Small Business Recovery Assistance

Recovery Loans and Funding Opportunities
Recovery Loans and Funding Resources

Businesses impacted by the pandemic may be eligible for federal CARES ACT loans. Two loan opportunities were created: 1) the Economic Injury Disaster Loan (EIDL) and 2) the Payroll Protection Program (PPP). Eligible business owners may benefit from taking advantage of the federal tax credits. Interested applicants should visit their lender to apply.  

  1. Can I apply for a second PPP loans? Yes! Moreover, this round of PPP can be used to pay for COVID related expenses, including capital costs of expanding the floor space, installing a drive thru window and adding outdoor spaces.
  2. Can I receive a loan and take the tax credit? Unfortunately no. It would benefit any business owner to closely review which will provide better support.
  3. Are either loan forgivable? PPP funds used for payroll become forgivable once the threshold is met. Only EIDL advance funds ($10,000 maximum received within a few days of application) are forgivable.
  4. If I have to pay back the EIDL, what benefit is there to recieving EIDL funds? The loan has a 12 month deferment and the interest rate is 3.75%. In addition, businesses with up to 500 employees are eligible.
  5. Do I have to apply at a bank where I have existing loans or accounts? Initially that was required. However, follow-up legislation that clarified the rules eliminated this requirement.

NY Forward also provides a small business loan. However, if you have received $150,000 from one or both of the federal CARES ACT loans, then you will not be eligible for NY Forward. Finally, the NY Forward loan is for businesses with fewer than 20 employees, less than $3 million in gross revenue. For more information on how to apply visit  https://esd.ny.gov/nyforwardloans. 

For additional information on CARES ACT loan information please visit:

Finally, through the Main Street Lending Program the federal government has also made loans available to mid-sized businesses of up to 15,000 employees and $5 million annual gross revenue. The following resources are available for the MSLP: