We will SHINE the LIGHT on a different merchant each month chosen randomly from our monthly meeting attendees. All you need to do is join our monthly zoom meeting. Click here to join us on March 31, 2021 at 7pm 

Bronx Internship Program and Special Membership Rate for TNMA Members

Sara Bonizio of the Bronx Chamber of Commerce (BCC) will discuss the Bronx Internship Program  and our Discounted Membership Deal with the New Bronx Chamber of Commerce. This program can help students gain needed work experience and businesses gain needed assistance at a time where hiring full time may not be feasible.

• Click here for Bronx Chamber of Commerce website
• Click here to join the ZOOM meeting on March 31st at 7pm
  Dial in: 929-436-2866 
  Meeting ID: 822 9144 4179
  Passcode: 777888

Protect You and Your Customers from COVID-19 

Click here to join the ZOOM meeting on March 31st at 7pm

What the PPP Extension Means for You

1. More time for all SMBs to apply 

The major win from this potential extension would be allowing you and your lender more time to navigate the tricky application process and to use new PPP guidelines. 

And that’s a big deal because 74% of you expressed some form of discontent regarding the PPP process. Luckily, the 60-day extension can help improve the process and get you the money you deserve.

Before they announced the extension, many lenders were closing up shop well ahead of the March 31st deadline due to last-minute guideline changes that further complicated the process. 

Though most lenders haven’t updated their deadlines yet, they will likely re-open their portals to adjust to the extended timeline.

2. More money for solos & contractors 

The extension allows more lenders to actually adopt the new guidelines released earlier this month. If you’re a sole proprietor, self-employed, or an independent contractor, this is a game-changer. 

These new guidelines allow the reporting of gross income over net profit for solos, multiplying the amount of money they’re eligible to receive. If the PPP extension passes, solopreneurs will have more time to apply with lenders who are honoring the new guidelines.

Big banks such as Bank of America and Chase, who shut down their portals without adopting the new guidelines, may start to accept applications using the new formula.

3. More time for restaurants to evaluate their options

If you’re a restaurant owner, there’s even more good news. The American Rescue Act set aside $28.6 billion of COVID relief funding just for restaurants called the Restaurant Revitalization Fund (RRF). 

Generally, RRF provides restaurants with grants that total their revenue loss due to the pandemic through a simple calculation: the difference between their 2020 gross receipts and their 2019 gross receipts. 

One caveat: The amount of money you can receive from this grant is reduced by the size of your PPP loan(s). So if you’ve received two PPP loans, that amount will be deducted from your potential RRF grant amount.

Depending on your business, the RRF grant may be more beneficial for you than the PPP loan, but check in with your accountant before you apply for either. 

Though the RRF portal is not open yet, it should be within a few weeks.

Haven’t Applied Yet?

One thing we know from the last round of PPP? Go with a local lender whenever possible. We've had much more success with local lenders than with national ones. Contact the bank where you have your business account to apply. You can are also check with your business accountant who may offer their services to help you apply. Lastly, you can contact Business Outreach Center Network (BOC) at http://www.bocnet.org/boc/home.asp for help, as well.

Click here to join the ZOOM meeting on March 31st at 7pm

TNMA Calendar

Click here for details and to register for the following events:

• 3/30/21 - Restaurant and HR Hospitality Recovery Webinar - 11 AM - 12:30 PM 
  • Register at smallbiz.nyc
• 3/31/21 - TNMA Monthly Meeting

  • Click here to join the ZOOM meeting on March 31st at 7pm

    Dial in: 929-436-2866 
    Meeting ID: 822 9144 4179
    Passcode: 777888

In case you missed it ...

We had a great first meeting of the year with special guests.

• TNMA is your information outlet. Please check our calendar for upcoming events and workshops from TNMA, as well as, other organizations. (ex. NBxCC) Click Here for the TNMA CALENDAR
• Business Outreach Center Network (BOC) - John Frias, Ascend, talked about upcoming PPP, problems and solutions and BOC Capital as a funding source for your financial needs (eg. PPP)
• Ed Angelino of Associated Mortgage Bankers discussed new interest rates in relation to your purchasing or refinancing needs for your business.
• Special Zoom Pricing for TNMA Members for Zoom Pro licenses.
• All TNMA memberships have been extended to May 1st, 2021 at no additional cost and TNMA membership dues have been reduced to $100.

Click on Link Below and use this Passcode: TNMAZ00M!

What's Happening Around Town ...

Local Events and Activities

• Rapid COVID Testing Mon-Fri 8am-8pm at DeRosa - O'Boyle Triangle (across from New York Public Library - Throggs Neck Branch). Testing will be ongoing. No insurance is necessary. Results in 15 minutes. Photo ID required.
• NYC Restaurants are now operating at 50% capacity. Go out and enjoy our great local restaurants.
• Applications are still being accepted for small businesses with fewer than 20 employees will be able to apply for forgivable loans through the Paycheck Protection Program. The deadline is now March 31, 2021  
• Food Distribution on Wednesdays and Saturdays from 1pm-3pm at Fort Schyler Presbytarian Church, 2950 Dewey Ave. Check our Facebook Page to confirm.
• Restaurant Revitalization Fund - SBA is working on producing guidelines and applications for grants for restaurants and bars as they become available. In an effort to help you prepare for this process you’ll find a document attached to this note that will provide answers to the most frequently asked questions, and the links to register your business with SAM.gov.
• The Shuttered Venue Operators Grant program for live venues and related businesses will start accepting application on April 8, 2021. Learn more about the SVOG program: https://sba.gov/svogrant.
•  NYC Small Business Resource Network is a city-wide initiative to bring technical assistance and business recovery support to NYC small businesses. At no cost to you, the NYC Small Business Resource Network can assist in technology, real estate, legal and accounting services, procurement opportunities, marketing, loans and grants, and more. Our on-the-ground Small Business Support Specialists will help guide you to the resources you need. Click here to sign up
• The NYC Department of Small Business Services (SBS)’s Training for Your Employees program https://www1.nyc.gov/nycbusiness/article/nyc-means-business-training-for-your-employees provides no-cost, online training to help NYC-based business owners and employees.
• The Citi Foundation has announced a $25 million open request for proposals (RFP) to support nonprofit organizations that provide direct technical assistance to small businesses owned by people of color that have been disproportionately impacted by the unprecedented health, social and economic impacts of the COVID-19 pandemic. The Citi Foundation seeks to award unrestricted grant support of up to $500,000 to select nonprofits working in the following geographies: California, Connecticut, Florida, Illinois, Maryland, New Jersey, New York, Nevada, Puerto Rico, South Dakota, Texas, Virginia, and Washington, D.C. For more information about this funding opportunity, including the geographic counties the Citi Foundation is targeting, please see Frequently Asked Questions. The deadline to apply is April 12, 2021. APPLY HERE
• Minority Women-Owned Business Enterprise (M/WBE) Certification Program is free to apply. This certification offers increased opportunities, access to consultation services and mentorship programs, free advertising and networking events. Click here to apply