Disaster Relief
Please contact us for immediate assistance with SBA Disaster Loan Applications, Insurance Matters and all other business questions, for FREE as always. Business Advisors will walk you through the loan application paperwork and assist with the processing, as well as help you make a plan to apply the funds to your business if you are approved.
Please contact us at 631-632-9837 or sbdc@stonybrook.edu.
Stony Brook SBDC Business Advisors will help you navigate the application process. For more information, to make an appointment and help getting started in the application process, please contact the Stony Brook Small Business Development Center at 631-632-9070.
Pree-Seed and Seed Matching Fund Program
As part of the 2021 American Rescue Plan, the Pre-seed and Seed Matching Fund program
will offer early-stage companies growth assistance, supported by funds from the State
Small Business Credit Initiative (SSBCI), with matching funds from private sector
investors.
Tourism Return-To-Work Grant Program
To assist with the revitalization of the tourism industry in New York State, Empire State Development will award grants to qualifying tourism businesses in New York State that suffered economic hardship due to COVID-19.
Meet in New York Grant Program
To assist with the revitalization of the meetings and events industry in New York
State, Empire State Development's Division of Tourism will award grants to qualifying
New York State event venues that have experienced economic hardship from COVID-19.
American Rescue Plan (ARP) Act Child Care Stabilization Funds
The American Rescue Plan (ARP) Act included $39 billion in new child care funding.
Learn more about child care stabilization grants to providers, Child Care and Development
Fund (CCDF) Discretionary Funds, and FAQ here.
Restaurant Resiliency Program Application
The Restaurant Resiliency Program will provide relief to the restaurant industry,
which continues to face severe challenges from the COVID-19 pandemic. The program
will build on the successful Nourish New York initiative. It will provide funding
to New York's network of food banks and emergency food providers to purchase prepared
meals from New York restaurants and deliver them to families in need.
COVID EIDL Loan Program Overview Updated Fact Sheet
The SBA is particularly focused on promoting the enhanced benefits available to applicants
seeking Covid EIDL loans, before the program ends on December 31.
Payment Protection Program Direct Forgiveness Portal
The PPP forgiveness application portal allows borrowers with PPP loans of $150,000
or less to apply for forgiveness directly through the SBA.
Restaurant Return To Work Tax Credit FAQ
Empire State Development released a new Restaurant Return to Work Tax Credit FAQ.
COVID-19 Pandemic Small Business Recovery Grant Program
The COVID-19 Pandemic Small Business Recovery Grant Program provides grant funding
to small and micro businesses and for-profit independent arts and cultural organizations
impacted by the pandemic.
COVID EIDL Loans FAQ
The SBA has released the latest FAQ about the COVID EIDL loans.
SBA Resources for the EIDL Program
- How to apply for a COVID EIDL Loan
- Subscribe to the SBA's e-newsletter
- Follow the SBA on Twitter
- For local assistance: www.sba.gov/local-assistance and www.sba.gov/asistencia-local
- For more information about SBA programs and services visit the SBA website
PPP Direct Forgiveness Portal Guide
The SBA has released a comprehensive guide to their new PPP Direct Forgiveness Portal.
SBA Drops PPP Loan Necessity Questionnaire Requirement
The U.S. Small Business Administration (SBA) has informed lenders that it is eliminating
the loan necessity review for Paycheck Protection Program (PPP) loans of $2 million
or greater.
The SBA stated it would no longer request either version of the Loan Necessity Questionnaire:
SBA Form 3509 for for-profit borrowers and SBA Form 3510 for not-for-profit borrowers.
Learn more here
American Rescue Plan Grants
Arts grants funded through the American Rescue Plan are now available to eligible
organizations nationwide.
“These funds are intended to help support jobs in the arts sector, keep the doors
open to arts organizations nationwide, and assist the field in its response to and
recovery from the COVID-19 pandemic.” - National Endowment for the Arts
Learn more about the grants and apply here
Employee Retention Credit
Tax incentives for keeping employees on the payroll if your business:
- Has 500 or fewer employees;
- Was at least partly closed due to a government order OR the business’s revenue declined by 20% or more for any
- quarter this year; AND
- You kept employees on the payroll: You may be eligible for 2021 employee retention tax credits of up to $28,000 per employee. And the longer you keep your employees on payroll, the more benefits you are eligible to receive.
SBA: PPP Funds Exhausted for All But CDFIs, MDIs
The Small Business Administration, effective May 4th, 2021, has informed trade associations
that Paycheck Protection Program funding has been exhausted and that the PPP application
portal has now stopped accepting applications for loans from most lenders. Learn more here
Veteran Rapid Retraining Assistance Program
The Department of Veterans Affairs (VA) is preparing to launch the Veteran Rapid Retraining
Assistance Program (VRRAP) as part of its continued effort to support Veterans seeking
retraining and economic opportunities in response to the effects of the COVID-19 pandemic.
VA in partnership with the Department of Labor published a list of high-demand occupations.
The list is available here and includes healthcare, education, media, engineering, and high tech opportunities.
SBA Opens Shuttered Venue Operators Grant Applications
Venue Operators can now apply for the SBA's Shuttered Venue Operators Grant. For a
full user guide and tips to apply for the new application, click below:
SBA Removes SAM Registration Requirement for the Restaurant Revitalization Grant Program
The SBA has updated their requirements for the Restaurant Revitalization Grant Program,
as well as ansered a series of frequently asked questions. The FAQ, compliled by the
Independent Restaurant Coalition, can be read here
SBA to Increase Lending Limit for COVID-19 Economic Injury Disaster Loans
Starting the week of April 6, 2021, the SBA is raising the loan limit small businesses and non-profit organizations can borrow through its COVID-19 EIDL
program. To learn more, click here
USDA Announces ‘Pandemic Assistance for Producers’ to Distribute Resources
The USDA is establishing new programs and efforts to bring financial assistance to
farmers, ranchers, and producers who felt the impact of COVID-19 market disruptions.
The new initiative, known as the USDA Pandemic Assistance for Producers, will reach
a broader set of producers than in previous COVID-19 aid programs. Learn more here
SBA Extends Deferment Period for all COVID-19 EIDL and Other Disaster Loans until
2022
- All SBA disaster loans made in calendar year 2020, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 24-months from the date of the note.
- All SBA disaster loans made in calendar year 2021, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 18-months from the date of the note.
Learn more here
Restaurant Revitalization Fund
An eligible business may receive a tax-free federal grant equal to the amount of its
pandemic-related revenue loss, calculated by subtracting its 2020 gross receipts from
its 2019 gross receipts. Read the policy brief here
The American Rescue Plan Act
The American Rescue Plan Act provides additional relief for the nation’s small businesses
and hard-hit industries for programs the SBA is currently administering and adds new
efforts, including:
- $7.25 billion additional for the Paycheck Protection Program, including to expand eligibility to additional nonprofits and digital news services
- Additional funds are allocated for the Shuttered Venue Operators Grant program, and now allows businesses to apply for both a PPP loan after Dec. 27, 2020, and the SVOG
- $15 billion additional for Targeted Economic Injury Disaster Loan Advance (EIDL) payments, including NEW $5 billion for Supplemental Targeted EIDL Advance payments for those hardest hit
- NEW: $28.6 billion for the Restaurant Revitalization Fund for industry-focused grants
- NEW: $100 million to establish a Community Navigator pilot program; grants will go to eligible organizations supporting efforts to improve access to COVID–19 pandemic assistance programs and resources.
SBA Public Private Strategies
SBA provided recordings of exclusive conversations with leaders at the Small Business
Administration on new changes to the Paycheck Protection Program and what tools and
resources are available to help America's small businesses recover from the COVID-19
pandemic and economic crisis.
Black and African-American Small Business Owners
Hispanic Small Business Owners
Asian-American and Pacific Islander, Native American and Tribal Small Business Owners
Women Small Business Owners
ICYMI General Small Business Owner Session
Empire State Development Lease Assistance Program
As a result of the economic hardships brought on by the Covid-19 pandemic, many once-successful
businesses are now struggling to pay rent, thus resulting in higher commercial vacancies
for landlords. To avoid evictions, Empire State Development has partnered with nonprofit
Start Small Think Big and the New York Bar Association to provide pro bono legal services
to small businesses and landlords to reach a mutually agreeable lease renegotiation.
30/60/90 Day Plan
A comprehensive plan for pivoting your business during COVID-19. Authored by Stony
Brook SBDC business advisor Willa Smith.
ALERT! Paycheck Protection Program (PPP) Reopening January 11th, 2021
The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will
re-open the week of January 11 for new borrowers and certain existing PPP borrowers.
To learn more, click here.
Biden-Harris Administration Increases Lending to Small Businesses in Need, Announces
Changes to PPP to Further Promote Equitable Acces to Relief
The Biden-Harris Administration has announced several reforms to PPP to extend much
needed resources to small businesses. These reforms include:
- Instituting a 14-day period, starting Wednesday, during which only businesses with fewer than 20 employees can apply for relief through the Program.
- Helping sole proprietors, independent contractors, and self-employed individuals receive more financial support.
- Consistent with a bipartisan bill, eliminating an exclusionary restriction that prevents small business owners with prior non-fraud felony convictions from obtaining relief through the Paycheck Protection Program.
- Eliminating an exclusionary restriction that prevents small business owners who are delinquent on their federal student loans from obtaining relief through the Paycheck Protection Program.
- Ensuring access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Numbers (ITINs) to apply for relief.
- Addressing waste, fraud, and abuse across all federal programs. Unlike the previous round of the PPP, loan guaranty approval is now contingent on passing SBA fraud checks, Treasury's Do Not Pay database, and public records.
- Promoting transparency and accountability by improving the PPP loan application.
- Improving the Emergency Relief Digital Front Door.
- Continuing to conduct extensive stakeholder outreach to learn more about challenges and opportunities in the implementation of current emergency relief programs.
- Enhancing the current lender engagement model.
For more information, read the official fact sheet here
Payment Protection Program (PPP) Policy Updates
Updated First Draw Forms:
Second Draw Forms:
- Form 2483-SD – Second Draw Borrower Application
- Form 2484-SD – Second Draw Lender Guaranty Application
Guidance and Resources:
- Accessing Capital for Minority Underserved, Veteran and Women-Owned Business Concerns Guidance
- Top-Line Overview of First Draw PPP Loans
- Top-Line Overview of Second Draw PPP Loans
- Interim Final Rule #1 – PPP as Amended by Economic Aid Act
- Interim Final Rule #2 – PPP Second Draw Loans
- Procedural Notice – Modifications to SBA Forms 3506, 3507 and 750 CA (PPP only)
- Procedural Notice - SBA Procedural Notice on Repeal of EIDL Advance Deduction Requirement
For more information and updates, click here.
SBA Office of Capital Access PPP Updates 3.4.21
Shuttered Venue Operators Grant
What You Need to do NOW in Order to Apply
Obtain a DUNS Number
Entities are encouraged to obtain a Dun & Bradstreet (DUNS) number so they can then register in the System for Award Management (SAM.gov). Other
identifiers, such as an Individual Taxpayer Identification Number or Employer Identification
Number, cannot be used.
SAM.GOV Registration
Entities that have or receive a DUNS number should immediately begin registering in
SAM.gov as the SAM registration may take up to two weeks after submission.
Compile Employee Count and Monthly Revenue - See FAQ Calculation on Page 6
Document Gross Earned Revenue Loss - See FAQ Calculation Methods on Page 6-7
Click Here For Eligibility
Entities must not have an application pending for a PPP loan. If the entity has applied
for either a first- or second-draw PPP loan on or after Dec. 27, 2020, they are ineligible
to apply for an SVOG until their PPP loan application is denied. Entities may not
apply for a PPP loan and an SVOG at the same time. However, an entity that applied
for and received a PPP loan during the first iteration of PPP last year is eligible
to apply for an SVOG.
SVOG FAQ
Empire State Development Announces “Raising The Bar” Restaurant Recovery Fund
Empire State Development is offering grants of up to $5,000 for restaurants adjusting
to COVID-19 safety guidelines. "Raising the Bar" grant funding can be used for COVID-19-related
improvements and equipment. To learn more and apply, click here
Review
Deciding Whether to Reopen
Reopen
Developing a Plan
Recover
Planning for the Future
BNB Bank Sponsors Unique Collaboration amongst dynamic Centers of Stony Brook University
In response to small business economic injury, BNB has sponsored the Stony Brook SBDC
to create a Business Resiliency and Recovery Program conceived to provide critical
tools for the ongoing sustainability and success of small businesses. The purpose of the program is to create a series of webinars targeted by industry
to address small business recovery planning. Tools provided will assist businesses
to assess their risks and damage and develop a strategic plan enabling them to recover
from the immediate disruptions. “Critical times, calls for critical tools, and this program is going to help keep
businesses alive and well.” Said, Dan Delehanty, CRA Officer, Director of Community Development at BNB Bank.
SBA Rolls Out Dedicated Tool for Small Businesses to Connect with CDFIs, Small Asset
Lenders Participating in PPP
Today, U.S. Small Business Administration Administrator Jovita Carranza announced
the launch of a dedicated online tool for small businesses and non-profits to be matched
with Community Development Financial Institutions (CDFIs), Minority Depository Institutions
(MDIs), Certified Development Companies (CDCs), Farm Credit System lenders, Microlenders,
as well as traditional smaller asset size lenders in the Paycheck Protection Program
(PPP). SBA’s Lender Match is an additional resource for pandemic-affected small businesses who have not applied
for or received an approved PPP loan to connect with lenders. Learn More
Federal Reserve Board expands its Main Street Lending Program to allow more small
and medium-sized businesses to be able to receive support
The Federal Reserve Board on Monday expanded its Main Street Lending Program to allow
more small and medium-sized businesses to be able to receive support. The Board lowered
the minimum loan amount, raised the maximum loan limit, adjusted the principal repayment
schedule to begin after two years, and extended the term to five years, providing
borrowers with greater flexibility in repaying the loans. The Board expects the Main
Street program to be open for lender registration soon and to be actively buying loans
shortly afterwards.
MOVING NEW YORK FORWARD
Industry Guidance and Reopening
Safety Plan Template
Each business or entity, including those that have been designated as essential under
Empire State Development's Essential Business Guidance, must develop a written Safety
Plan outlining how its workplace will prevent the spread of COVID-19. A business may
fill out this template to fulfill the requirement, or may develop its own Safety Plan. This plan does not need to be submitted to a state agency for approval but must be
retained on the premises
New York Forward Loan Fund (NYFLF)
Governor Andrew Cuomo announced that the state is launching 'NY Forward,' a $100 million
loan fund to provide flexible and affordable loans to help small businesses, eligible
only to those small businesses who did not receive federal COVID-19 funding assistance
under the SBA Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loan
(EIDL). Applications will open on May 26, 2020 at Noon Eastern Daylight Time and will be on a rolling basis
thereafter as regions and industries reopen. Click here for more information
Suffolk County Provides Businesses With Reopening Best Practices
As our region prepares to reopen its economy, Suffolk County has complied a document
of local
and national resources to assist various industry sectors and businesses in safely
operating and
reopening during the COVID-19 pandemic. The information is subject to change and based
on best practices by industry professionals to protect public health.
- Suffolk County Reopening Resource Guide
- Statewide Regional Reopening Metrics
Suffolk County IDA
The Suffolk County IDA (SCIDA or the IDA) is making available the SCIDA COVID-19 Sales
Tax Equipment Relief Program, which will grant sales and use tax exemptions to manufacturers,
suppliers, and distributors of personal protective equipment (PPE)
SBA Rolls Out Dedicated Tool For Helping Small Businesses to Connect with CDFIs
The SBA's LenderMatch is used to match small businesses and non-profits with Community Development Financial Institutions (CDFIs), Minority Depository Institutions
(MDIs), Certified Development Companies (CDCs), Farm Credit System lenders, and Microlenders
in the Paycheck Protection Program (PPP). Learn how LenderMatch can help you here
Town of Brookhaven IDA
The Town of Brookhaven Industrial Development Agency’s (“IDA”) COVID-19 Sales Tax
Relief Program (the “Program”) will grant sales and use tax exemptions of up to $100,000
to manufacturers, suppliers and distributors of personal protective equipment (“PPE”)
and other COVID-19 recovery products.
PPP Checklist
Start preparing NOW. Gather documents that provide proof of payment for allowable
expenses under Paycheck Protection Program and be ready to make related certifications
for the application