Coronavirus (COVID-19) Relief Center
Coronavirus (COVID-19) Relief Center
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New York State
These resources – like the public health crisis itself – are constantly evolving and are only current as to the date of publication. This page was last updated on July 20, 2020.
We recommend that you monitor this site, as well as the sites referenced in these resources, for updates and changes as we expect the situation and solutions to change over the coming weeks and months. For information on specific programs, we encourage you to visit the websites of the organizations or government entities that are responsible for the relief.
Description of Program and Relief
NYC Business Continuity Loan Fund
New York City was offering zero interest loans of up to $75,000 to businesses with fewer than 100 employees whose sales have decreased by 25% or more due to COVID-19. Due to overwhelming interest, application intake is paused as of April 8, 2020. New applications are not being accepted at this time.
Government or Lead Agency
New York City, specifically, the SBS agency.
Dates Available
Application intake is paused as of April 8, 2020. New applications are not being accepted at this time.
Eligibility Requirements/Restrictions
Businesses must (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) have been in operation for at least two years; (5) demonstrate ability to repay the loan; and (6) have no outstanding tax liens or legal judgments.
As part of the application, applicants will be required to demonstrate a revenue decrease by providing the following documentation: (1) financial documents for two months in 2020 demonstrating revenue decrease due to COVID-19; (2) financial documents demonstrating revenue for the same two months in 2019; and (3) financial documents demonstrating revenue for the full 2019 calendar year. Financial documents can include 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.
Application Deadlines (If Applicable)
Contact for More Information
List of Additional Information
© 2021 Paul, Weiss, Rifkind, Wharton & Garrison LLP. This does not constitute legal advice and does not create an attorney-client relationship. In some jurisdictions, this publication may be considered attorney advertising. Past representations are no guarantee of future outcomes.