The COVID-19 pandemic has resulted in severe economic stress for New York small businesses and nonprofits. In the midst of making painful choices, including layoffs, furloughs, and downsizing, we are forced to address cash flow issues and the long-term subsistence of our community.
At all levels of government and within the private sector, relief programs are still being developed and existing programs restructured, adapted, and optimized for the current crisis. You have options for meeting your immediate cash flow needs and for reducing operational expenses going forward. You can also restructure balance sheets and debts to save for operations.
The right combination of options to match your needs.
The Federal Reserve has 3 new lending facilities for small to mid-size companies and now for nonprofits having difficulty securing new funding. Under the CARES Act, the Main Street New Loan Facility (MSNLF), Main Street Priority Loan Facility (MSPLF) and the Main Street Expanded Loan Facility (MSELF) authorized $600B in loans, ranging from $250,000 to $35M, for businesses and for nonprofits.
We can guide you through the application process.
You may qualify for additional assistance through programs sponsored by local economic development agencies, community lenders, and private foundations. Relief can also come from programs specifically serving the NYC metropolitan area. Most likely, a combination of financing solutions will be needed to shore up your company in the coming weeks and months.
New York nonprofit and business owners are wondering what our city will be like post-COVID-19 sheltering-in-place. Will we emerge ready to take on the challenges of rebuilding? And, how will the financial decisions we make now present opportunities for stabilization and growth next year and the year after?