Scarinci Hollenbeck, LLC
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Author: Scarinci Hollenbeck, LLC
Date: March 31, 2020
The Firm
201-896-4100 info@sh-law.comSmall businesses in New York City are being hit particularly hard by the coronavirus (COVID-19) pandemic. To help businesses weather the storm, New York City is providing two new financial assistance programs for small businesses seeing a reduction in revenue because of COVID-19.
The City’s Employee Retention Grant Program is designed to help businesses retain employees in the face of decreased revenue. This program is available to New York City businesses with one to four employees that can demonstrate at least a 25 percent decrease in revenue as a result of COVID-19. Eligible businesses will receive a grant covering up to 40 percent of their payroll for two months. The cap for each business us $27,000.
To be eligible for the NYC Employee Retention Grant Program, businesses must meet the following criteria:
To calculate the revenue impact of COVID-19, the City will compare average revenue for two months in 2020 (after the COVID-19 impact) to both:
Either calculation must show at least a 25 percent decrease in revenue. To verify the loss of revenue, businesses must provide the following:
The following financial documents can be used to support your application: point-of-sales reports, bank statements, quarterly sales tax filings, 2019 tax returns, or CPA-certified profit & loss statements. Businesses can apply via the New York City Small Business Services’ SBS Connect website.
Under the Small Business Continuity Loan Fund, businesses with fewer than 100 employees who have seen sales decreases of 25 percent or more will be eligible to apply for zero-interest loans of up to $75,000 to help ensure business continuity.
In order to be eligible for the loan program, businesses must:
To calculate the revenue impact of COVID-19, the City will compare average revenue for two months in 2020 (after the COVID-19 impact) to both:
Either calculation must show at least a 25 percent decrease in revenue. To verify the loss of revenue, businesses must provide:
Financial documents can include the following: point-of-sales reports or screenshots, sales reports (demonstrating fees collected or earned income), bank statements, transaction-level data from banks, quarterly sales tax filings, tax returns, or profit & loss statements.
Interested businesses are instructed to visit the SBS Connect website to begin a preliminary application. Once this step is completed, New York City Small Business Services will send a link to the application on its partner lender’s site.
We expect that New York State will also be offering economic assistance programs in the near future. Businesses can also take advantage of Small Business Association’s Economic Injury Disaster Loan program.
In addition, New Jersey enacted several new initiatives designed to help NJ businesses cope with the economic hardships resulting from COVID-19, which you can learn more about here: https://scarincihollenbeck.com/firm-news/covid-19-alerts/njeda-covid-19-initiatives/
If you have any questions or if you would like to discuss the matter further, please contact me, Jeff Cassin, or the Scarinci Hollenbeck attorney with whom you work, at 201-896-4100.
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