| Application Open: Very Small Business Employee Retention Grant The Mayor’s Office announced assistance programs to support very small businesses impacted by COVID-19 including employee retention grants and no-interest loans. This program is available to New York City businesses with one to four employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. Eligible businesses will receive a grant covering up to 40% of their payroll for two months. Businesses can access up to $27,000. |
| (You will need to create an SBS Log In account to move forward with the application.) |
| NYC Small Business Continuity Fund |
| Zero-Interest Loan Information Businesses with fewer than 100 employees who are seeing a decrease in revenue of 25% or more will be eligible for zero-interest loans up to $75,000 to help mitigate losses in profit. For more information on the NYC Small Business Continuity Fund, and to receive updates from NYC Department of Small Business Services, take the SBS COVID-19 Business Assistance Survey. Sign up to receive updates from NYC SBS |
COVID-19 and your business
From NYC SBS: I am reaching out today to offer more information about financial assistance available to help businesses impacted by COVID-19. The agency is working quickly as we can to provide a zero-interest loan program and an employee retention grant. Last night every business who completed the survey on our website should have received more information about eligibility for the new programs.
As we get these programs live, it would be good for your businesses to begin gathering the materials for their applications so that they have everything they need to complete them. Please review the eligibility requirements below. The application for the grant is expected to be open early next week, with the loan application to follow.
The SBS Partner call on Tuesday, March 17th at 11 AM will focus on these programs, and I recommend that you dial-in with any questions you might have about helping your businesses prepare and apply for these programs. An invite and dial-in will be sent by the agency on Monday. Please note this invite will not come from the BID team.
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
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 ability to repay the loan
- Have no outstanding tax liens or legal judgements
We will be in touch as soon as possible about the application process and next steps.
You can help your businesses begin to gather the documents they are likely to need in preparation
As part of the applications, businesses 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.
The situation is quickly changing. We recommend visiting www.nyc.gov/coronavirus for the most up-to-date information from the NYC Department of Health. You can also visit www.nyc.gov/covid19biz for best business practices and updates regarding financial assistance.
We will continue to send updates as soon as more information becomes available.
Please continue to reach out with any and all questions or concerns, and be well.
Roxanne Earley | Director
Business Improvement District Program
NYC Department of Small Business Services
1 Liberty Plaza, 11th Floor
T 212.618.8956 | C 646.951.5910 | E rearley@sbs.nyc.gov