COVID-19 Relief

What to consider when looking for COVID-19 relief?

• Contact your utility provider to see if you qualify for relief.
• Federal student loans are suspended.
• Request eviction support from local non-profit legal associations.
• Contact your local small business development center to ask about locally funded grant
  and low-cost loan programs like the New York Forward Loan Fund (NYFLF) or Miami Rise.

Click here to contact us. We will work with you to make sure your small business’s financial needs are met during the COVID-19 crisis.

Ascendus COVID-19 Response

• $33 million disbursed through the Paycheck Protection Program
• Small business loans
• Contact us about deferments for our borrowers
• Technical assistance and credit advice for borrowers 
• Free webinars and articles for small businesses
• Don’t miss anything!  Sign-up for our monthly business newsletter in which we announce
  new programs and webinars and provide important tips for managing COVID-19

Business Financing from Ascendus

Our staff is working remotely, but we are open for business! Apply for a small business loan.

For national help, consider these flexible loans and other valuable resources for small businesses struggling during the COVID-19 crisis:

SBA COVID-19 Small Business Relief

While the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) are not currently taking applications,
there may be other relief available to you especially if you received a PPP and need to apply for forgiveness or if you have an
SBA-backed loan.  Check out the SBA’s website for the most up-to-date federal relief options.

Paycheck Protection Program (PPP)

• A central piece of the CARES bill passed by Congress and the President on March 27, 2020, the Paycheck Protection Program
  allocates hundreds of billions of dollars to small businesses through flexible loans designed to keep small business employees
  working and on the payroll.
• SBA will forgive loans if business owners keep all employees on the payroll for eight weeks and the loan money is used for payroll,
  rent, mortgage interest, and/or utilities payments.
• PPP applications closed on August 8^th, 2020.  If you have a PPP loan, be sure to contact your lender about your forgiveness application.

SBA Emergency Funds: Economic Injury Disaster Loans Program

• The US Small Business Administration offered Economic Injury Disaster Loans (EIDL) through an existing program to support
  small businesses affected by the COVID-19 crisis, as it has supported businesses in past crises like 9/11 and Superstorm Sandy.
• Companies with up to 500 workers could borrow as much as $2 million at interest rates that are much lower than typical small
  business loan rates.
• Additional information on SBA disaster relief programs can be found on the SBA Disaster Relief page.

Beware of Scams and Fraud Schemes

With an unprecedented amount of federal funding available through the CARES Act and other expanded programs, scammers
and fraudsters are taking advantage of the pandemic situation. It’s important to be vigilant and careful so you don’t fall victim to these schemes.

For example, the SBA will never initiate contact to offer a loan or a grant to a small business. If someone contacts you before
you’ve ever applied with the SBA, suspect fraud.

In addition, all of the SBA’s loan applications are completely free, so you should never pay an application fee for an SBA loan.
Be sure to check the interest rate as published by the SBA, too, because many fraudsters will attempt to add interest to your loan.
You can ensure that you’ll avoid these scams if you apply directly with the SBA or through a trusted, SBA-authorized lender.

Learn more about guarding against fraud by visiting the SBA’s Office of the Inspector General.