March 10 2020

Small Businesses Hurt by Coronavirus Are Offered Loans and Grants

Small Businesses Hurt by Coronavirus Are Offered Loans and Grants.

New York City companies report decline in business as disease spreads and in response, New York City is offering interest-free loans and cash grants to small businesses that see a significant decline in sales due to the coronavirus outbreak.

As coronavirus impacts small businesses, the city is offering financial relief. Offers include small grants and interest-free loans of up to $75K. As business declines in New York City amid coronavirus worries, the de Blasio administration is stepping in to help small businesses stave off layoffs and closures.

The city will offer businesses with fewer than 100 employees interest-free loans of up to $75,000, if they can demonstrate sales decreases of 25 percent or more, the mayor announced Monday.

small business grants — NYC offering Small Business Grants

Very small businesses with fewer than five employees will be eligible for cash grants to cover 40 percent of payroll costs for two months. The city estimates that 2,600 businesses will be able to take advantage of these grants, with an average amount of $6,000.

Here’s the quote from NYC.gov:

“Supporting Small Businesses
The City will provide relief for small businesses across the City seeing a reduction in revenue because of COVID-19. 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. The City is also offering small businesses with fewer than 5 employees a grant to cover 40% of payroll costs for two months (an average of $6,000) to help retain employees. Eligible owners who would like to learn more about these programs should call 311 for assistance.” https://www1.nyc.gov/office-of-the-mayor/news/124-20/mayor-de-blasio-provides-on-new-york-city-s-covid-19-response

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