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Help for Small Businesses during COVID-19
We know that times are tough. Now and always, Coop Fed is by your side. Here are resources to help your small business or non-profit survive and recover from the pandemic response.
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Payroll Protection Program
The Payroll Protection Program (PPP) was established through the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act to help eligible businesses and organizations pay their workers. Recipients receive a low-interest loan that may be partially or fully forgiven if program requirements are satisfied. Read more about PPP on the US SBA website.
The Payroll Protection Program was renewed for a second round. If your business lost 25% in revenue in 2020 compared to 2019 because of COVID-19, you may qualify.
Update: Round 2 of PPP is now closed.
Application assistance is available for member businesses. Coop Fed will help you package your application, submit to our PPP partner, and receive funds in your Coop Fed account.*
Or, contact our business lending team directly.
*You must have a Coop Fed business account in good standing to participate in our PPP assistance program. We can help you open a Coop Fed business account if you don't already have one. With a low $4 monthly fee, no transaction limits, and no minimum balance, our business checking account provides you with a kinder banking option.
COVID-19 Small Business Relief Grants
You may qualify for a Small Business Relief Grant if you can document a 25% decrease in revenue due to the coronavirus crisis.
Update: round 3 of the grant program is open until May 24, 2021!
New York Forward Loan Fund
New York Forward Loan Fund (NYFLF) supports New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE. For information on eligibility and applications, visit the NYFLF home page. For help reviewing and applying, contact Hanah.
Lending and Credit
If you don't qualify for PPP, or need other funding - we are still accepting applications for small and micro business loans! We offer loans, lines of credit, and credit cards for working capital, equipment, real estate and more. Submit an inquiry through our secure online loan portal, BusinessLoanConnection.
Business & Financial Advising
Our staff can help you with free, one-on-one technical assistance on a variety of business and personal finance topics. Plus, we can connect you with resources available from other local and national organizations.
- For business advising, contact Hanah Ehrenreich.
- For personal financial counseling, contact the Syracuse Financial Empowerment Center (FEC). Coop Fed is an FEC partner, counseling provider, and service location.