NYC Financial Assistance for Businesses Affected by COVID-19

March 18, 2020

Dear Valued Client,
If you are seeing a reduction in your business revenue because of the COVID-19, there are 2 different programs that a business can qualify under the SBA’s Economic Injury Disaster Loan Program.
1- 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.
In order to qualify under the NYC Employee Retention Grant Program, the business must meet the following additional requirements:

 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 judgements
2- NYC Small Business Continuity Fund
Businesses in NYC with 99 employees or fewer are eligible for zero interest loans up to $75k to mitigate losses.
In order to qualify under the NYC Small Business Continuity Fund the business must also meet the following additional requirements:
 Be located within the five boroughs of New York City
 Demonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenue
 Demonstrate ability to repay the loan
 Have no outstanding tax liens or legal judgements
As part of the applications, 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. If you qualify under either of the two programs, we highly encourage that you submit an online application using this link

Official press release link HERE

More information about the programs on the NYC official website HERE

As always, the Partners and WZ team remain committed to helping you, your families and your business through these unknown and stressful times.