NYC Office of Nightlife
Newsletter | April 24, 2020
Dear NYC Nightlife Community, 

The US Small Business Administration has EXPANDED TWO programs: 
the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan and Grant (EIDL).

See below on how you can apply to both!
 What is PPP? 
- U.S. Small Business Administration (SBA) Paycheck Protection Program
- Two-year loans at 1% interest that you may not have to pay back 
- Loan is designed to encourage for small businesses to keep their workers on the payroll
- SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities
 
Who's eligible?
Businesses and nonprofits with 500 or fewer employees 
 
How do you get it? 
Ask your business’s bank if they offer the federal SBA Paycheck Protection Program 

- If your bank offers the program: 
They will walk you through the application process

- If your bank DOES NOT offer the program: 
 
What does the loan cover?
Loans will be fully forgiven if the funds are used to pay for: 
- Payroll costs
- Interest on mortgages
- Rent
- Utility payments
 
Want more info or advice?
- Visit the federal government’s information page on the program
- There are Small Business Centers to help you: Visit the New York Small Business Development Center website
What is EIDL?
 - U.S. Small Business Administration Economic Injury Disaster and Grant
- Low interest loans of up to 30 years that you may not have to start repaying for one year
- Loan applicants who are declined for a loan may receive a $10,000 grant that does not have to be paid back
 
Who's eligible?
Businesses and nonprofits with 500 or fewer employees
 
How do you get it?
Apply on the SBA website 

What does the loan cover?
- Mortgage payments or rent 
- Payroll costs  
- Higher cost of materials  
- Utilities payments 
- Other things the SBA approves 
 
Want more info or advice?
- There are Small Business Centers to help you 
Please stay safe, and feel free to contact our office directly at: nightlife@media.nyc.gov

Sincerely,

Ariel Palitz
Senior Executive Director 
Office of Nightlife
Mayor's Office of Media & Entertainment

Connect with us on social media: @nycnightlifegov

nyc.gov/nightlife

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