Helping businesses in New York in the COVID-19 epidemic: three useful programs

Businesses in New York City, subsequently affected by the coronavirus pandemic, may receive financial assistance from the city. Below you will find out about three programs designed to support entrepreneurs, and the conditions for participation in them. This is reported on the site of the city hall city.

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Small businesses in New York will receive financial assistance from the city in connection with a reduction in their income due to the COVID-19 epidemic. This was announced on March 8 by the mayor of Bill de Blasio.

Assistance will be provided in the form of various programs. Below you will find a description of three of them, as well as a list of requirements for participating in them.

1. Staff Retention Grants Program

The city offers small businesses with fewer than 5 employees a grant to cover 40% of wage costs for two months to help retain employees.

Program Requirements

Businesses, including nonprofits, should:

• Located in five areas of New York.
• Prove that the outbreak of COVID-19 led to a decrease in revenue of at least 25%.
• The number of employees in all locations should be from one to four people.
• The minimum period of work is at least 6 months.
• Lack of unpaid tax liens or court decisions.

Learn more and apply can here.

2. Small Business Continuity Loan Fund

Enterprises with less than 100 employees whose sales have declined by 25% or more are eligible for loans with zero interest. A loan to retain employees and ensure business continuity can be up to $ 75.

Program Requirements

A business must:

• Located in five areas of New York.
• Prove that the outbreak of COVID-19 led to a decrease in revenue of at least 25%.
• Employ 99 employees or less in all branches of enterprises.
• Demonstrate the ability to repay a loan.
• Do not have unpaid tax liens or court decisions.

Also necessary submit a preliminary application to get a loan from this fund. In addition, you will need to demonstrate a decrease in revenue by providing the following documentation: point of sale reports, bank statements, quarterly sales tax reports, tax returns for 2019, or CPA certified profit and loss statements.

Read more on ForumDaily New York.

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