The spread of COVID-19 is presenting significant challenges for small businesses across the country. Given this new reality, there are a number of resources that are available at NYC's local level, as well as the federal level, to help during these difficult times. I thought a summary of these resources might make circumstances a bit easier.
New York City
- The City will provide a NYC Small Business Continuity Fund for small businesses across the City that are seeing a reduction in revenue because of COVID-19. The program applies to businesses with fewer than 100 employees that have seen sale decreases of 25% or more. These small businesses will be eligible for zero-interest loans of up to $75,000. More information can be found here.
- Small businesses with fewer than five employees are eligible for a grant to cover 40% of payroll costs for two months to help retain employees. More information can be found here.
- Additional planning resources for business continuity and the business pandemic response can be found here and here.
- The NYC Department of Small Business Services (SBS) is offering an online emergency preparedness workshop on March 24 from 12:00 pm to 1:00 pm. More information can be found here.
Federal Government
- The Small Business Administration (SBA) provides guidance and loan resources for small businesses in need of help. At present, designated areas are eligible for loans up to $2 million, but the City is not currently a designated area.
- On March 19, Congress passed H.R. 6201: Families First CoronaVirus Response Act. This bill provides over $8 Billion for coronavirus prevention, preparation, and response efforts. The main focus of the bill is to provide direct aid to individuals in the form of free coronavirus testing, paid sick leave, and unemployment aid. A summary of the bill can be found here. Congress intends to provide additional financial support over the coming weeks. We will keep you apprised of the situation and provide updates as legislation goes into effect.