New York City Financial Assistance for Small Businesses

 

Dear Second District Members:

 

The New York City Department of Small Business Services has two programs available to all small business owners at this time. One is a LOAN program, the other a GRANT program.

 

NYC Small Business Continuity Loan Fund

The NYC Small Business Continuity Loan Fund offers zero per cent (0%) interest loans of up to $75,000 to help retain employees and ensure business continuity. This is for New York City businesses with under 100 employees who have seen revenue decreases of 25% due to the COVID-19 outbreak. Obviously, you must also demonstrate an ability to pay off the loan. To apply, click here at https://www.surveymonkey.com/r/ZL5N8XL.

 

NYC Small Business Services Employee Retention Grant Program

The NYC Small Business Services Employee Retention Grant Program is designed to help retain employees as small businesses face decreased revenue. This program is available to New York City businesses with 1 to 4 employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19 outbreak. Eligible businesses can receive a grant covering up to 40% of their payroll for two months. Businesses can access up to $27,000. Use this link for details and the application: https://www1.nyc.gov/nycbusiness/article/nyc-employee-retention-grant-program.

 

Second District will post and send you other program information on the Federal, City and State side as it becomes more refined. In the meantime, information on the two programs noted above can be accessed by clicking on this link: https://www1.nyc.gov/site/sbs/businesses/covid19-business-financial-assistance.page