NYC Small Business Continuity Loan Program

 

To help small businesses deal with the impact of COVID-19, the City has launched the NYC Small Business Continuity Loan Program. This program is available to New York City businesses with fewer than 100 employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. Eligible businesses can apply for an interest-free loan up to $75,000.

Who Can Apply?

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 fewer than 100 employees in total across all locations
  • Have been in operation for at least 2 years
  • Demonstrate ability to repay the loan
  • Have no outstanding tax liens or legal judgements

Revenue Loss

To calculate the revenue impact of COVID-19, we will compare average revenue for two months in 2020 (after the COVID-19 impact) to both:

  • average revenue for the same two month period in 2019, and
  • average monthly revenue based on total 2019 revenue.

We will check to see if either calculation shows at least a 25% decrease in revenue.

Supporting Documents for Program Eligibility

To verify the loss of revenue, you will need to upload:

  • Financial documents for two months in 2020 demonstrating revenue decrease due to COVID-19
  • Financial documents showing your revenue for the same two months in 2019
  • Financial documents showing your 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.

To confirm your eligibility, you will also need to upload:

How to Apply

You can apply for the program by following the steps below:

  • Review our program guidelines and determine if your business is eligible.
  • Gather the appropriate documents.
  • Visit our website to begin your preliminary application.
  • Please note that this is the first step of the process to apply for the NYC Small Business Continuity Loan. Once you complete this step, we will send you a link to the application on our partner lender’s site.

Download Forms

Leave a Reply

Your email address will not be published. Required fields are marked *