Few places in the United States have been as impacted by Covid-19 as New York City.
Few places in the United States have been as impacted by Covid-19 as New York City. Given our firm’s presence in New York City, and our commitment to its entrepreneurial ecosystem, we were pleased to learn that on March 8th Mayor de Blasio authorized interest free loans to New York City companies that meet the required criteria. While details are still emerging, the outline below explains how you can apply your small business for emergency loans under the two state programs set-up to help make payroll, meet expenses, and continue to operate without material interruption during this crisis.
The first is the NYC Employee Retention Grant Program under which New York City is offering small businesses with fewer than five 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 less than five employees in total across all locations;
- Have been in operation for at least 6 months; and
- Have no outstanding tax liens or legal judgements.
The second is the NYC Small Business Continuity Fund which is set up to provide businesses with fewer than 100 employees, who have seen sales decreases of 25% or more, with no-interest loans of up to $75,000.
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 or fewer employees in total across all locations;
- Demonstrate ability to repay the loan; and
- Have no outstanding tax liens or legal judgements.
The application is not yet open but interested founders should complete this survey.
[button link=”https://www.surveymonkey.com/r/N336ZYB” color=”black” newwindow=”yes”] COVID-19 Business Assistance Survey [/button]
According to the Mayor’s office, by communicating your interest through the survey you will receive an application in short order. New York City business owners can also call 311 for additional information and assistance with these programs. Please let us know if we can further help you with this process.
[author] [author_image timthumb=’on’]/wp-content/uploads/sites/1401671/2019/11/wendy.jpg[/author_image] [author_info]Wendy Heilbut, partner at Jayaram Law[/author_info] [/author]