In this time of fear, panic, and lost wages, it’s almost impossible for small businesses to weather the storm. Thankfully, New York City understands and has launched the Employee Retention Grant Program. This initiative is offering business owners, with less than 5 employees, up to $27,000, to cover a portion of their payroll costs, for two months. Check out the full details below.
Who Can Apply?
Businesses, including 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
To calculate the revenue impact of COVID-19, we 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.
We will check to see if either calculation shows at least a 25% decrease in revenue
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 & 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:
- A signed Participation Affidavit verifying that you are eligible for the program and that you are applying in order to retain your employees
- Your bank account information