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.