By Neil A. Carousso
NEW YORK (WCBS 880) — Applications for small business loans for payroll and other overhead costs will be made available on Friday.
The New York City small business loan program, which offers zero-interest loans up to $75,000, was made available last week.
WCBS Business Producer Neil A. Carousso spoke with New York City Small Business Services Commissioner Gregg Bishop about forgivable loans through the Small Business Administration, how to apply to the loan programs available, and what business owners should do if the coronavirus pandemic lasts several more months.
You can listen to the interview above.
For more information on the $349 billion in loans available through the SBA, including the time frame for receiving capital from a bank, listen and read this week’s WCBS Small Business Spotlight Podcast, focusing on small business survival, with WCBS’ Joe Connolly and Neil A. Carousso.
By Neil A. Carousso
NEW YORK (WCBS 880) — $349 billion in loans are available through the Small Business Administration as part of the newly enacted stimulus package to support businesses and their employees during the coronavirus pandemic.
On this week’s WCBS Small Business Spotlight Podcast focusing on small business survival, sponsored by BNB Bank, Joe Connolly speaks with Steve Bulger, SBA Atlantic Region II administrator, including New York and New Jersey, about the two small business loans available this week.
The Economic Injury Disaster Loan (EIDL) Program application is currently available on the SBA website. Eligible businesses can apply for up to $2 million to pay overhead costs, including salaries and rent with 30 years to pay back. EIDL payments are waived for the first year.
“I’m telling small businesses 2-3 weeks before you really end up with the money in your bank account,” Bulger told Connolly of the EIDL.
Any small business owners with 500 employees or less, including sole-proprietors, can apply for the Paycheck Protection Program on the SBA website starting this Friday, April 3.
“That program is going to start this Friday and is going to be able to provide loans, forgivable loans in most cases, to small businesses to try and get them through the next three months, keeping their people on payroll, paying some of your rent, utilities, mortgage bills and basically allowing you to get through this period,” Bulger said, adding, “We believe that money will go out quick.”
He said owners will receive Paycheck Protection Program loans in a “week or less or a little more” in some cases after applying.
Businesses are also eligible for tax credits if they retain employees on their payroll. Up to $10,000 of payroll and health benefits per employee can be redeemed for a 50 percent tax credit to businesses impacted by the coronavirus pandemic, including from the shutdown of non-essential businesses.
By Neil A. Carousso
NEW JERSEY (WCBS 880) – A community is coming together in Chatham and Madison, NJ to support the doctors and nurses on the frontlines of the coronavirus pandemic.
Chatham resident Liz Bernich saw a Facebook post from her friend last week about a group in Huntington, Long Island that delivered food to their local hospital for the staff who are testing and treating patients for COVID-19. She shared the post with the Chatham Community Forum on Facebook to see if there was interest do the same at Morristown Medical Center. She became inundated with messages from people who were interested in supporting the initiative.
“My phone was just lighting up,” Bernich, who is a principal at The Caldwell Partners, told WCBS producer Neil A. Carousso via Skype from her home where she is working while non-essential businesses are shutdown.
Soon after gathering interest from her community, residents in Madison, where her husband works as a high school teacher, contacted her asking if they can volunteer. She launched the Front Line Appreciation Group or FLAG on Facebook to mobilize volunteers and encourage them and first responders to share their experiences with the organically growing group of community members.
Bernich contacted a local restaurant on Friday morning to order take-out for that night. The restaurant was thrilled to have business since Gov. Phil Murphy ordered all restaurants statewide be closed on Monday, except take-out and delivery services, to prevent the spread of coronavirus.
Friends connected her with nurses in the emergency room at Morristown Medical Center.
“We found out very quickly that a lot of the folks in the ICU units were being basically locked down in their units during their shifts, so they’re unable to access the cafeteria,” Bernich said.
Nurses and doctors working 12-hour shifts during a global pandemic were ordered not to leave their stations to prevent contamination of other hospital areas, patients and employees.
“You can tell they need the energy, they need the support, they’re stressed, they have different protocols, more to worry about,” said Bernich. “I met with a nurse…she was crying and it’s hard there.”
Medical professionals are also lacking basic supplies, including N95 respirator masks, gloves and gowns to protect themselves from the deadly and highly contagious novel virus. Bernich said she has even collected medical supplies to donate to Morristown Medical Center, but she now encourages people looking to donate supplies to hospitals to do so through government channels.
She personally delivered food to hospital workers on the frontlines of the coronavirus outbreak through the weekend. Now, local eateries suffering economically are delivering healthy dinners that FLAG members order.
“You don’t always know how many people you’re connected to that are connected to people on the frontlines until something like this happens and we’ve gotten notes left and right from mothers and nieces and aunts, grandparents, of how much good we’re doing and it just really feels good, feels great,” she said.
Bernich received more than $35,000 dollars in just three days of the Facebook group’s existence.
“Many of those donations are $10 and $20 increments,” she emphasized.
All of the funds are used for food delivery for staff at Morristown Medical Center.
Just like Bernich was inspired by a friend’s post, she hopes people will see what FLAG is doing in Chatham and Madison and spread joy to hospital workers in their communities.
“We’ve already been able to get this up-and-running in Summit, New Jersey to support Overlook hospital, and now, we’re getting this up-and-running in Wycoff, New Jersey,” Bernich said, adding, “When I say ‘we’re getting this up-and-running,’ we’re just inspiring people, we’re not doing any of the leg work, but they’re welcome to use our process.”