During the coronavirus crisis, economies were hit hard. Especially small businesses suffered because they could not generate revenues during isolation and quarantine.
The city of New York set up the SBA Paycheck Protection Program (PPP) which provides $659 billion in loans to small businesses, nonprofits, sole proprietors, and other eligible entities with fewer than 500 employees. These loans can cover certain business costs including employee payroll, rent, insurance, paid sick or medical leave, interest on mortgage obligations, and utilities.
To find out more about New York’s loans for small businesses, read this article, or access the City’s website.
