New York City Financial Assistance for Businesses Impacted by COVID-19
- Eric Agababayev
- Mar 28, 2020
- 2 min read
New York State and New York City has been hit the hardest in the United States by this pandemic. The Small Businesses of NYC have been suffering due to the recent lock downs and laws placed.
Mayor Bill de Blasio announced on March 8 that the City will provide relief for small businesses across the City seeing a reduction in revenue because of COVID-19.
NYC Employee Retention Grant Program
The City is offering small businesses with fewer than 5 employees a grant to cover 40% of payroll costs for two months to help retain employees.
Eligibility Criteria for the NYC Employee Retention Grant Program
Businesses, including non-profits, must:
Be located within the five boroughs of New York City
Demonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenue
Employ 1-4 employees in total across all locations
Have been in operation for at least 6 months
Have no outstanding tax liens or legal judgements
NYC Small Business Continuity Loan Fund
Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible to apply for zero interest loans of up to $75,000 to help ensure business continuity.
Eligibility Criteria for the NYC Small Business Continuity Loan Fund
Businesses must:
Be located within the five boroughs of New York City
Demonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenue
Employ 99 employees or fewer in total across all locations
Demonstrate ability to repay the loan
Have no outstanding tax liens or legal judgements
*As part of the applications, you will be required to demonstrate a revenue decrease by providing documentation such as: point-of-sales reports, bank statements, quarterly sales tax filings, 2019 tax returns, or CPA-certified profit & loss statements. You can begin to gather these documents in preparation.
Please contact us today to discuss more.