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.
NYC Small Business Continuity Loan Fund
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.
Eligibility Criteria for the NYC Small Business Continuity Loan Fund
- 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*
* 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.
U.S. Small Business Administration (SBA) Financial Assistance Programs
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.
Economic Injury Disaster Loans and Loan Advance
- A low-interest, fixed rate loan up to $2 million
- Can be used to pay immediate expenses during an emergency (payroll, bills/accounts payable, fixed debts)
- Advance of up to $10,000 awarded within three days of application, which can be used keep employees on payroll, to pay for sick leave, meet increased production costs, or pay business obligations
- A low-interest, no fee, loan up to $10 million for small businesses, self-employed individuals, and others to help with cash flow and retain employees; if employers maintain payroll, a portion of the loan will be forgiven
- To apply, reach out to your existing bank and ask if they are a participating lender; if so, your bank can walk you through the application
- If your bank does not offer the program, reach out to a traditional SBA bank or contact your local SBA resource partners for more information
- You can review the sample application here and begin gathering the information your bank will require
- Please note: If you use the proceeds from the NYC Small Business Continuity Loan Fund for payroll costs, it may compromise your ability to receive loan forgiveness from the SBA; please check with your local bank or SBA resource partner for guidance
Guidance for Business Owners and FAQs
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.
- Guidance and Frequently Asked Questions
- Sign up to receive updates from SBS
- Business Continuity Planning Checklist
- Business Planning Checklist for Pandemics