As small businesses face a decrease in revenue as a result of the impact of COVID-19, New York City is providing financial assistance to help them overcome these obstacles. The Employee Retention Grant Program is available to New York City businesses have one to four employees who can demonstrate at least a 25% decrease in revenue because of COVID-19.
Eligible businesses will receive a grant covering up to 40% of their payroll for two months, up to $27,000.
In order to apply for this grant, businesses, including nonprofits, 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 one to four employees in total across all locations
- Have been in operation for at least six months
- Have no outstanding tax liens or legal judgments
To calculate the revenue impact of COVID-19, the taxpayer must compare average revenue for two months in 2020 (after the COVID-19 impact) to both:
- The average revenue for the same two month period in 2019
- The average monthly revenue based on total 2019 revenue
The taxpayer qualifies if either calculation shows at least a 25% decrease in revenue.
To apply for this grant, Taxpayers can visit NYC Small Business Service web site at: www.sbsconnect.nyc.gov
