Disaster Relief

Please contact us for immediate assistance with SBA Disaster Loan Applications, Insurance Matters and all other business questions, for FREE as always. Business Advisors will walk you through the loan application paperwork and assist with the processing, as well as help you make a plan to apply the funds to your business if you are approved.

Please contact us at 631-632-9837 or sbdc@stonybrook.edu.

Stony Brook SBDC Business Advisors will help you navigate the application process. For more information, to make an appointment and help getting started in the application process, please contact the Stony Brook Small Business Development Center at 631-632-9070.

Pree-Seed and Seed Matching Fund Program
As part of the 2021 American Rescue Plan, the Pre-seed and Seed Matching Fund program will offer early-stage companies growth assistance, supported by funds from the State Small Business Credit Initiative (SSBCI), with matching funds from private sector investors.

American Rescue Plan (ARP) Act Child Care Stabilization Funds
The American Rescue Plan (ARP) Act included $39 billion in new child care funding. Learn more about child care stabilization grants to providers, Child Care and Development Fund (CCDF) Discretionary Funds, and FAQ here.

COVID EIDL Loan Program Overview Updated Fact Sheet
The SBA is particularly focused on promoting the enhanced benefits available to applicants seeking Covid EIDL loans, before the program ends on December 31.

Restaurant Return To Work Tax Credit FAQ
Empire State Development released a new Restaurant Return to Work Tax Credit FAQ.

COVID-19 Pandemic Small Business Recovery Grant Program
The COVID-19 Pandemic Small Business Recovery Grant Program provides grant funding to small and micro businesses and for-profit independent arts and cultural organizations impacted by the pandemic.

COVID EIDL Loans FAQ
The SBA has released the latest FAQ about the COVID EIDL loans.

PPP Direct Forgiveness Portal Guide
The SBA has released a comprehensive guide to their new PPP Direct Forgiveness Portal.

Employee Retention Credit
Tax incentives for keeping employees on the payroll if your business:

Has 500 or fewer employees;
Was at least partly closed due to a government order OR the business’s revenue declined by 20% or more for any
quarter this year; AND
You kept employees on the payroll: You may be eligible for 2021 employee retention tax credits of up to $28,000 per employee. And the longer you keep your employees on payroll, the more benefits you are eligible to receive.

SBA: PPP Funds Exhausted for All But CDFIs, MDIs
The Small Business Administration, effective May 4th, 2021, has informed trade associations that Paycheck Protection Program funding has been exhausted and that the PPP application portal has now stopped accepting applications for loans from most lenders. Learn more here

Veteran Rapid Retraining Assistance Program
The Department of Veterans Affairs (VA) is preparing to launch the Veteran Rapid Retraining Assistance Program (VRRAP) as part of its continued effort to support Veterans seeking retraining and economic opportunities in response to the effects of the COVID-19 pandemic. VA in partnership with the Department of Labor published a list of high-demand occupations. The list is available here and includes healthcare, education, media, engineering, and high tech opportunities.

SBA Removes SAM Registration Requirement for the Restaurant Revitalization Grant Program
The SBA has updated their requirements for the Restaurant Revitalization Grant Program, as well as ansered a series of frequently asked questions. The FAQ, compliled by the Independent Restaurant Coalition, can be read here

SBA to Increase Lending Limit for COVID-19 Economic Injury Disaster Loans
Starting the week of April 6, 2021, the SBA is raising the loan limit small businesses and non-profit organizations can borrow through its COVID-19 EIDL program. To learn more, click here

USDA Announces ‘Pandemic Assistance for Producers’ to Distribute Resources
The USDA is establishing new programs and efforts to bring financial assistance to farmers, ranchers, and producers who felt the impact of COVID-19 market disruptions. The new initiative, known as the USDA Pandemic Assistance for Producers, will reach a broader set of producers than in previous COVID-19 aid programs. Learn more here

SBA Extends Deferment Period for all COVID-19 EIDL and Other Disaster Loans until 2022

All SBA disaster loans made in calendar year 2020, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 24-months from the date of the note.
All SBA disaster loans made in calendar year 2021, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 18-months from the date of the note.

Learn more here

SBA Public Private Strategies

SBA provided recordings of exclusive conversations with leaders at the Small Business Administration on new changes to the Paycheck Protection Program and what tools and resources are available to help America's small businesses recover from the COVID-19 pandemic and economic crisis.
Black and African-American Small Business Owners
Hispanic Small Business Owners
Asian-American and Pacific Islander, Native American and Tribal Small Business Owners
Women Small Business Owners
ICYMI General Small Business Owner Session

30/60/90 Day Plan
A comprehensive plan for pivoting your business during COVID-19. Authored by Stony Brook SBDC business advisor Willa Smith.

Review
Deciding Whether to Reopen

Reopen
Developing a Plan

Recover
Planning for the Future

BNB Bank Sponsors Unique Collaboration amongst dynamic Centers of Stony Brook University
In response to small business economic injury, BNB has sponsored the Stony Brook SBDC to create a Business Resiliency and Recovery Program conceived to provide critical tools for the ongoing sustainability and success of small businesses. The purpose of the program is to create a series of webinars targeted by industry to address small business recovery planning. Tools provided will assist businesses to assess their risks and damage and develop a strategic plan enabling them to recover from the immediate disruptions. “Critical times, calls for critical tools, and this program is going to help keep businesses alive and well.” Said, Dan Delehanty, CRA Officer, Director of Community Development at BNB Bank.

Federal Reserve Board expands its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support
The Federal Reserve Board on Monday expanded its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support. The Board lowered the minimum loan amount, raised the maximum loan limit, adjusted the principal repayment schedule to begin after two years, and extended the term to five years, providing borrowers with greater flexibility in repaying the loans. The Board expects the Main Street program to be open for lender registration soon and to be actively buying loans shortly afterwards.

MOVING NEW YORK FORWARD, Industry Guidance and Reopening Safety Plan Template
Each business or entity, including those that have been designated as essential under Empire State Development's Essential Business Guidance, must develop a written Safety Plan outlining how its workplace will prevent the spread of COVID-19. A business may fill out this template to fulfill the requirement, or may develop its own Safety Plan. This plan does not need to be submitted to a state agency for approval but must be retained on the premises

New York Forward Loan Fund (NYFLF)
Governor Andrew Cuomo announced that the state is launching 'NY Forward,' a $100 million loan fund to provide flexible and affordable loans to help small businesses, eligible only to those small businesses who did not receive federal COVID-19 funding assistance under the SBA Paycheck Protection Program (PPP) or SBA Economic Injury Disaster Loan (EIDL). Click here for more information

Suffolk County IDA
The Suffolk County IDA (SCIDA or the IDA) is making available the SCIDA COVID-19 Sales Tax Equipment Relief Program, which will grant sales and use tax exemptions to manufacturers, suppliers, and distributors of personal protective equipment (PPE)

PPP Checklist
Start preparing NOW. Gather documents that provide proof of payment for allowable expenses under Paycheck Protection Program and be ready to make related certifications for the application

Services