In response to the continued COVID-19 outbreak, Mayor De Blasio has announced two new financing assistance programs to help affected businesses in New York City. As a general precaution, everyone should follow the NYC Department of Health and Mental Hygiene’s recommendations to help slow the spread of COVID-19 in the City.
“We have to provide some relief for the businesses that are hurting right now,” Mayor Bill de Blasio said during a news conference on March 8th, “So, we have two forms of relief we’re going to implement right away.” The City will be providing interest-free loans and grants to small businesses impacted by the Coronavirus in need of financing assistance:
- Zero-Interest Loan – Businesses with fewer than 100 employees that experience a greater than 25% loss in gross revenue could be eligible for an interest-free loan of up to $75,000.
- Employee Retention Grant – Businesses with fewer than 5 employees could receive a grant of up to $6,000 to cover 40% of payroll costs for two months to help retain existing employees.
The details of these two financing programs are still being ironed out by the City, we’ll update as more information becomes available.
Also, The NYC Department of Small Business Services (SBS) has developed a survey in order to collect data on business-related impacts due to the virus in a standardized manner. The information collected from this survey will help the City better respond to business challenges during this time.
Lastly, on March 24 SBS will host a webinar to help businesses prepare for disruptions and teach how to:
- Stay in business: Identify your key business functions, employees, and documents
- Protect your investments: Understand how to protect your assets and navigate insurance processes
- Be ready for action: Create a business continuity plan for your business