As many small businesses across the borough are dealing with restrictions due to the coronavirus emergency, the city has launched the Employee Retention Grant Program to help retain workers as businesses face decreased revenue.
The program is available to New York City businesses with one to four employees that can demonstrate at least a 25 percent decrease in revenue as a result of COVID-19.
Eligible businesses will receive a grant covering up to 40 percent of their payroll for two months. Businesses can access up to $27,000.
Businesses, including non-profits must be located within the five boroughs, demonstrate that the COVID-19 outbreak caused at least a 25 percent decrease in revenue, employ 1-4 employees in total across all locations, have been in operation for at least 6 months, and have no outstanding tax liens of legal judgements.
For more information and to apply, visit the city’s Small Business Services website here.
Small businesses under financial duress could be eligible for the NYC Small Business Continuity Fund. Businesses with fewer than 100 employees who have seen sales decreases of 25 percent or more will be eligible for zero-interest loans of up to $75,000 to help mitigate losses in profit.
Again, businesses must be located within the five boroughs, demonstrate that the COVID-19 outbreak caused at least 25 percent decrease in revenue, employ 99 employees or fewer at all locations, demonstrate the ability to repay the loan and have no tax liens or legal judgements.
To complete the city’s interest form to be notified when the applications open, visit www.surveymonkey.com/r/N336ZYB.
