SBA Coronavirus COVID19 Disaster Loan Assistance Program

The Small Business Administration recently issued the following statement in response to the President’s plea for aid to small businesses:
“Small businesses are vital economic engines in every community, and they have helped make our economy the strongest in the world. Our Agency will work directly with State Governors to provide targeted, low-interest disaster recovery loans to small businesses that have been severely impacted by the situation.”

What does this mean for you and your business?
The SBA’s Economic Injury Disaster Loans offer up to $2 Million in assistance for Fuoco Group small business clients. These loans can provide vital economic support to help alleviate substantial economic injury caused by the Coronavirus or COVID-19 in designated areas of a state or territory. Substantial economic injury generally means a temporary decrease in income from operations or working capital with the result that the business is unable to meet its obligations and pay ordinary and necessary operating expenses in the normal course of business.

How does it work?
The loan may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the COVID-19 impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay, up to a maximum of 30 years.

Will my business be eligible?
Fuoco Group clients in the following States and Counties are eligible:

New York State – Counties Eligible
Albany, Allegany, Bronx, Broome, Cattaraugus, Cayuga, Chautauqua, Chemung, Chenango, Clinton, Columbia, Cortland, Delaware, Dutchess, Erie, Essex, Franklin, Fulton, Genesee, Greene, Hamilton, Herkimer, Jefferson, Kings, Lewis, Livingston, Madison, Monroe, Montgomery, Nassau, New York, Niagara, Oneida, Onondaga, Ontario, Orange, Orleans, Oswego, Otsego, Putnam, Queens, Rensselaer, Richmond, Rockland, Saint Lawrence, S Save aratoga, Schenectady, Schoharie, Schuyler, Seneca, Steuben, Suffolk, Sullivan, Tioga, Tompkins, Ulster, Warren, Washington, Wayne, Westchester, Wyoming, Yates

Florida – ALL Counties Eligible

Connecticut – Counties Eligible
Fairfield, Hartford, Litchfield, Middlesex, New Haven, New London, Tolland, Windham New Jersey – Counties Eligible Atlantic, Bergen, Burlington, Camden, Cape May, Cumberland, Essex, Gloucester, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Salem, Somerset, Sussex, Union, Warren

Hawaii and California also – contact us for details.

When can I start the process and apply?
Now! Don’t delay. Fuoco Group can help you assemble and complete the required documents, forms, intake sheets, debt service schedules, financial statements, 4506T, and tax returns, etc.

Who do I contact?
Cory Lyon at This e-mail address is being protected from spambots. You need JavaScript enabled to view it has more information on how we can help coordinate and facilitate the process and application for you, we have packages ready to go immediately.