New York City Small Business Grant and Zero Interest Loan Programs
NYC Employee Retention Grant Program Application Now Open!
This grants offers small businesses and nonprofits with fewer than 5 employees a grant to cover 40% of payroll costs (up to $27,000) for two months to help retain employees.
Applicants 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
Click on following link to apply: NYC Employee Retention Grant Program
NYC Small Business Continuity Loan Fund (Application Opening Soon)
Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible for zero-interest loans of up to $75,000 to help mitigate losses in profit.
Applicants 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 judgment
Application Process
For the Business Continuity Fund, the application will open soon.
In order to demonstrate revenue loss, the applicant must be able to show at least a 25% decrease in either calculations:
- Total revenue of two consecutive months in 2020 vs. total revenue of the same two months in 2019
- Average monthly revenue of any two consecutive months in 2020 vs. average monthly revenue of all of 2019
In the meantime, we recommend that you pull financial documents as proof of revenue, such as:
- 2019 tax returns
- Bank Statements (2019 & 2020)
- Quarterly sales tax filings
- Point-of-sales reports
- Certified profit & loss statement
