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2020 Disaster Relief

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Help with 2020 Disaster Relief & Economic Development

Fiscal Resilience for Today, Tomorrow & Next Year

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.

Liquidity now. Competitive later. How does this work in the time of COVID-19?

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.

A few facts to keep in mind as you navigate the days ahead.

  • Federal Reserve recently announced a new, large credit facility for small to mid-size businesses and nonprofits.
  • The Small Business Administration (SBA) has multiple options for relief, not just the Paycheck Protection Program and the Economic Injury Disaster Loan Program.
  • City and State economic development agencies have incentives, low-cost financing programs, and more.
  • You may be able to restructure existing long-term debt obligations, e.g., real estate loans, bond financing, and other fixed obligations to free up cash flow.
  • New programs are coming online every day.

The right combination of options to match your needs.

What new resources are available at the federal level?

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.

What other programs are available for relief assistance?

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.

Where will we be in a year? What will it look like?

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?

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