreneurial Finance faculty and mentors: Dr. Danling Jiang, Dr. Richard Chan, Dr. Keli Xiao, Will Ji, Ceven Li

  • College of Business Graduate Students: Olga Aristova, Yibo Guo, Sandra Kayira, Yao Qi, Yu Shi, Austin Trejos, Zhengke Ye, Bijun Zheng, Qi Zhou