From the Mayor’s Office: Starting tomorrow (3/17), small businesses impacted by COVID-19 will be able to apply online for an employee retention grant. The team at the NYC Department of Small Business Services has also been working as quickly as possible to setup the zero-interest loan program, and will be sharing more information on that in the days ahead. Eligibility criteria for both programs are included below.
We will continue to share updates on process and next steps. In the meanwhile, please refer to the eligibility criteria, and encourage small businesses in your communities to begin putting together the necessary paperwork to demonstrate a revenue decrease. Documentation could include: point-of-sales reports, bank statements, quarterly sales tax filings, 2019 tax returns, or CPA-certified profit & loss statements.
Eligibility Criteria for the NYC Employee Retention Grant Program
Businesses, including non-profits, must:
·Be located within the five boroughs of NYC
·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
Eligibility Criteria for the NYC Small Business Continuity Fund
Businesses must:
·Be located within the five boroughs of NYC
·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
The situation is quickly changing. Please visit www.nyc.gov/covid19biz for best business practices and updates regarding financial assistance.