Financial Assistance for Businesses Impacted by COVID-19
Mayor Bill de Blasio announced on March 8 that the City will provide relief for small businesses across the City seeing a reduction in revenue because of COVID-19.
NYC Employee Retention Grant Program
The City is offering small businesses with fewer than 5 employees a grant to cover 40% of payroll costs for two months to help retain employees.
Eligibility Criteria for the NYC Employee Retention Grant Program
Businesses, including non-profits, 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 1-4 employees in total across all locations
- Have been in operation for at least 6 months
- Have no outstanding tax liens or legal judgements
NYC Small Business Continuity Loan Fund
Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible to apply for zero interest loans of up to $75,000 to help ensure business continuity.
Eligibility Criteria for the NYC Small Business Continuity Loan Fund
Businesses 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 in total across all locations
- Demonstrate ability to repay the loan
- Have no outstanding tax liens or legal judgements
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. You can begin to gather these documents in preparation.
U.S. Small Business Administration (SBA) Economic Injury Disaster Loan Program
Small business owners in New York are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19) through the U.S. Small Business Administration (SBA).
Find more information on the SBA’s Economic Injury Disaster Loans at SBA.gov/Disaster.
Guidance for Business Owners and FAQs
Below is some information to help you and your business stay safe and prevent the spread of germs. This is a rapidly changing situation, visit the NYC Health website for more up-to-date information, including FAQs for employers.Guidance and Frequently Asked QuestionsSign up to receive updates from SBSBusiness Continuity Planning ChecklistBusiness Planning Checklist for Pandemics
