UMEZ Small Business Investments Announces Two-Month Moratorium for Current Small Business Loans

NEW YORK – In response to the COVID-19 pandemic and Mayor DeBlasio's executive order limiting restaurants and cafes to delivery and take-out service, UMEZ granted a moratorium on repayment of BRISC loans for payments due April 1 and May 1, 2020. UMEZ realizes that this is a difficult and uncertain time for residents and small businesses in Upper Manhattan, and our decision is designed to provide some measure of relief to our clients.  

Other Small Business Resources: 

NYC Small Business Services recently announced an assistance plan for small businesses experiencing financial hardship in response to COVID-19.  The City will provide relief for small businesses that experience a reduction in revenue because of COVID-19. Businesses with fewer than 100 employees who have seen sale decreases of 25% or more will be eligible for 0% interest loans of up to $75,000 to help mitigate losses in profit. The City is also offering small businesses with fewer than 5 employees a grant to cover 40% of payroll costs for two months (an average of $6,000) to help retain employees. Please click here. 

The U.S. Small Business Administration is also providing disaster loan assistance to eligible small businesses in this time of need. To see if your business qualifies and to apply for financing, please click here.

LISC has partnered with Verizon to create a $2.5M fund to support small businesses. LISC will use the Verizon funding to provide grants of up to $10,000 to businesses facing immediate financial pressure because of COVID-19—especially entrepreneurs of color, women-owned businesses and other enterprises in historically underserved communities who don’t have access to flexible, affordable capital. Learn more and receive the application here.

UMEZ is responsive to its small business customers who are affected adversely by these stressful economic conditions, and we want our small business clients to know we are here for them.