Coronavirus Small Business Financial Assistance in NYC - How To Apply

New York City is home to 220,000 businesses, 98% are small businesses with less than 100 employees. The Coronavirus quarantine has put many small businesses into difficult financial situations and triggered many to start laying offs. We have compiled a list of resources below for you to help you navigate which is the right program you could qualify for:

Relief Programs for Small Businesses During the Coronavirus Outbreak

Amid 814 reported cases of coronavirus, New York City Mayor Bill de Blasio just ordered businesses to limit their operations, with no clear timeline for reopening. The COVID-19 pandemic has hit small businesses hard, forcing bars, restaurants and entertainment venues to close and economically impacting nearly all small business owners.

During this period of social distancing, small businesses may be wondering what they can do to keep their doors open and continue supporting their employees. These resources are designed to help local businesses manage the COVID-19 crisis while sacrificing as little of their profits as possible.

Financial Assistance for Small Businesses Impacted by Coronavirus COVID-19

Many businesses are experiencing a loss in profits associated with the coronavirus pandemic. Thankfully, Mayor de Blasio announced on March 8 that the City would provide relief for small businesses that can demonstrate at least a 25% loss in revenue due to the coronavirus.

NYC Small Business Continuity Fund

Businesses with fewer than 100 employees that meet the criteria may be eligible for up to a $75,000 loan from the Small Business Continuity Fund, with 0% interest and repayment terms of 15-20 years. In order to qualify, your business 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 across all locations
• Demonstrate the ability to repay the loan
• Have no outstanding tax liens or legal judgments

Requirements: To demonstrate a loss in revenue, the City of New York requires documentation such as point-of-sales reports, bank statements, quarterly sales tax filings, 2019 tax returns, or CPA-certified profit and loss statements.

Businesses are encouraged to gather their documentation in preparation for the loan program to become available. Apply here: https://www.surveymonkey.com/r/N336ZYB

"New Yorkers are resilient. We will live through this. Together"

NYC Employee Retention Grant Program

Businesses with fewer than five employees may be eligible for a grant of up to $27,000 to cover up to 40% of payroll costs for two months to help retain employees. (Non-profits may also be eligible.) In order to qualify, your business 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 one to four employees across all locations
• Have been in operation for at least six months
• Have no outstanding tax liens or legal judgments

The application for the grant program can be found by clicking here. The City of New York requires that you provide documentation, including:

• 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)

Financial documents can include point-of-sales reports, bank statements, quarterly sales tax filings, 2019 tax returns, or CPA-certified profit, and loss statements.

Additionally, you will need a signed Participation Affidavit certifying that you are eligible to participate in the program as well as your bank account information. Apply here: https://www1.nyc.gov/nycbusiness/article/nyc-employee-retention-grant-program