Financial Assistance for NYC Businesses Impacted by COVID-19

Mayor Bill de Blasio announced that the City will provide relief for small businesses across the City seeing a reduction in revenue because of COVID-19.

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.

Eligibility Criteria for the NYC Employee Retention Grant Program

Businesses, including non-profits, 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

NYC Small Business Continuity Fund

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.

Eligibility Criteria for the NYC Small Business Continuity Fund

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 99 employees or fewer in total across all locations
  • Demonstrate the ability to repay the loan
  • Have no outstanding tax liens or legal judgments

Complete our interest form to be notified when the applications open.

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. You can begin to gather these documents in preparation.