From the U.S. Small Business Administration:
Given the trying times we’re dealing we wanted to give you some updates you can pass along to your businesses. The first question businesses should be asking is of their current bankers and landlords. Are they able to defer payments for a few months? On current SBA Loans banks do have the authority to provide a deferment. Given the situation, we hope that landlords and other lenders would provide deferment as well.
Next, New York State has been approved and declared a State eligible for C for the novel coronavirus. Businesses can apply for these loans at: www.sba.gov/disaster
It is a good idea for folks to have 3 years of tax returns, P&L from last year, Balance Sheet, Monthly Cash Flow and a listing of their liabilities (Mortgages, loans, etc.) together before applying. These loans do not replace lost sales but can cover fixed costs such as rent, utilities and payroll (if keeping employees).
I am doing a webinar with the Better Business Bureau and Lynn Oswald from our NCCC SBDC on Wednesday, March 25th from noon to 1 p.m. Please join us from the webinar as we’ll explain more about the Disaster Loan program and give other tips and resources for business survival in this trying time. Link to register.
Our Small Business Development Centers, SCORE Mentors and Women’s Business Center are operating during this time. Most are doing appointments via phone or web conference, but are available for businesses who have questions.
Please let me know if you need anything or have any further questions.
Best regards,
Small Business Administration
