Alert: Financial Assistance for Small Businesses Affected by the Coronavirus

By Howard Hoff  |  March 16, 2020

We want to make you aware of a program that is being implemented by the NYC Department of Small Business Services to provide financial support to businesses impacted by the coronavirus (COVID-19). The Department is working to provide a zero-interest loan program and an employee retention grant. Below are the details to date about the assistance that may be available:

Eligibility Criteria for the NYC Employee Retention Grant Program

Businesses, including non-profits, 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 1-4 employees in total across all locations
  • Have been in operation for at least 6 months
  • Have no outstanding tax liens or legal judgement 

Eligibility Criteria for the NYC Small Business Continuity Fund

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 99 employees or fewer in total across all locations
  • Demonstrate ability to repay the loan
  • Have no outstanding tax liens or legal judgements 

As part of the application process, you will be required to demonstrate a revenue decrease by providing documentation such as point-of-sales reports, bank statements, quarterly sales tax filings, 2019 tax returns or CPA-certified profit and loss statements.

For up-to-date information from the NYC Department of Health on this quickly evolving situation, please visit www.nyc.gov/coronavirus. For best business practices and updates on financial assistance, please visit www.nyc.gov/covid19biz. You may also contact your relationship partner at Marks Paneth with questions or to discuss further.

We will continue to monitor these types of benefits related to the coronavirus and keep you informed.

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About Howard Hoff

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Howard Hoff, CPA, CGMA, brings more than 25 years of experience in accounting and consulting to his position as the Partner-in-Charge of the Commercial Business Group at Marks Paneth LLP. In this capacity, he provides a broad range of services to a diverse client base.  Mr. Hoff spends the majority of his time working with clients to improve the organization, structure and profitability of their businesses.  Mr. Hoff works with his clients in many different... READ MORE +


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