The COVID Crisis: Resources For Economic Support For Small Businesses In Upper Manhattan

March 30, 2020

The Columbia-Harlem Small Business Development Center is a program of Columbia Business School and the Research Foundation of the State University of New York (RF-SUNY). The center is a part of the NYS Small Business Development Center network and is a Resource Partner for the United States Small Business Administration.

For information about New York City government resources, including loans and grants, contact NYC Small Business Services

Please return regularly for updates.

Updated Information about Small Business Administration Covid-19 Disaster Relief Loans and Grants (as of “3/30”):

Congress has passed the Coronavirus Aid, Relief, and Economic Security (CARES) ACT which includes provisions for small businesses.  Updates (including application processes) will be provided as received from the SBA.

Payroll Protection Program from Banks (Secured by SBA)

Here are the details about the Payroll Protection Program.  We are still getting more details about this loan. Keep checking back on this website for updates. Once we can help with your loan application, we will schedule an appointment to help.

Emergency Economic Injury Disaster Loan Advance from US Treasury (Forgivable) (EIDLA)

Economic Injury Disaster Loan “EIDL” Applicants are eligible for an advance of up to $10,000 to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful EIDL loan application, and this loan advance will not have to be repaid even if the grantee is subsequently denied an EIDL. The advance may be used to provide paid sick leave to employees, maintaining payroll, meet increased production costs due to supply chain disruptions or pay business obligations, including debts, rent and mortgage payments. Eligible recipients must have been in operation on January 31, 2020. A business that receives an EIDL between January 31, 2020, and June 30, 2020, as a result of a COVID-19 disaster declaration is eligible to apply for an additional Payroll Protection Program Loan (“PPP”) or the business may refinance their EIDL into a PPP loan. In either case, the emergency EIDL grant award of up to $10,000 would be subtracted from the amount forgiven in the Paycheck Protection Plan.

To Apply, complete the application requirements for the EIDL (below).

SBA Coronavirus Economic Injury Disaster Loan (EIDL)

SBA is offering low-interest federal disaster loans for working capital to (a) small businesses or (b) private nonprofit organizations that are suffering substantial economic injury as a result of the Coronavirus.

Loan Details:

  • Your business must be experiencing a business loss due to COVID-19
  • Entities may qualify for loans up to $2 million
  • The maximum unsecured loan amount is $25,000
  • Interest rates: 3.75% for small business; 2.75% for private nonprofits
  • Term – up to 30 years
  • Use of funds: working capital, paying fixed debts, payroll, accounts payable, other bills that could have been paid had the disaster not occurred
  • Loans are NOT intended to replace lost sales or profits or for expansion
  • There is no obligation to take the loan if offered
  • Applicants can have an existing SBA loan or other SBA loan and still qualify for this disaster loan. Loans cannot be consolidated.

Credit Requirements:

  • Acceptable credit history
  • Proven ability to repay the loan
  • Collateral for loans over $25,000

If your business is located in Upper Manhattan or the South Bronx, we can help guide you through this loan process.  If your business is located in another location in New York State, you can find help here.

First, Review this webinar which will explain how to complete the forms you will need to apply for the loan:

Second, Gather or complete the following forms:

  • Completed SBA loan application (SBA form 5) or (Form 5c if you are a sole proprietor)
  • IRS Form 4506-T completed and signed by owner or each principal owning 20% or more of the applicant business, each general partner or managing member and, for any owner who has more than a 50% ownership in an affiliate business. (Affiliates include parent company, subsidiaries, and/or businesses with common ownership or management).
  • Instructions for completing IRS Form 4506
  • A complete copy of the most recently filed Business Federal Income Tax return – all pages
  • Schedule of Liabilities (SBA form 2202)
  • Instructions for completing the Schedule of Liabilities
  • Personal Financial Statement (SBA form 413D) – each principal owning 20% or more of the applicant business, each general partner or managing members
  • Completed copy, including all schedules, of the most recent personal Federal income tax returns for each principal owning 20% or more of the applicant business, each general partner or managing member, and each affiliate (affiliates include parent company, subsidiaries, and/or businesses with common ownership or management).
  • Current year-to-date profit and loss statement
  • If you do not have completed 2019 business tax returns, submit year-end profit and loss statement and balance sheet for 2019.
  • Monthly Sales (SBA form 1368)
  • EIDL Additional Requirements (SBA Form 1368)
  • EIDL Supporting Information Form (ODA Form P-019)

Third, you will need to go to the  SBA portal and answer the questions asked using the information gathered.  If you have any questions, email them to our office at  If we can answer the question quickly, we will. If not, we may schedule you for an appointment with a business advisor.

Helpful tips:

  • Look for a message confirming receipt of your application from the SBA.  It may be email, snail mail or robocall.  Also, check your SPAM and Junk folders
  • Check for communication from loan processors daily once communication has been established.  You will have to submit the forms gathered and completed.
  • Be sure to sign in all of the appropriate places
  • Keep these documents saved where you can easily access them.
  • Other programs that may become available will likely ask you for these same documents.
  • Answer honestly

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