To all of our customer across New York State, including New York City:
We’ve compiled some resources that may be of assistance to many clinic owners as you search for income relief in light of the impact COVID-19 is having on your business.
This post covers:
New York State
- New York State tax payment extension
- SBA Federal Loans
- Mortgage relief
New York City
- Loans offered by the City of New York for qualified small business owners
- City of New York Payroll grants for qualified small businesses
- Additional Tips for the City of New York
Small Business Response Plan
New York State
1. 2019 Tax: Defer Payment
It is important to know that the New York State Tax Department has not extended the deadline to file personal income tax or other tax returns.
Stay tuned to this website for more information New York Tax
And here’s your resource for tax filing details New York Department of Taxation and Finance)
In some cases, federal tax payments may be deferred, although you still need to file by the April 15 deadline:
“Americans should file their tax returns by April 15 because many will receive a refund. Those filing will be able to take advantage of their refunds sooner,” said Treasury Secretary Steven T. Mnuchin. “This deferment allows those who owe a payment to the IRS to defer the payment until July 15 without interest or penalties. Treasury and IRS are ensuring that hardworking Americans and businesses have additional liquidity for the next several months.”
Read more from the US Treasury
2. US Federal SBA Disaster Loans
Congressman Brian Higgans’ Coronavirus Preparedness and Response Supplemental Appropriations Act of 2020, which include an estimated $7 billion in low-interest loans available to small businesses impacted by the outbreak. Applications are submitted to the US Small Business Administration disaster program.
These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible.
Note: if applying for Coronavirus (COVID-19) disaster declarations, please only select Economic Injury when inquiring about your business losses.
Read more details about this relief at the SBA Fact Sheet
Apply by logging in at US SBA
3. Mortgage and Banking Fee Relief
Governor Cuomo announced that the Department of Financial Services requires New York State mortgage servicers provide 90-day mortgage relief to mortgage borrowers impacted by the novel coronavirus. This includes:
- Waiving mortgage payments based on financial hardship;
- No negative reporting to credit bureaus;
- Grace period for loan modification;
- No late payment fees or online payment fees; and
- Postponing or suspending foreclosures.
Additionally, the Governor has asked DFS to instruct state chartered banks to waive ATM fees, late fees, overdraft fees and fees for credits cards to help lessen the financial hardship of the COVID-19 pandemic on New Yorkers.
Official messaging can be read at Governor Cuomo)
New York City
1. Zero-interest loans (less than 100 employees)
New York City is offering relief for small businesses experiencing decreased revenue because of COVID-19. Small businesses with less than 100 employees who have seen sales decreases of 25% or more will be eligible for zero interest loans of up to $75,000.
To apply, the first step is to fill out this: Initial Interest Form
2. Small business payroll grants
New York City is also offering small businesses with less than 5 employees a grant to cover 40% of payroll costs for two months (an average of $6,000) to help retain employees.
The requirements are that the business:
- Is located within the five boroughs of New York City
- Demonstrates that the COVID-19 outbreak caused at least a 25% decrease in revenue
- Employs 1-4 employees in total across all locations
- Has been in operation for at least 6 months
- Has no outstanding tax liens or legal judgements
More information can be found here: Retention Grant Program
Eligible owners who would like to learn more about these programs should call 311 for assistance or Login to SBS Connect and log in to your account to begin your application.
3. Additional Info for New York City
Starting Monday, New York City is expanding it’s public health advertising campaign to ensure New Yorkers have the facts and resources they need to protect themselves from COVID-19.
If you have any questions on finding medical care call 311.
To get regular updates on the latest developments with coronavirus in New York City text COVID to 692-692. You will receive regular SMS texts with the latest news and developments.
We hope some of this is helpful to you!