City Grant and Loan Assistance Programs 

Mayor Bill de Blasio announced on March 8 that the City will provide Employee Retention Grant and Zero-Interest Loan to small businesses impacted by the Coronavirus in need of financing assistance.

NYC Employee Retention Grant Program   APPLY HERE

The City has opened the application for the NYC Employee Retention Grant Program, which offers small businesses and nonprofits with fewer than 5 employees a grant to cover 40% of payroll costs (up to $27,000) for two months to help retain employees.
 
Applicants 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​
In order to demonstrate revenue loss, the applicant must be able to show at least a 25% decrease in either calculations:
  • Total revenue of two consecutive months in 2020 vs. total revenue of the same two months in 2019
  • Average monthly revenue of any two consecutive months in 2020 vs. average monthly revenue of all of 2019
Documents that will be accepted as proof include:
  • 2019 tax returns
  • Bank Statements (2019 & 2020)
  • Quarterly sales tax filings
  • Point-of-sales reports
  • Certified profit & loss statements
NEW UPDATES 3/24/20
  • March documents are now accepted in order to demonstrate the revenue loss criteria of (25%).
  • Acceptable revenue documents has been expanded to make it easier for businesses to apply :
    • Newly acceptable documents:
      • Profit & Loss statements with or without a CPA verification
      • Point-of-sale screenshots
      • Transaction-level data from banks
    • Already accepting:
      • 2019 tax returns
      • Bank Statements (2019 & 2020)
      • Quarterly sales tax filings
      • Point-of-sale reports
  • Payroll calculations has been standardized
    • G­­­rant amount will be based on 8 weekly paychecks, 4 bi-weekly paychecks or 4 bi-monthly paychecks for each employee

NYC Small Business Continuity Fund  Submit Pre-Application Here

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.

Applicants 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 ability to repay the loan
  • Have no outstanding tax liens or legal judgments​

Application Process

In order to demonstrate revenue loss, the applicant must be able to show at least a 25% decrease in either calculations:
  • Total revenue of two consecutive months in 2020 vs. total revenue of the same two months in 2019
  • Average monthly revenue of any two consecutive months in 2020 vs. average monthly revenue of all of 2019
We recommend that you pull financial documents as proof of revenue, such as:
  • 2019 tax returns
  • Bank Statements (2019 & 2020)
  • Quarterly sales tax filings
  • Point-of-sales reports
  • Certified profit & loss statements
NEW UPDATES 3/24/20
  • There are two more steps after the filling out the Pre-application:
    • Businesses who complete this survey will be sent a priority link to complete the Loan Inquiry Form once it is live this week
    • Upon completing the Loan Inquiry Form, eligible applicants will be referred to the lender’s online application

SBA Economic Injury Disaster Loan  Apply here

The federal SBA’s Economic Injury Disaster Loan program is now available for businesses and nonprofits impacted by COVID-19 to cover financial obligations and operating expenses, up to $2 million. The interest rate is 3.75% for businesses and 2.75% for nonprofits.
 
If you have suffered substantial economic injury and are one of the following types of businesses located in a declared disaster area, you may be eligible for an SBA Economic Injury Disaster Loan (EIDL):
  • Small Business
  • Small agricultural cooperative
  • Most private nonprofit organizations​

NYC COVID-19 Response & Impact Fund

The New York Community Trust created the NYC COVID-19 Response & Impact Fund to aid nonprofit service providers struggling with the health and economic effects of the Coronavirus. It will give grants and loans to NYC-based nonprofits that are trying to meet the new and urgent needs that are hitting the city.

Click here for more information and To apply.