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NYC Relief Available for Small Businesses

By Tricia Meola

In an effort to help small businesses deal with the overwhelming impacts of COVID-19, New York City has launched the following two initiatives:

NYC Employee Retention Grant Program

  • Created to help companies retain employees as businesses face decreased revenue as a result of COVID-19
  • Eligible businesses will receive a grant covering up to 40% of their payroll for two months; maximum funding of $27,000
  • Eligibility requirements include:
    • Must be located within the five boroughs of New York City and have no outstanding tax liens or legal judgments
    • Must have been in operation for at least six months and employ 1 – 4 employees across all locations
    • Be able to demonstrate the COVID-19 outbreak caused at least a 25% decrease in revenue.
      • Revenue loss – average revenue for two months in 2020 (after the COVID-19 impact) will be compared against average revenue for the same two month period in 2019 as well as average monthly revenue based on 2019 total revenue
    • Supporting documentation required to apply for this grant include:
      • Financial documents for the two months in 2020 demonstrating revenue decrease
      • Financial documents illustrating revenue for the same two months in 2019 (unless the company was not in business at that time)
      • Financial documents showing 2019 calendar year revenue
      • Most recent two months of payroll records
      • Signed Participation Affidavit verifying that the company is eligible for the program and that you are applying in order to retain employees
      • Bank account information
      • May also include some or all of the following:
        • Point-of-sales reports
        • Bank statements
        • Quarterly sales tax filings
        • 2019 tax returns
        • CPA-certified profit & loss statements
      • To apply, visit the NYC Small Business Services website.

NYC Small Business Continuity Loan Program

  • Created to help businesses with fewer than 100 employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19.
  • Eligible businesses can apply for an interest-free loan up to $75,000
  • Eligibility requirements include:
    • Must be located within the five boroughs of New York City and have no outstanding tax liens or legal judgments
    • Must have been in operation for at least two years and have fewer than 100 employees across all locations
    • Must demonstrate ability to repay the loan
    • Be able to demonstrate the COVID-19 outbreak caused at least a 25% decrease in revenue.
      • Revenue loss – average revenue for two months in 2020 (after the COVID-19 impact) will be compared against average revenue for the same two month period in 2019 as well as average monthly revenue based on 2019 total revenue
    • Supporting documentation required to apply for this grant include:
      • Financial documents for the two months in 2020 demonstrating revenue decrease
      • Financial documents illustrating revenue for the same two months in 2019
      • Financial documents showing 2019 calendar year revenue
      • Signed Participation Affidavit verifying the company is eligible for the program
      • May also include some or all of the following:
        • Point-of-sales reports
        • Sales reports demonstrating fees collected or earned income
        • Bank statements
        • Transaction level data from banks
        • Quarterly sales tax filings
        • Tax returns
        • Profit & loss statements
      • To apply, visit the NYC Small Business Services website and complete the NYC Small Business Continuity Loan Program application. Once complete, a link will be sent to access an application on a partner lender’s site.

Does your business need guidance on how to proceed? Reach out to our team for more information or assistance with the application process.

Continuity, Coronavirus, COVID, COVID-19, loan, New York, Small Business, Tricia Meola

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