On March 8^th, Mayor De Blasio announced New York City will provide two forms of relief for small businesses across the City seeing a reduction in revenue due to COVID-19. Below are summaries and eligibility requirements for the two programs.

NYC Small Business Continuity Loan Fund

Businesses meeting the below criteria may receive zero-interest loans up to $75,000.

Eligibility:

1. Business must be located within the New York City five boroughs;

2. Demonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenue;

3. Must have fewer than 100 employees;

4. No outstanding tax liens or legal judgments;

5. Demonstrate ability to repay the loan.

As part of the applications, you 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.

NYC Employee Retention Grant Program

The City is also offering small businesses with fewer than 5 employees a grant to cover 40% of payroll costs for two months to help retain employees. Non-profits may also be eligible for this grant.

Eligible businesses may receive a grant for up to $27,000.

Eligibility for the NYC Employee Retention Grant Program:

1. Be located within the New York City five boroughs;

2. Demonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenue;

3. Employ 1-4 employees in total across all locations;

4. Has been in operation for at least 6 months;

5. No outstanding tax liens or legal judgments.

Supporting documentation:

• Financial documents for at least 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.

Your most recent two months of payroll records (to determine your grant amount).