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Disaster Relief: Financing & Economic Development Assistance

Fiscal Resilience for Today, Tomorrow, and Coming Years

COVID -19 is still with us. The pandemic continues to inflict severe economic stress on 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.

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?

To stabilize operations, take advantage of all the government programs at the federal, state, and local levels. We are here to help. Contact your team of professionals to access the programs.

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 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.

  • The Small Business Administration (SBA) announced another round of the Paycheck Protection Program (PPP) for up to $2.0 million.
  • In addition to the PPP and the Economic Injury Disaster Loan Program, the SBA has many other financing options for working capital and expansions.
  • As part of the new legislation, the SBA announced that it will be making payments for up to 9 months on existing and new SBA loans.
  • New York 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 other programs are available for relief assistance?

You may qualify for additional assistance through programs sponsored by local economic development agencies, community development 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.

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