Due to the high volume of calls, emails and inquiries we are having loan assistance clients fill out an intake form to expedite the assistance process. Please complete the form and a WEDC counselor will contact you shortly.

Federal

Paycheck Protection Program PPP

A loan designed to provide a direct incentive for small businesses to keep their workers on payroll.

Economic Injury Disaster Loan Emergency Advance

Designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue up to $10,000.

Express Bridge Loans

Allows SBA Express Lenders to provide expedited financing to small businesses located in declared disaster areas, to access up to $25,000 quickly, to help them overcome the temporary loss of revenue.

SBA Debt Relief

SBA will pay 6 months of principal, interest and any associated fees that borrowers owe for all current 7a, 504, and microloans in regular servicing status. Borrowers do not need to apply it will happen automatically.

SBA 7a Loan

Loan up to $350,000. Qualified lenders may be granted delegated authority to make eligibility determinations without SBA review, interest rate can be negotiated between lenders and borrowers but not exceed the SBA maximum.

SBA Express

Loan up to $350,000, eligibility made by the lender, lenders and borrowers can negotiate interest rate, turnaround within 36 hours, and no collateral for loans up to $25,000.

504 Loan program

Designed to foster economic and job creation and/or retention. The eligible use of proceeds is limited to the acquisition or eligible refinancing of fixed assets.

Microloan

Loans through nonprofit lending organizations to underserved markets, maximum loan amount is $50,000, with average loan size $14,000 to use for working capital, supplies, machinery, equipment and fixtures (does not include real estate).

IRS Employee Retention Credit

The IRS and the Treasury Department announce this retention credit to encourage businesses to keep employees on their payroll (refundable credit 50% of up to $10,000 in wages paid by eligible employer impacted financially by COVID 19).

State

NY Forward Loan Fund

New York Forward Loan Fund (NYFLF) is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and New York State on PAUSE.

NY Forward Childcare Expansion Incentive

$65 million in federal CARES Act funding is available for child care providers statewide through the New York Forward Child Care Expansion Incentive program.

Local

Yonkers Business Assistance Program

The City of Yonkers has established two small business assistance programs to aid businesses impacted by the COVID-19 pandemic. The programs provide grants of up to $10,000 for businesses with five (5) employees or less, and a combination of grants and loans up to $25,000 for businesses with up to 50 employees.

Westchester County

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