March 18, 2020

Business Resources During COVID-19 Outbreak

NYC SBS Assistance

NYC Small Business Services has put together criteria for a fund and grant program for businesses affected by the COVID-19 outbreak. Please review the criteria below and the FAQ regarding COVID 19 (note: this is constantly being updated).

Eligibility Criteria for the NYC Employee Retention Grant Program

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, or CPA-certified profit & loss statements.

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
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

Click here to apply to the employee retention program

 

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

In order to qualify, you must verify a minimum 25% loss of revenue. You will need to be prepared to provide documentation such as:
Financial documents for two months in 2020 demonstrating revenue decrease due to COVID-19
Financial documents showing revenue for the same two months in 2019 (unless you were not in business at that time)
Financial documents showing revenue for the full 2019 calendar year

Documentation can take the form of point-of-sales reports, bank statements,
quarterly sales tax filings; 2019 tax returns or CPA-certified profit & loss statements.

Click here to download a factsheet with tips and good practices during the outbreak.

Please fill out this survey if you are interested in this program.

 

Survey for Nightlife Workers, Freelancers, and Businesses Impacted by COVID-19

The NYC Office of Nightlife is gathering information on the impacts for workers, performers, contractors, and businesses from COVID-19-related business closures and event cancellations.

Please provide details for your canceled shifts, gigs, events, and other lost business income, revenue, or work opportunities so that we can share details with city-wide policymakers about the impacts of these closures.

Please fill out the survey here.

 

NYS Economic Development Council

NY Attorney General COVID-19 Application For Suspension Of Debt Collection Activity: https://ag.ny.gov/covid-19-debt-suspension-application

Submission form from ESD for COVID-19-Related Business Questions: https://esd.ny.gov/covid-19-help

IEDC Resources for Economic Development Planning and Recovery: https://restoreyoureconomy.org/index.php?src=blog&srctype=detail&blogid=333

The IEDC will provide a free webinar COVID-19: Preparing for What Comes Next on Monday from 3-4:30 pm. Details: https://www.iedconline.org/events/2020/03/23/training-course/covid-19-preparing-for-what-comes-next/

 

Food Safety Grade Coolers Available for Temporary Use

Due to the current COVID-19 outbreak, Lucky’s Real Tomatoes is not utilizing its entire space at 29 Meserole Avenue. If any community organization is interested in using food safety grade coolers (38 ft long, by 26 ft wide, 14 ft high) please reach out to Leah Archibald.

NYC Health

Information about coronavirus from NYC Health

CDC

Information about coronavirus from CDC

Crisis Ready Institute

Crisis Ready Checklist: COVID-19