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New York: New York Community Trust COVID-19 Response & Impact Fund

The New York Community Trust COVID-19 Response & Impact Fund was created to aid nonprofit service providers struggling with the health and economic effects of the coronavirus. It will give grants and loans to NYC-based nonprofits that are trying to meet the new and urgent needs that are hitting the city. Priority will be given to nonprofits addressing essential healthcare and food insecurity as well as arts and culture, because New York is the cultural capital of the nation.

Apply for a Grant: Current grant application categories include the NYCT Ongoing Competitive Grants, NYC COVID-19 Human Services and NYC COVID-19 Arts and Culture. Apply here.

Key points for the NYC COVID-19 Response & Impact Fund Loans:

  • Organizations are eligible if they:
    • Are a 501(c)(3) nonprofit organization
    • Are based in New York City
    • Have an annual non-governmental revenue of $20 million or less
    • Receive New York City or New York State government funding
    • Have a track record of delivering effective programs and services equitably for New York City residents
  • Loans will range from $100,000 to $3 million and can be used for a variety of purposes, including covering delays in government payments for services delivered, postponed fundraising events, and increased expenses to deliver services which will be reimbursed in the future.
  • Loans will be unsecured and have terms of either 12, 24, or 36 months. Full repayment is expected. Financial and cash flow planning coaching will also be available to organizations that receive these loans.
  • For additional details and access to the NYC COVID-19 Application, visit the recovery fund website.

New York: NYC Employee Retention Grant Program

New York City is offering a grant to small businesses in an effort to help organizations retain employees. Eligible to small businesses with five employees or less, the NYC Employee Retention Grant program can cover 40% of payroll costs for two months.

Key Points:

  • To be eligible, businesses and 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 judgements
  • How to demonstrate revenue loss. To calculate the revenue impact of COVID-19, reviewers will compare average revenue for two months in 2020 (after the COVID-19 impact) to both: average revenue for the same two-month period in 2019 and average monthly revenue based on total 2019 revenue. Reviewers will check to see if either calculation shows at least a 25% decrease in revenue.
  • What supporting documents do I need to apply?
    • To verify the loss of revenue, you will need to upload:
      • Financial documents for two months in 2020 demonstrating revenue decrease due to COVID-19
      • Financial documents showing your revenue for the same two months in 2019 (unless you were not in business at that time)
      • Financial documents showing your revenue for the full 2019 calendar year
      • Financial documents can include point-of-sales reports, bank statements, quarterly sales tax filings, 2019 tax returns, or CPA-certified profit and loss statements.
    • To determine your grant amount, you will need to upload your most recent two months of payroll records.
    • To process your grant, you will need to upload your bank account information and signed participation affidavit verifying that you are eligible for the program and that you are applying in order to retain your employees.
  • How do I apply for the NYC Employee Retention Grant Program?

New York: NYC Small Business Continuity Loan Fund

Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible to apply for zero interest loans of up to $75,000 to help ensure business continuity.

To be eligible for the NYC Small Business Continuity Loan 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 judgements

To learn more about the NYC Small Business Continuity Loan Fund and to submit an application, visit the New York City Business website.

Visit our Economic Resources and Relief Guide to review nationwide and statewide opportunities for businesses, non-profits, and individuals.

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