New York City businesses with fewer than 100 employees that have experienced a 25% or more decrease in their sales will be eligible for zero-interest loans of up to $75,000 to help mitigate their lost profits.
To be eligible, these 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 or fewer employees in total across all locations
- Demonstrate the ability to repay the loan
- Have no outstanding tax liens or legal judgements
The new loan program application for impacted small businesses will be available in the coming days. We will keep you posted!
