New York City has started a new program to help small business owners eligible for the Paycheck Protection Program and other loans from the federal government secure funding.
Mayor Bill de Blasio and NYC Department of Small Business Services (SBS) Commissioner Jonnel Doris launched Fair Share NYC, a targeted campaign to connect small business owners to federal relief funds.
Federal funds include the Paycheck Protection Program (PPP), a forgivable loan to help businesses keep their workforce employed, and the Economic Injury Disaster Loan (EIDL) Advance, a grant of up to $10,000 for businesses in low-income communities.
“PPP loans can be a lifeline for hard-hit small businesses in all five boroughs, and New York City will do everything we can to connect these businesses to the resources they deserve,” said Mayor Bill de Blasio. “I encourage every New Yorker to shop local and help these community anchors get back on their feet in the weeks and months to come.”
“Small businesses are the backbone of our economy and SBS is committed to keeping them resilient,” said Jonnel Doris, Commissioner of the NYC Department of Small Business Services (SBS). “Meeting this goal requires that we all work together, and we are grateful to our federal partners for bringing these critical dollars to the City’s neediest business owners.”
Fair Share NYC aims to provide technical assistance to businesses seeking to access $284.45 billion in PPP loans that was recently approved in the Coronavirus Response and Relief Supplemental Appropriations Act of 2021. This new package provides additional funding for businesses that did not receive PPP money in the first round, especially minority- and women-owned businesses. It also earmarks funding for “very small” businesses and lending through community-based lenders.
The City is offering free resources through Fair Share NYC to help businesses secure loans. Resources include:
- Daily webinars to review the PPP and EIDL Advance programs and offer guidance on how to apply;
- One-on-one assistance to find the best financing option for each business and get help filling out the application;
- Connections to PPP lenders; and
- Information about additional federal resources.
Resources will be available in multiple languages, including Spanish and Chinese. Small businesses should visit nyc.gov/ppp or call 888-SBS-4NYC for more information.
Click here for COVID-19 Assistance & Guidance for Businesses