Update: Paycheck Protection Plan (PPP) Opens for Independent Contractors and Sole Proprietors Friday April 10, 2020
SBA Lenders officially started accepting applications for Paycheck Protection Plan (PPP) loans from independent contractors and sole proprietors.
- PPP can be used for the sum of payments of any compensation to or income of a sole proprietor or independent contractor that is a wage, commission, income, net earnings from self-employment, or similar compensation and that is in an amount that is not more than $100,000 in one year, as pro-rated for the covered period.
- The SBA has been advising Small Businesses to apply through their current bank on their bank’s portal, if they are an SBA-approved bank. However, if your primary bank is not SBA-approved here is a link find another lender:
The deadline to apply for PPP is June 30th but the funds are capped. Don’t get shut out Apply NOW.
NOTE: Wells Fargo is again accepting PPP applications as the Federal Reserve has lifted it’s cap. If you are a Wells Fargo customer apply directly on their portal.
Updates: Economic Injury Disaster Loan Advance
(considered an Emergency EIDL Grant)
Businesses may receive an immediate advance (3-days) of up to $10,000 with an Economic Injury Disaster Loan Advance.
- UPDATE – the Advance will be calculated as $1000 per full time employee up to $10,000
- This advance does not have to be repaid (even if the loan is denied) as Advance will be considered an Emergency EIDL Grant.
- UPDATE – You may keep the Advance even if you choose not to take the loan.
- Application for the Advance must be made on the application for EIDL. (linked below). Check the box requesting the Advance and submit your banking information on the application as it will be a Direct Deposit.
Apply as soon as possible, deadline to apply is December 31, 2020.
Economic Injury Disaster Loans (EIDLs)
Small business owners and not-for-profits are eligible to apply for an Economic Injury Disaster Loan.
- The Economic Injury Disaster Loan Program (EIDL) can provide up to $2 million of financial assistance (actual loan amounts are based on amount of economic injury) to small businesses or private, non-profit organizations that suffer substantial economic injury as a result of the declared disaster, regardless of whether the applicant sustained physical damage.
- Apply on the SBA website:
Apply as soon as possible, the funds are capped and it’s first come, first served. Deadline to apply is December 31, 2020.
Which Programs to Choose?
- We strongly urge all Small Businesses and Not-for-Profits to apply for both the PPP and EIDL programs. All the links are on our website:http://newrochellechamber.org/
- If you need help understanding which COVID-19 SBA lending option is best for your business, we encourage you to work with a small business adviser and make an appointment online with the New York Small Business Development Center
Updates: Unemployment Applications
- Instead of PPP, self-employed individuals might consider applying for unemployment through the New York State Department of Labor. See
- The call-back system for Unemployment Insurance claims is in place. If you have been instructed to call the Telephone Claims Center to complete filing your claim, you no longer need to call. A representative from the NYS DOL will call you back within 72 hours. CLICK HERE to learn more.
- The New York State Department of Labor has created a web page to explain how the new federal Pandemic Unemployment Assistance program works with the New York State unemployment process.
Update: Essential Business Guidelines
Changes have been made by Empire State Development to the Guidance for Essential vs. Nonessential Businesses.
- The changes are highlighted in yellow and include Landscaping; Construction; Golf Courses; Takeout for Restaurants and more. Here’s the link:
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Special thanks to: Lisa Davis, Business Ambassador for the City of New Rochelle; Kathy Gilwit, City of New Rochelle Communications & Marketing Manager; George Latimer, Westchester County Executive; Shari Rosen Ascher, Advocacy & Community Liaison Office of the Westchester County Executive; Bridget Gibbons Director, Economic Development Westchester County and Dr. Marsha Gordon, President/CEO, The Business Council of Westchester.
About the New Rochelle Chamber of Commerce
Founded in 1920, the New Rochelle Chamber of Commerce fosters economic growth and prosperity in the New Rochelle business community. The Chamber of Commerce is committed to advancing the concerns of the New Rochelle business community, the economic vitality of the City, and ensuring that New Rochelle presents an environment that supports growth and prosperity. Learn more at http://newrochellechamber.org/