St. Lawrence County businesses can apply for COVID-19 relief program
St. Lawrence County businesses can apply for North Country Alliance’s COVID-19 Emergency Business Relief Program. And the U.S. Small Business Association is offering low-interest federal disaster loans.
The program was created for short-term relief and access to working capital in response to the COVID-19 pandemic.Funds will remain available for this program at the discretion of the NCA.
Loans are given “based upon demonstrated need for six months working capital,” an announcement from NCA said.
Businesses with under 20 full-time equivalent employees can borrow up to $10,000. Those with 20 to 99 FTEs can borrow up to $25,000.
The maximum term is 60 months at 5% interest.
There is a principal and interest moratorium for the first three months, then interest only for the subsequent six months, then principal and interest payments to amortize the loan over the remaining term. Interest will not accrue during the first three months, the release said.
Newspapers, broadcasting, media, healthcare, civic and community centers, libraries, and farms are not eligible. Agribusiness is eligible, NCA said.
Applications: Matt Siver at [email protected].
For more information on the North Country Alliance go to www.northcountryalliance.org.
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.
The disaster declaration makes SBA assistance available in the entire state of New York.
More info: https://www.sba.gov/