Financial Assistance for New York City Businesses Impacted by COVID-19

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LM Cohen & Company is continuing to pass along any information that we believe will be helpful navigating the current climate we all are facing.

 

At this time the NYC Department of Small Business Services has implemented a couple of programs to assist businesses that are being impacted by COVID-19.  Below is an overview of the assistance that may be available.

 

NYC Employee Retention Grant Program

 

The purpose of this grant is to cover 40% of payroll costs for two months to help retain employees. This grant is available is for businesses and non-profits that reside in the five boroughs of NYC, with four or less employees. To qualify for this grant, the business must be established for atleast 6 months, and have no outstanding tax liens or legal judgements. The business will need to demonstrate that the COVID-19 crisis has caused at least a 25% decrease in revenue.

 

More details on this grant can be found at NYC Employee Retention Grant Program

 

NYC Small Business Continuity Fund

 

This is a loan program, offering zero interest loans of up to $75,000 to help mitigate losses in profit. This program is for businesses that reside in the five boroughs of NYC, with ninety-nine or less employees. To qualify for this program, the business must not have any outstanding tax liens or legal judgements and be able to demonstrate that they are able to repay the loan. The business will need to demonstrate that the COVID-19 crisis has caused at least a 25% decrease in revenue.

 

More details on this program can be found at NYC Small Business Services.

 

During this crisis, your LMC professional is available if you have questions related to the latest updates on this topic.   All our prior Alerts are available on the Updates page of our website.

 

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