By Maria Rocha-Buschel
The de Blasio administration and the Department of Small Business Services announced last Friday that loans are now available for small businesses that have been affected by COVID-19. The Small Business Continuity Fund offers financial assistance to small businesses in New York while they deal with challenges in response to coronavirus, and businesses can access the application online.
To meet the requirements for a loan, small businesses must be located within the five boroughs, demonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenue, employ fewer than 100 employees across all locations, have no outstanding tax liens or legal judgments and demonstrate the ability to repay the loan.
In order to demonstrate a revenue decrease, businesses will be required to provide documentation such as point-of-sales reports, bank statements, quarterly sales tax filings, 2019 tax returns, or CPA-certified profit & loss statements. Businesses that are eligible can receive loans up to $75,000 to help retain employees and ensure business continuity.