Mayor Bill de Blasio, the NYC Department of Small Business Services (SBS) Commissioner Gregg Bishop and NYC Economic Development Corporation President James Patchett announced today that loans are available for small businesses affected by COVID-19. Small businesses have begun applying for relief and can access the application here. The Small Business Continuity Fund offers financial assistance to small businesses in New York City as they deal with various challenges in response to the novel coronavirus.
“Our small businesses are the bedrock of our neighborhoods; they make New York City what it is. That is why we are doing everything possible to help them through this difficult time,” said Mayor Bill de Blasio. “New Yorkers will always stick together in times of crisis, and this partnership exemplifies just that.”
This investment is a public-private partnership between Goldman Sachs 10,000 Small Businesses, Tapestry, Inc.’s Coach Foundation and Pursuit to provide loans to New York City’s small businesses affected by COVID-19. Goldman Sachs Foundation will provide a grant to support technical assistance and capacity building for the Small Business Continuity Fund.
“The City is committed to making sure small businesses have the resources they need to stay open during this time,” said Gregg Bishop, Commissioner of the NYC Department of Small Business Services. “As the situation continues to evolve, we will hear from our small businesses and make the necessary changes to address the challenges that they are facing. This partnership represents a step in the right direction as City and private companies come together to assist this community.”
“This is an incredibly challenging time for small businesses across the city and it’s critical that the public and private sectors come together to provide meaningful support,” said James Patchett, president and CEO of the New York City Economic Development Corporation. “This investment will help assist numerous small businesses who have been impacted by COVID-19. It is an important first step to help this community and the city recover.”
“Goldman Sachs is acutely aware of the responsibility small business owners feel to their employees, communities and families,” said David M. Solomon, Chairman and CEO of Goldman Sachs. “Nowhere is that more true than the City of New York, whose small businesses are the lifeblood of our communities – they are our child care centers, our bakeries, our corner stores. We are proud that the Mayor is taking this immediate action and gratified we can offer our experience and expertise to help New York City businesses during this unprecedented crisis.”
“It is in times of uncertainty when large corporations can have the greatest impact on the communities in which we live and work. Now is an important moment for us to invest capital and our global insights into the city where each of our three brands were founded,” said Jide Zeitlin, Chairman and Chief Executive Officer of Tapestry, Inc. and Chairman of the Coach Foundation. “Coach, Kate Spade and Stuart Weitzman were once small businesses here in New York City, and we are proud to partner with New York City and with Goldman Sachs through the Coach Foundation to help small businesses in our home city. We can help get them back on their feet during these extraordinary times.”
Small Business Continuity Fund
Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible for loans of up to $75,000 to help retain employees and ensure business continuity. The loan can be deployed for a variety of uses, including working capital, inventory, or other investments.
Businesses who would like to apply for the loan must meet the following requirements:
- 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
As part of the application, businesses will be required to demonstrate a revenue decrease by providing documentation such as: point-of-sales reports, bank statements, quarterly sales tax filings, 2019 tax returns, or CPA-certified profit & loss statements.
Businesses interested in applying for the Small Business Continuity Fund should fill out the application here.
The latest COVID-19 resource fact sheets for small businesses can be found at nyc.gov/COVID19biz. Small businesses should exercise the following practices to help address changing customer behavior due to COVID-19.
- Have a contingency plan in place. Gather employee and supplier contact information, legal, insurance and financial records.
- Have hand sanitizer and tissues visibly available for employees and customers to use while in your place of business.
- Monitor your inventory. Make sure you have enough materials on hand and contact your suppliers to stay up to date on any changes in inventory needs or availability of supply.
- Contact your insurance company to determine if your insurance will cover expenses incurred, liability, or business interruption.
- Hang signage in your place of business with information on how to stay healthy. You can find signage here: nyc.gov/coronavirus
- Promote tap and pay to limit handling of cash and the use of touch screens.
- Use booking and scheduling to stagger office flow to comply with the new rules surrounding occupancy restrictions
- Increase ventilation by opening windows and adjusting air conditioning units.
- Consider selling gift cards in person and online, if possible.
- Text COVID to 692-692 to receive regular coronavirus updates via text message. (Text COVIDESP to 692-692 to receive updates via text message in Spanish.)
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If you have any questions on finding medical care call 311. To get regular updates on the latest developments with coronavirus in New York City text COVID to 692-692. You will receive regular SMS texts with the latest news and developments.
- For more information, visit nyc.gov/sbs, call 311, and follow us on Facebook, Twitter, and Instagram.
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New York State with critical information on the Coronavirus pandemic New York State has a critical need for medical supplies and we are willing to buy at a premium. If your business or company has or can make Personal Protective Equipment such as gowns, gloves, or masks, please email covid19supplies@esd.ny.gov.New York State COVID-19 Volunteer and Donation Assistance ProgramInstructions:Please use the following form to offer any donated goods, services, or space for use in New York’s response to the COVID-19 public health emergency.All health care professionals offering their medical services should complete a separate survey found hereAnyone offering to sell goods should complete a separate procurement form found hereFor offers of donated goods, services, or spaces, please click the next button at the bottom of this page to continue.Thank you for your support.
NYC Property Tax Relief 
- NYC Provides Property Tax Relief: For homeowners who are having challenges paying their property taxes, the Department of Finance offers several programs to assist with hardship including exemption programs as well as a new Property Tax and Interest Deferral (PT AID) program, for those who qualify. More information here.
- Suspension of Debt Collection Activity: This application is for individuals or businesses that owe (non-medical and non-student) debts to the State of New York that have been referred to the Office of the Attorney General for collection and litigation. Any such person or business, or their dependents, that have been financially impacted by COVID-19, or the international, national, and state responses designed to prevent its spread, may complete and submit this application to be considered for certain forms of relief, including relief from collection activity, interest accrual, and the assessment of collection fees. Apply here.
Non-Profit Providers:Guidance for Non-profit providers:Queens Chamber Members Services JC Elite Construction is now offering cleaning and sanitizing services. They can assist in the building and set up of temporary tents, trailers or decontamination chambers (temporary or mobile) as well as any other emergency services pertaining to the COVID-19 Corona Virus. They can be reached at 855-452-3548 for all your inquires and concerns. For more information click here.
RDS Same Day Delivery Services – for more information visit our website.We are reaching out to share the ways we can help and encourage you to contact us at 212.260.5800 to discuss your unique needs.United Public Adjusters – Many business owners are not aware that they may have coverage in their property insurance policy for lost revenue stemming from business interruption/civil authority. We’d like to share some resources from our friends at United Public Adjusters & Appraisers, Inc.United Public Adjusters is currently offering complimentary, no-obligation policy reviews to educate owners on coverage. You may reach United Public Adjusters directly at 1-800-718-LOSS. These resources provide detailed information regarding business interruption/civil authority coverage and also discusses loopholes.Please contact Philip Maltaghati: philip@unitedpublicadjusters.com or Joanna Pawlowska: Joanna@ unitedpublicadjusters.com Safety Facility Services is a Queens Chamber of Commerce Member facility services organization providing janitorial cleaning, security and concierge services, lighting, window cleaning, pest control and other services to thousands of clients nationally. With the Coronoravirus outbreak, they have been partnering with clients in a few ways – one of which is providing support staff as temporary coverage. They have the ability to supply additional staffing to your facility within a few hours’ notice. They provide top of the line disinfecting technology utilizing positive ions and a disinfecting mist spray to ensure all areas area properly disinfected as well as safety personnel disinfecting all high touch points including elevators, doorknobs, handrails, electronics and other areas. For more information click here.America Works of NYC Inc. – America Works provides free staffing services. If any Queens Chamber businesses needs employees because they are ramping up hiring during this crisis we can help! Contact Matthew Silverstein |msilverstein@americaworks.com. The Law Offices of Joseph H. Nivin, P.C. I own a family and matrimonial law practice in Forest Hills. While I cannot make promises that we will be able to get before a court with the speed that most people would like to see, given the staff reduction in the courthouses due to the coronavirus outbreak, I am available for consultations via Zoom and via telephone.T: (347) 642-0376 F: (347) 923-3359 http://www.nivinlaw.com/ Facebook Small Business Grants Program 
We know that your business may be experiencing disruptions resulting from the global outbreak of COVID-19. We’ve heard that a little financial support can go a long way, so we are offering $100M in cash grants and ad credits to help during this challenging time.Facebook will begin taking applications in the coming weeks. In the meantime, you can sign up to receive more information when it becomes available.Read More