Mayor Bill de Blasio announced on March 8 that the City will provide relief for small businesses across the City seeing a reduction in revenue because of COVID-19.
Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible to apply for zero interest loans of up to $75,000 to help ensure business continuity.
* Business owners who are otherwise eligible and currently on a tax lien payment plan should proceed with the application.
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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, 2019 tax returns, or CPA-certified profit & loss statements. You can begin to gather these documents in preparation.
Note: The NYC Employee Retention Grant Program is no longer accepting applications.
Our NYC Business Solutions Center experts are available to help you identify additional financing available, including financing from the U.S. Small Business Administration (SBA) or local philanthropic financing if you are a nonprofit.
SBA loans will be available on a first-come-first-served basis, so it is important to submit your application as soon as possible. You should reach out to the SBA for guidance on how any other financial awards could impact your SBA award. If you have questions related to the SBA programs, find a local SBA resource partner.
Below is some information to help you and your business stay safe and prevent the spread of germs. This is a rapidly changing situation, visit the NYC Health website for more up-to-date information, including FAQs for employers.