EXTENSIONS AND INCREASES: MONEY MOVES
Last week, President Biden signed the PPP Extension Act, which extended the original PPP deadline through May 31. Originally set to end on March 31, the act provides an additional 60 days for small businesses to file applications for Paycheck Protection Program loans, and more time for banks to process those applications, mostly from first-time borrowers. The U.S. Small Business Administration (SBA) has said that about $79 billion in funding remains. CNBC published a good need-to-know list, here.
Also, the SBA is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting the week of April 6, 2021, the SBA is raising the loan limit for the COVID-19 EIDL program from 6-months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum loan amount of $500,000. (Get more info here.)
And, in case you missed it: the IRS tax filing deadline was also extended to May 17.
- If you are the victim of a crime or witness a crime, call 911. NYPD officers are not allowed to ask about your immigration status. Learn more at nyc.gov/stopcovidhate.
- You can also report discrimination and harassment to NYC Commission on Human Rights at 212-416-0197 or online at nyc.gov/reportdiscrimination.
- Do you have a hate incident to report? Help document the recent rise in hate crimes against Asian American elders by going to stopaapihate.org/.
The NYC Small Business Resource Network is a public-private partnership between the city’s corporate, financial and professional sectors, as well as universities, philanthropists, and expert volunteers. Together they offer you, the business owner, meaningful assistance, personalized guidance, and recovery resources! Join the network, FREE, for more benefits; go here.
Did you complete one of these cards yet? If not, we’ll be around to visit your business! We’re compiling an “Emergency Contact List” of all FAB FULTON-area merchants, which will be useful in case of after-hours incidents like break-ins, burglaries, vandalism, or other emergency situations. We need your help to create our information network to help ensure all businesses stay secure.
ABOUT FAB FULTON
The Fulton Area Business Alliance (FAB FULTON) is a non-profit organization that advocates for and collaborates with small businesses and property owners along Fulton Street in Brooklyn’s neighborhoods of Fort Greene and Clinton Hill to maintain a safe, clean, and welcoming community while securing resources and partnerships for initiatives that enhance and promote the district.
This post contains links to the articles and information referenced in our latest FAB BIZ BLAST email communication. You can subscribe to future newsletters; sign up here for the FAB FULTON BIZ BLAST to get the latest information and resources for FAB FULTON Businesses!