On March 8th, Mayor De Blasio announced New York City will provide two forms of relief for small businesses across the City seeing a reduction in revenue due to COVID-19. Below are summaries and eligibility requirements for the two programs.
NYC Small Business Continuity Loan Fund
Businesses meeting the below criteria may receive zero-interest loans up to $75,000.
Eligibility:
- Business must be located within the New York City five boroughs;
- Demonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenue;
- Must have fewer than 100 employees;
- No outstanding tax liens or legal judgments;
- Demonstrate ability to repay the loan.
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.
NYC Employee Retention Grant Program
The City is also offering small businesses with fewer than 5 employees a grant to cover 40% of payroll costs for two months to help retain employees. Non-profits may also be eligible for this grant.
Eligible businesses may receive a grant for up to $27,000.
Eligibility for the NYC Employee Retention Grant Program:
- Be located within the New York City five boroughs;
- Demonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenue;
- Employ 1-4 employees in total across all locations;
- Has been in operation for at least 6 months;
- No outstanding tax liens or legal judgments.
Supporting documentation:
- Financial documents for at least two months in 2020 demonstrating revenue decrease due to COVID-19.
- Financial documents showing your revenue for the same two months in 2019 (unless you were not in business at that time).
- Financial documents showing your revenue for the full 2019 calendar year.
Your most recent two months of payroll records (to determine your grant amount).
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