Insights

Employee or Independent Contractor Status Clarified Further by The U.S. Department of Labor

Corporate Transparency Act Ruled Unconstitutional. The Impact On Beneficial Ownership Information Reporting.

Reminder of Annual Election of New York State and New York City Pass-through Entity Tax (PTET)

House Passes Bill Expanding Child Tax Credit and Business Breaks

City of New York Launches the NYC Small Business Continuity Loan Program

To help small businesses deal with the impact of COVID-19, the City of New York has launched the NYC Small Business Continuity Loan Program. This program is available to New York City businesses with fewer than 100 employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. Eligible businesses can apply for an interest-free loan up to $75,000.

Who Can Apply?

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 fewer than 100 employees in total across all locations
  • Have been in operation for at least 2 years
  • Demonstrate ability to repay the loan
  • Have no outstanding tax liens or legal judgements

Revenue Loss

To calculate the revenue impact of COVID-19, we will compare average revenue for two months in 2020 (after the COVID-19 impact) to both:

  • Average revenue for the same two month period in 2019, and
  • Average monthly revenue based on total 2019 revenue.

We will check to see if either calculation shows at least a 25% decrease in revenue.

Supporting Documents for Program Eligibility

To verify the loss of revenue, you will need to upload:

  • Financial documents for two months in 2020 demonstrating revenue decrease due to COVID-19
  • Financial documents showing your revenue for the same two months in 2019 (unless you were not in business at that time)
  • Financial documents showing your revenue for the full 2019 calendar year

Financial documents can include: point-of-sales reports or screenshots, sales reports (demonstrating fees collected or earned income), bank statements, transaction level data from banks, quarterly sales tax filings, tax returns, or profit & loss statements.

To confirm your eligibility, you will also need to upload:

How to Apply

You can apply for the program by following the steps below:

  1. Review our program guidelines and determine if your business is eligible.
  2. Gather the appropriate documents.
  3. Visit our website to begin your preliminary application.
  4. Please note that this is the first step of the process to apply for the NYC Small Business Continuity Loan. Once you complete this step, the City will send you a link to the application on their partner lender’s site.

Click Here to commence the application process.