NYC Offers Assistance for Small Biz Impacted by COVID-19

FACT: No business is immune to the Coronavirus.

That’s why in an effort to help the small businesses that make New York City great, Mayor Bill DeBlasio announced the city will offer financial relief for any small business owners throughout the boroughs impacted by the outbreak. This applies to any business employing fewer than 100 employees who have seen sales decreases of 25% or more will be eligible for 0% interest loans of up to $75,000 to help offset profit losses.

Furthermore, small businesses with fewer than 5 employees will be offered a grant to cover up to 40% of payroll costs for two months to help keep employees on staff.

So, if you are or know of a business who fits these criteria that would benefit from these incentives, please share this information. Eligible business owners who would like to learn more about these programs should fill out the interest form.

Here’s a Detailed Breakdown of the Small Business Program:

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 judgments

NYC Small Business Continuity Fund

Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible for zero-interest loans of up to $75,000 to help mitigate losses in profit.

Eligibility Criteria for the NYC Small Business Continuity 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 the ability to repay the loan
• Have no outstanding tax liens or legal judgments

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