COVID-19


Small Business Help with the COVID-19 Pandemic

The following programs in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, each administered by the U.S. Small Business Administration, are intended to assist business owners in overcoming the challenges brought by the COVID-19 pandemic.

Small Business Development Center

The Small Business Development Center ("SBDC") provides small businesses free confidential advisory for CARES Act financing applications.

The SBDC provides the following: 

  • Confidential, no-fee, one-on-one assistance in: APPLYING for financing
  • Webinars on resources and strategies for: Emergency Loan and Grant Programs
  • Connections to other resources to help your business and employees.

If you are a Small Business in need of financial assistance due to COVID-19, please contact the New York SBDC center nearest you. (LINK)

Farmingdale SBDC

Phone:              934-420-2765

Email:               sbdc@farmingdale.edu

Website:           http://www.farmingdale.edu/sbdc

Additional Recourses and Links

U.S. Paycheck Protection Program (“PPP”)

Under legislation passed by congress last week, the U.S. Paycheck Protection Program (“PPP”) provides loans to certain eligible small businesses, sole proprietors and self-employed individuals to cover many of their business operating expenses. most importantly, qualifying borrowers will be eligible to have their PPP loans, including interest, forgiven for up to one hundred percent (100%) of their paid expenses during the 8-week period after the loan origination for rents under leases, utility costs, payroll costs (salaries up to $100,000) and interest on real or personal property mortgages. The extent of forgiveness decreases under certain rules, including a business’s reduction of its employee wages during the eight (8) week period after loan origination. So effectively, assuming you qualify and use the loan availability to its maximum potential, the U.S. government’s program will pay for a substantial portion of your operating costs for the eight (8) week period after loan origination so long as you keep your employees.  These PPP loans are being made available in amounts up to two and a half (2.5) times the borrower's average monthly payments for payroll incurred during the one-year period before the loan origination date. These loans require no personal guaranties or collateral, carry a maximum interest rate of four percent (4%) to the extent they are not forgiven and will be made through banks. The application process is designed to be simple and expedited and will begin any day. Importantly, the U.S. government has urged every business which qualifies for the program to apply and do so quickly to get money into business owner hands. For your convenience, below is a link you can use to apply for PPP assistance.

The above is our best summary of the U.S. paycheck protection program and only is intended to introduce you to its availability; it does not include all relevant provisions and is not intended to be tax or financial advice, which you should seek from your own professionals.  There also are other disaster relief programs you should investigate to determine if they apply to your business and would be helpful.

The information provided by Sanders Equities LLC (“Sanders”) on the “Covid-19” section of this website is for general informational purposes only.  All information is provided in good faith, however Sanders makes no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability or availability of any of the information contained herein.  Reference to any specific product, person or entity does not constitute an endorsement or recommendation by Sanders.