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Phoenix Energy Blog
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NYC Small Business Support During Covid-19 (March 31 2020)

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A variety of small business assistance programs exist for New York City businesses during this time of uncertainty. We are highlighting a few with their links, and we hope they can help small businesses, their employees, and rebuild our community as soon as we can!

Corona NYC Small Business Support

The NYC Employee Retention Grant Program 

Who is eligible:

New York City businesses with 1-4 employees that have at least 25% decrease in revenue due to the fallout from Covid-19.

What can I get?

Up to 40% of payroll for 2 months, with a $27,000 ceiling limit.

Requirements:

  • Businesses (including non-profits) must be located in the five boroughs of New York City
  • Demonstrate at least a 25% decrease in revenue
  • Employee 1-4 employees in total across all locations
  • Been in operation at least 6 months
  • Have no outstanding tax liens or judgements

How do I apply:
Apply online here 

 

NYC Small Business Continuity Loan Fund

NYC also has a zero interest loan program that gives up to $75,000 to help ensure business continuity. 

Who is eligible:

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.

Requirements:

  • 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 ability to repay the loan
  • Have no outstanding tax liens or legal judgements

How do I apply:

Apply online here

Emergency Small Business Relief Loan Fund

Who is eligible:

For profit businesses in New York City with 50 employees or less in the following areas:
Chinatown, Lower East Side, Manhattan KoreaTown, Flushing, Jackson Heights, Elmhurst, Murray Hill, Woodside, College Point, Bayside, Brooklyn Sunset Park, Bensonhurst, Bay Ridge, and Sheepshead Bay.

Loan Terms:

Maximum $50,000

Requirements:

Must demonstrate 25% decrease in revenue due to COVID-19

How do I apply:

Apply here 


If you need forms in other languages, see the links below:

Instructions in Chinese 

Instructions in Korean 

Instructions in Spanish

The world is experiencing unprecedented uncertainty during these days, but there are near daily changes in support and subsidies for the drivers of the economy- small businesses. We are keeping our ears to the ground to help NYC businesses find their way through the dark.

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