Help for Businesses Affected by COVID-19

On this page, we will try to keep track of city, state, and federal programs to help businesses that have been negatively affected by the current pandemic. Please note that information is still coming out, and we will be updating as we get more information.

For all these programs, please keep in mind that it is very important for you to keep track of your business finances, along with how Coronavirus has affected you. While we don’t have the details yet of exactly what will be required, we recommend that everyone gathers:

  • 2019 tax returns
  • Bank Statements (2019 & 2020)
  • Quarterly sales tax filings
  • Point-of-sales reports
  • Certified profit & loss statements
  • Receipts for virus-related expenditures

 

Webinar

On March 24th, the NYC Department of Small Business Services will be hosting a webinar on preparing for disruptions. You can find more information here.

 

Zero-Interest Loan and Employee Retention Grant

This week Mayor De Blasio announced that the City will be providing interest-free loans and grants to small businesses impacted by the Coronavirus in need of financing assistance.

  • Zero-Interest Loan – Businesses with fewer than 100 employees that experience a greater than 25% loss in gross revenue could be eligible for an interest-free loan of up to $75,000.
  • Employee Retention Grant – Businesses with fewer than 5 employees could receive a grant of up to $6,000 to cover 40% of payroll costs for two months to help retain existing employees.

We are still waiting for more information on how to apply at this time, but we hope to get more information soon. To receive information as it becomes available please fill out the form here

 

Disasters Relief from the SBA

The Small Business Administration will be giving out low-interest loans for businesses affected by the Coronavirus, as part of their disaster assistance program. You can learn more here.