COVID-19 INDUSTRIAL EMPLOYER UPDATES + RESOURCES

SBIDC is committed to being a resource for our City’s industrial employers throughout this crisis. Our offices are closed but everyone on the team is working remotely and is available to provide assistance. We are monitoring news from the CDC, New York State, and City offices. Our Business Services team is coordinating closely with the City on programs to help businesses affected by COVID-19. The team is aggregating COVID-19 industrial employer updates and resources here. Please reach out if you have any questions, need assistance, or have resources to share with the community. Contact us HERE.

LATEST UPDATES

BUSINESS ASSISTANCE PROGRAMS

NYC EMPLOYEE RETENTION PROGRAM

The City is offering small businesses with fewer than 5 employees a grant to cover 40% of payroll costs for two months to help retain employees.

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 judgments

LEARN MORE AND APPLY HERE.

NYC SMALL BUSINESS CONTINUITY FUND

Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible for zero interest loans of up to $75,000 to help mitigate losses in profit.

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 judgments.

LEARN MORE AND APPLY HERE.

As part of the applications, 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 & loss statements. You can begin to gather these documents in preparation.

US SMALL BUSINESS ADMINISTRATION DISASTER LOAN ASSISTANCE FUND

Small business owners in New York are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19) through the U.S. Small Business Administration (SBA).

The loans are available for businesses, private nonprofits, homeowners, and renters.  Here is a link which includes more information on Disaster Loan Assistance and a link to the application portal.

Some helpful general tips shared with us on disaster funding, including:

  • Make sure to contact your existing creditors to see if they have deferral options or products that can be helpful.
  • If you can be somewhat patient, it can pay off – multiple programs are in the works so, if possible, do not make a bad situation worse by taking out a high-cost loan.

Learn more and apply HERE.

NYS DEPARTMENT ON LABOR: SHARED WORK PROGRAM

The Shared Work Program gives you an alternative to laying off workers during business downturns by allowing them to work a reduced work schedule and collect partial Unemployment Insurance benefits for up to 26 weeks. Instead of cutting staff, you can reduce the number of hours of all employees or just a certain group.

Learn more HERE.

WHAT CAN YOU DO?

For manufacturers who want to help, the Governor is encouraging any company with the proper equipment or personnel to begin to manufacture needed products (PPEs). And City agencies are doing the same. Some resources and contact info is below, with a caveat that there are still hurdles (e.g., approvals; certifications; quality standards; supplies for fabrication). A plan for NYC is quickly developing so please check back here for updates. For now:

MEDICAL AND EMERGENCY SUPPLIES:

FOOD: