With the impact of the COVID-19 pandemic severely affecting many small business owners in the local community, the Bronx Chamber of Commerce, in partnership with Bronx business improvement districts, is assisting Bronx businesses interested in applying to the Paycheck Protection Program, a forgivable loan program launched under the recently enacted CARES Act 2020. 

 

While regulations from the Small Business Administration and United States Department of Treasury are being developed, Bronx business organizations are working to ensure preliminary borrower information and relevant documents are being gathered ahead of time to expedite the loan packaging process and relieve pressure on Preferred 7A Lenders and financial partners.

 

Questions about the program can be sent to Selam Yemeru at syemeru@thirdavenuebid.org, or to Anna Reyes, at anna@bronxchamber.org. 

 

Information regarding the NYS Empire State Development SBA Resource Guide can be found here. Information regarding COVID-19 Financial Resources for Small Businesses can be found here.

 

Small Business Assistance will become available next week for businesses struggling from COVID-19 impacts.  There are two programs: 1. NYC Employee Retention Grant Program and 2. NYC Small Business Continuity Fund

 

Eligibility Criteria for the NYC Employee Retention Grant Program

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

Click here to apply.

 

Eligibility Criteria for the NYC Small Business Continuity 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

 We expect applications to be available next week.  In the meantime, please organize your documents.

 

Documents Needed

As part of the applications, 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.  Please also have your incorporation documents and latest two years of tax filings available. Click here to apply.

 

GENERAL INFORMATION

Below are updated resources to help you and your business stay safe and prevent the spread of germs. This is a rapidly changing situation, visit the NYC Health website for more up-to-date information, including FAQs for employers. Please note that information is updated regularly and that you should ensure that you have checked reliable sources for information regarding COVID-19.

 

Click here for Updated Guidance for Business Owners.  

Click here for Updated Information from NYC Health.

Click here for New York City’s Emergency Planning Checklist.

Click here for the CDC’s Business Planning Checklist.