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

2020-03-30T17:11:17+00:00

Mayor Bill de Blasio announced that the City will provide relief for small businesses across the City seeing a reduction in revenue because of COVID-19. New York City has two financial assistance programs. They are:

NYC Employee Retention Grant Program
New York City is offering small businesses with fewer than 5 employees a grant to cover 40% of payroll costs for two months to help retain employees. To be eligible 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 judgments

NYC Small Business Continuity Loan Fund
New York City is offering businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible to apply for zero-interest loans of up to $75,000 to help ensure business continuity. To be eligible 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

Please see the NYC.gov website for more information on how to apply for the grant or loan:

HBK will continue to follow developments and provide guidance and clarity surrounding COVID-19 business issues. To discuss COVID-19’s effect on your business, contact your HBK advisor.

About the Author(s)
Kevin McGinn is a Senior Manager in HBK’s Blue Bell, Pennsylvania office and is a member of HBK's Tax Advisory Group. He has extensive experience in tax planning for high-net worth individuals and businesses in many industries such as distribution, manufacturing, service, and non-profit.
Hill, Barth & King LLC has prepared this material for informational purposes only. Any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or under any state or local tax law or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Please do not hesitate to contact us if you have any questions regarding the matter.

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