April 02, 2020

NYC Employee Retention Grant – Businesses With 1-4 Employees Eligible – Application Closes TOMORROW 4/3 at 5 pm

To help small businesses deal with the impact of COVID-19, the City has launched the Employee Retention Grant Program to help retain employees as businesses face decreased revenue. This program is available to New York City businesses with one to four employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. Eligible businesses will receive a grant covering up to 40% of their payroll for two months. Businesses can access up to $27,000.

Who Can Apply?
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 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
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, bank statements, quarterly sales tax filings, 2019 tax returns, CPA-certified profit & loss statements, excepting P&Ls without a CPA verification, point-of-sale screenshots, and transaction-level data from banks

NYC Employee Retention Grant Program – Document Checklist

To determine your grant amount, you will need to upload:

  • Your most recent two months of payroll records
The g­­­rant amount will be based on 8 weekly paychecks, 4 bi-weekly paychecks or 4 bi-monthly paychecks for each employee.
To process your grant, you will need to upload:
  • A signed Participation Affidavit verifying that you are eligible for the program and that you are applying in order to retain your employees
  • Your bank account information
Grant Update:

Many businesses have asked questions about proving March revenue since it was not initially an option on the drop down list within the application. NYC SBS has modified the application and criteria and are allowing businesses to input their March revenue to date, as well as upload partial revenue statements for March.

Note: Businesses do not need to reapply for the grant and should follow the steps outlined below:

If you are still working on your application: 

1) Update details in section ‘Revenue Loss and Payroll’ to include March revenue

2) Upload March 2019 and March 2020 documents on the Supporting Documents page

If you already submitted your application: 

1) Go the Supporting Documents section

2) Click on the “Revenue statements for two consecutive months in 2020”

3) Click on the “Add Document” button at the bottom of the page

4) Specify your March 2020 revenue in the “Notes” section

5) Repeat steps 2-4 above for your March 2019 documents, as applicable

* Note: you are not required to update the ‘Revenue Loss and Payroll’ section of your application

CLICK HERE TO APPLY

If you have any questions please contact Natalie Vichnevsky.