New York City has announced two new financial assistance programs for small businesses located in the five boroughs of New York City who have seen a decline in revenue as a result of the COVID-19 pandemic. One program, NYC Employee Retention Grant Program, offers grants to small employers (less than five employees) to subsidize the costs of payroll for two months to help retain employees. The second, NYC Small Business Continuity Fund, provides for zero interest loans for businesses with less than 100 employees. Additional information on each program is outlined below.
NYC Employee Retention Grant Program
- Grant to cover 40% of payroll costs for two months
- Located in five boroughs of NYC
- The COVID-19 outbreak caused a 25% or greater decrease in revenue
- Employ 1 to 4 employees
- Operated for at least 6 months
- Have no outstanding tax liens or legal judgements
NYC Small Business Continuity Fund
- Zero interest loans of up to $75,000
- Located in five boroughs of NYC
- The COVID-19 outbreak caused a 25% or greater decrease in revenue
- Employ 99 or less employees
- Demonstrate the ability to repay the loan
- Have no outstanding tax liens or legal judgments
For more information on these programs, please click here or contact your WG advisor.
