NYC financial assistance for small businesses affected by COVID-19 (Eligibility and Document List)

NYCity will provide relief for small businesses across the City seeing a reduction in revenue because of COVID-19.

For more information and details, please visit:

https://www1.nyc.gov/site/sbs/businesses/covid19-business-outreach.page

1. 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 (Businesses can access up to $27,000) to help retain employees.

Eligibility Criteria

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 judgments.

2. NYC Small Business Continuity Fund

Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible for zero-interest loans of up to $75,000 to help mitigate losses in profit.

Eligibility Criteria： 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 the ability to repay the loan

• Have no outstanding tax liens or legal judgments.

Document Checklist:

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.

You can begin to gather these documents in preparation.