Below you can access information about federal and city resources in regards to coronavirus (COVID-19).
New York City Coronavirus Resources
New York City has launched the NYC Employee Retention Grant Program to help NYC small businesses and nonprofits retain employees as they face decreased revenue from the impact of the CoronaVirus (COVID-19). Eligible applicants will receive a grant covering up to 40% of their payroll for two months, up to $27,000.
This program is available to NYC small businesses and nonprofits with 1-4 employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. The applicant must also have been in operation for at least 6 months and have no outstanding tax liens or legal judgments.
To apply go to the NYC program website and be prepared to upload a number of supporting financial documents for 2019 and 2020 to demonstrate the revenue impact, and two months of payroll records to calculate the grant amount. Check out the checklist for specific requirements.
New York City has launched the Small Business Continuity Fund, enabling NYC businesses with fewer than 100 employees impacted by COVID-19 and experiencing a decrease in sales of 25% or more to apply for interest-free loans of up to $75,000 to help retain employees and ensure business continuity. The loan can be used for a variety of purposes, including working capital, inventory, or other investments.
To be eligible, businesses must demonstrate the ability to repay the loan and have no outstanding tax liens or legal judgments. As part of the application, you will be required to demonstrate a revenue decrease by providing documentation such as: point-of-sales reports, bank statements, quarterly sales tax filings, tax returns, or profit & loss statements. The impact is verified and calculated by comparing two months of revenue in 2020 to the same two months last year as well as average monthly revenue in 2019. Check out the document checklist for more detail.