Photo credit: Flamingo Images
Mayor Bill de Blasio, the NYC Department of Small Business Services (SBS) Commissioner Gregg Bishop and NYC Economic Development Corporation President James Patchett announced today that loans are available for small businesses affected by COVID-19. Small businesses have begun applying for relief and can access the application here. The Small Business Continuity Fund offers financial assistance to small businesses in New York City as they deal with various challenges in response to the novel coronavirus.
This investment is a public-private partnership between Goldman Sachs 10,000 Small Businesses, Tapestry, Inc.’s Coach Foundation and Pursuit to provide loans to New York City’s small businesses affected by COVID-19. Goldman Sachs Foundation will provide a grant to support technical assistance and capacity building for the Small Business Continuity Fund.
Small Business Continuity Fund
Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible for loans of up to $75,000 to help retain employees and ensure business continuity. The loan can be deployed for a variety of uses, including working capital, inventory, or other investments.
Businesses who would like to apply for the loan must meet the following requirements:
1. Be located within the five boroughs of New York City
2. Demonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenue
3. Employ 99 employees or fewer in total across all locations
4. Demonstrate ability to repay the loan
5. Have no outstanding tax liens or legal judgements
As part of the application, businesses will be required to demonstrate a revenue decrease by providing documentation such as: point-of-sales reports, bank statements, quarterly sales tax filings, 2019 tax returns, or CPA-certified profit & loss statements.
Businesses interested in applying for the Small Business Continuity Fund should fill out the application here.
If you have any questions on finding medical care call 311. To get regular updates on the latest developments with coronavirus in New York City text COVID to 692-692. You will receive regular SMS texts with the latest news and developments.