NYC Relief Available for Small Businesses

April 1, 2020

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.