Financial Assistance Programs Available To New York City Small Businesses Affected By COVID-19
In addition to the SBA program set forth in our previous postings, there are other programs available to businesses located in New York City which have been affected by the pandemic. We are here to answer any questions that you may have during the application process to secure the funds that your business needs to stay afloat during this difficult time.
New York City Small Business Continuity Loan Fund
- Available to City businesses with less than 100 employees and that have been open for at least two years
- Assistance is limited to $75,000 interest free to cover lost revenue
- Must be located within the five boroughs and suffered a loss of 25% or more of sales
- Loan proceeds must be used to retain employees and ensure business continuity
- For additional information and the pre-application visit: Survey Monkey
New York City Employee Retention Grant Program
- Available to City businesses (including non-profits) with fewer than 5 employees that have been open for at least six months
- Consists of a grant to cover 40% of payroll costs for two months to help retain employees
- Must be located within the five boroughs
- Must be able to demonstrate that the COVID-19 outbreak causes at least a 25% decrease in revenue
- Cannot have any outstanding tax liens or legal judgments
- For additional information and how to apply visit: Employee Retention Grant Program
If you believe that your City business qualifies for either of the above programs and needs help in the application process, we are here to assist you.