Small Business Relief Programs

As businesses across the U.S. and around the globe are being impacted by the economic turmoil caused by the spread of coronavirus (COVID-19), the U.S. federal, state and local governments have introduced numerous relief programs to provide financial assistance. As a trusted strategic adviser, CINDIE  is committed to sharing relevant information with our clients and industry colleagues during this unprecedented time.

$2.2 Trillion Coronavirus Stimulus Bill

On March 25th, the Senate unanimously passed a historic $2.2 trillion stimulus package to combat the economic fallout from the coronavirus pandemic. This stimulus bill is by far the largest ever proposed and meant to provide direct financial aid to individuals, hospitals, local and state governments, and businesses.

There are two parts of the stimulus bill that are particularly relevant to businesses:

  1. The expansion of unemployment insurance from three to four months, as well as provision of temporary unemployment compensation.
  2. The establishment of a $500 billion lending fund for businesses, cities and states.

As part of the $500 billion lending program, the U.S. Department of the Treasury is offering loans, loan guarantees, and other investments to businesses, states and municipalities. The terms include restrictions on businesses that are eligible to receive loans, and the loans cannot exceed five years. Eligibility is based on the economic impact each business experienced.

SBA Economic Injury Disaster Loan Program

As part of its disaster assistance program, the U.S. Small Business Administration (SBA) is providing targeted, low-interest loans of up to $2 million to small businesses and non-profits impacted by the coronavirus. These loans may be used to cover payroll, accounts payable, fixed debts and other bills. The interest rate is 3.75% for small businesses and 2.75% for non-profits. Loan repayment terms vary by applicant, up to a maximum of 30 years. For more information and to apply online, please click here.

State and Local Coronavirus Small Business Assistance

States and municipalities are offering a number of relief programs and adding new resources daily. For example, New York City announced a Small Business Continuity Loan Fund, Employee Retention Grant Program and COVID-19 Response and Impact Fund. San Francisco launched a COVID-19 Small Business Resiliency Fund, and Los Angeles introduced a Small Business Micro Loan Program. Many other states and municipalities have announced similar programs. For up-to-date information on relief available in your area, please visit your governor’s website:


While these programs are generous, most require an assessment of economic impact on your business and the completion of an application process.

What CINDIE can do for you 

CINDIE can help by analyzing your organization’s financial status relating to assessing eligibility in support of the application of relevant grants and loans in connection with these programs. We can also assist with the grant or loan administration process, including preparing and organizing pertinent forms and supporting documents. Please contact for details.

Coronavirus New York Mitigation

On March 23, 2020, Senate Bill S8125A was introduced to the New York State Senate. This Bill is designed to provide rent relief for tenants in certain circumstances and mortgage relief for those landlords that lose out on rent payment as the result of said rent relief afforded to tenants.
To summarize, the Bill proposes to “suspend all rent payments for certain residential tenants and small business commercial tenants if such tenant has lost employment or was forced to close their place of business and certain mortgage payments for landlords of such tenants in the state for 90 days following the effective date of this act in response to the outbreak of coronavirus disease 2019 (COVID-19).” This does not mean tenants have deferred rent. It means tenants are forgiven on all rent and not required to pay the waived rent owed during this time period, ever.
Furthermore, the Bill proposes that “any person or entity that faces a financial hardship as a result of being deprived rent payments for a covered property pursuant to this section shall receive forgiveness on any mortgage payments for such covered property” during the 90-day period. Therefore, if a landlord does not receive their owed rent payment due to this Bill, and cannot make their mortgage payment as a result, the landlord will be forgiven for such payments.