Weekly Digests

Click through to their website which serves as an index of information on assistance programs aimed at offering financial relief to small businesses affected by the coronavirus.

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

Find out more and start the application for the NYC Employee Retention Grant Program

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.

Unfortunately the NYC Small Business Continuity Loan Fund website now reads:

“Due to overwhelming interest in the NYC Business Continuity Loan Fund, we have paused application intake.”

We will alert you when they begin accepting applications again.

Eligibility Criteria for the NYC Small Business Continuity Loan 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 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.

I created this video just for you.  It includes information about small business and individual provisions.

The provisions include the details about the NYC Small Business Continuity Loan Fund the 2020 tax refund rebates, the increase to base amount of unemployment insurance, good news for furloughed employees and more…

Please get in touch with us if you have a question.

Find out more and start the application for the NYC Business Continuity Loan

U.S. Small Business Administration (SBA) Financial Assistance Programs

Economic Injury Disaster Loans and Loan Advance
Small business owners in New York are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19) through the U.S. Small Business Administration (SBA).

Paycheck Protection Program

Small business owners in New York can apply to the Paycheck Protection Program (PPP) for forgivable loans to help cover payroll, rent, mortgage payments, and utility costs. Applications will be available on Friday, April 3, 2020. More information can be found here and a sample application can be found here.  We may have already contacted you and are ready to help you complete the process, so check with us first!

You can apply on you own through the NYC.gov website but again, please feel free to chat to us first.
Got a question? Just ask us, we’re happy to help.