March 18, 2020 – New York City Resources
Small businesses are now eligible to apply online for an employee retention grant. The NYC Department of Small Business Services is also working as quickly as possible to set up the zero-interest loan program and will be sharing more information on that in the days ahead. The eligibility criteria for both programs are included below. Click here to learn more about these programs.
NYC Employee Retention Grant Program
The City is offering small businesses with fewer than 5 employees a grant to cover 40% of payroll costs for two months to help retain employees.
Eligibility Criteria for the NYC Employee Retention Grant Program
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
NYC Small Business Continuity Fund
This link will go live by the end of the week. Clients can fill out an interest form to receive a notification when the application opens. Click here to retrieve the interest form.
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 for the NYC Small Business Continuity Fund
- 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
Please visit www.nyc.gov/covid19biz for the best business practices and updates regarding financial assistance.
