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.