Applications for the city’s small-business loan program went live in late March. City businesses in operation for two years or more with under 100 employees across all locations are eligible to apply. They must be able to prove 25% or more in revenue lost as a result of the crisis, have no outstanding tax liens or legal judgments against them, and show they are able to pay off the loan.
More specifically 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 fewer than 100 employees in total across all locations
- Have been in operation for at least 2 years
- Demonstrate the ability to repay the loan
- Have no outstanding tax liens or legal judgments
You can access the application and read more about calculating revenue loss, as well as the required supporting documentation at: https://www1.nyc.gov/nycbusiness/article/nyc-small-business-continuity-loan-program
Source: Crain’s New York Business, Black Car Assistance Corporation
