In New York, 325,425 small business owners and NY companies have received a total of $ 25,838,024,934 in New York SBA Economic Injury Disaster Loans (EIDLs).
New York Paycheck Protection Program (PPP) loan data show 415,741 NY small businesses have received a total of $22,734,700,124 worth of New York PPP loans from the Small Business Administration (SBA).
New York SBA Loans are a type of loan issued by the Small Business Administration (SBA). It provides either term loans or working capital to qualified small businesses through banks and other private lenders.
New York was considered a disaster area due to COVID, which allowed New York small business owners and those NY residents that qualified to apply.
SBA Offers Disaster Assistance to New York Small Businesses Economically Impacted by the Coronavirus (COVID-19)
The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to New York small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19), SBA Administrator Jovita Carranza announced today. SBA acted under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, to declare a disaster following a request received from Gov. Andrew M. Cuomo on March 17, 2020.
What are New York SBA Disaster Loans (EIDL and PPP) ?
New York, and all other states, have multiple SBA loan programs, including the popular Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP).
In New York news, the U.S. Small Business Administration (SBA) announced that the deadline to apply for the New York Economic Injury Disaster Loan (EIDL) program for the COVID-19 Pandemic NY disaster declaration has been extended to December 31, 2021.
The New York Paycheck Protection Program (PPP) deadline has already expired. Companies may still claim the New York Employee Retention Credit as another way to get a tax credit refund for each employee they had on payroll during 2020 and 2021. This tax credit can be claimed until 2024 and 2025 for small businesses with W-2 employees in New York.
SBA loans are a type of loan given by the US government that must be paid back over a period of time. This is a low-interest debt that the Small Business Administration guarantees. This means that if the borrower defaults on their payment, the federal government will cover it to protect against loss.
These loans are popularly used in business expansion and provide an easy way for a company to receive a loan when they have trouble borrowing from banks or traditional lenders.
What are New York SBA Grants?
New York SBA grants, unlike loans, do not have to be repaid with interest fees. These grants come from several sources, including the US Department of Education and state governments / agencies that run specific grant programs designed to give employers money to assist with training and education programs.
The SBA loans are also used to recover from financial losses due to COVID and other natural disasters, such as floods, hurricanes, tornados, storms, fires, earthquakes, and other forms of natural disasters in New York.
Grants are often awarded to help New York small businesses offset the cost of employee training, or they can be used for start-up costs, such as new technology and equipment.
How Do SBA Loans Work in New York?
New York banks and private lenders provide SBA loans to small businesses that may not qualify for traditional loans. The Small Business Administration guarantees these loans against default, helping the business obtain financing from a place they couldn’t get it before.
As the loan is guaranteed, the interest rates tend to be lower as well as monthly payments. This makes SBA loans very popular with those who need funding fast but don’t want an expensive payment plan.
In New York, many businesses have received this SBA loan help and were able to grow their companies thanks to this assistance from the SBA in NY.
How Many New York SBA Loans Can You Have?
New York and Federal law restricts the number of SBA loans that can be issued. This is to help promote competition in the small business lending market and prevent large companies from swallowing up smaller ones.
With some exceptions, the limit for how many SBA 7(a) loans a company can have depends on how much money it has already borrowed.
How Long Do New York SBA Loans Take to Process?
The New York SBA loan process from application to final approval can take anywhere from three weeks to several months. This is because the New York lenders need to make sure everything is in order before committing this size.
While every New York company’s situation is different, it typically takes between 7 to 10 days for a company to qualify and be approved for an SBA loan. It is reported that, on average, it takes approximately 9 more days for the funds to go through once you are approved.
How to Apply for New York EIDL, PPP, or SBA Loans?
In the past, a business owner would have to go through a lengthy application process and meet certain requirements before being approved for an SBA loan. Now, companies can apply online, in some cases taking less than 10 minutes.
Once you’re approved, it takes about 2 weeks for lenders to fund your account since this is how long it takes for the company’s underwriting department to review everything once they receive all of the necessary documents about you and your New York business.
You’ll also need to allow time for any additional documentation that may come up during the approval process, which can add another week or more to this period.
How to Qualify for Grants for a Small Business in New York?
Grants are given to companies through both state and federal agencies for several reasons, and based on fund availability. Most commonly, they are employed in matching grants where the company must provide some funding themselves.
New York’s small businesses qualify based on their revenue, employees, or even employees that work within specific minority groups or low-income areas.
How to Apply for Small Business Grants in New York?
A company can apply for SBA grants by filling out an application for New York. In addition, the US government has a listing of all their available grants, including those provided through the SBA.
You’ll need to compose a proposal that explains why you qualify for the money and how much will be used to assist with your business goals. This proposal can include written proposals, presentations, or other presentation material depending on what requires.
The total amount you receive depends on how much money is available for distribution each year, and there may be different rules depending on if it’s federal or state funding.
New York Local SBA Office Address and Contact Information
In New York, there are seven offices:
Nueva York, NY
Long Island, NY
Main SBA Assistance Office:
Niagara Center SBA Office
130 S. Elmwood Avenue Suite 540
New York SBA Telephone and Email Contact Information:
The Buffalo District Office’s operating area includes the 14 westernmost counties of New York State. The District Office located in the state’s second most populous City of Buffalo, has a full service Branch in the state’s third most populous City of Rochester. The two offices are well located so as to provide maximum assistance to the industrial cities in which located plus surrounding suburban communities and the rural counties of the District.
Rochester, New York SBA Office
100 State Street Room 410
Syracuse, New York SBA Office
224 Harrison Street 5th Floor
Albany, New York SBA Office
1 Computer Dr. So.
Elmira, New York SBA Office
333 E. Water Street 4th Floor
Nueva York, New York SBA Office
26 Federal Plaza Suite 3100
New York, NY
The New York District Office is responsible for the delivery of SBA’s many programs and services in New York City, Long Island and the downstate counties of Duchess, Orange, Putnam, Rockland, Sullivan, Ulster and Westchester.
Long Island, New York SBA Office
350 Motor Parkway Suite 109
New York SBA Summary and Conclusion
New York SBA loans and grants can be a great resource for any company looking to expand its operations, and many New York businesses have benefited from this type of SBA financing. Do you think your small business could benefit from an SBA loan? Did you already apply for one? Or, were you turned down for a PPP, EIDL, or other SBA disaster loan in New York?
Share your thoughts in the comment section below.
New York Small Business Help: Get Loan Assistance for Your Business in New York
Did you know you can request additional SBA EIDL loan funds in New York?
Did you know you can request an SBA loan reconsideration if you have been turned down for an SBA loan?
Whether your NY business is classified as a sole proprietorship, independent contractor, LLC, C-Corp, S-Corp, landlord, property investments, rental property owner, or other type of qualifying small business entity in New York, we may be able to help you.
Schedule Your Free Disaster Loan Consultation call to see if we may be able to help with your New York business situation.
Cover Image Credit: SBA.gov New York website.