On March 8, 2020 Mayor de Blasio launched two relief programs for small businesses that have been affected by COVID-19. Those programs are detailed below.
NYC Employee Retention Grant Program
The following table provides pertinent details on the various relief programs under the umbrella of the Fund.
A. NYC Employee Retention Grant Program
Under this program, eligible businesses can receive a grant covering up to 40% of their payroll for two months and assistance of up to $27,000.
i. Eligibility
To qualify for the program, a business (including non-profit) must demonstrate that they have suffered a 25% decline in business, as a result to COVID-19. To calculate the revenue impact of COVID-19, the City will compare average revenue for two months in 2020 (after the COVID-19 impact) to both:
- average revenue for the same two-month period in 2019, and
- average monthly revenue based on total 2019 revenue.
- The City will check to see if either calculation shows at least a 25% decrease in revenueAdditionally, the business 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
ii. Supporting Documents
To verify the loss of revenue, you will need to upload:
- Financial documents for two months in 2020 demonstrating revenue decrease due to COVID-19
- Financial documents showing your revenue for the same two months in 2019 (unless you were not in business at that time)
- Financial documents showing your revenue for the full 2019 calendar year. Financial documents can include: point-of-sales reports, bank statements, quarterly sales tax filings, 2019 tax returns, or CPA-certified profit & loss statements.
- To determine your grant amount, you will need to upload:
- Your most recent two months of payroll records
- To process your application, you will also need to upload:
- A signed Participation Affidavit verifying that you are eligible for the program and that you are applying in order to retain your employees
- Your bank account information
ii. How to Apply
You can apply for these programs by following the steps below:
- Review the program guidelines and determine if your business is eligible.
- Gather the Supporting Documents.
- Visit New York Small Business Services and log in to your account to begin your application.
B. NYC Small Business Continuity Loan 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 retain employees and ensure business continuity.
i. Eligibility
To qualify for the program, a business 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
ii. Supporting Documents
- Point-of-sales reports
- Bank statements
- Quarterly sales tax filings
- 2019 tax returns
- CPA-certified P & L statements.
ii. How to Apply
Please access the following Application.
