New York City Helps Small Businesses Survive
Written by Arina Shulga
With the recent “social distancing” measures that include the closure of schools, bars and restaurants, gyms, libraries, Broadway theaters, large retailers, and other businesses, many companies operating in New York City are being seriously impacted. Although some bigger companies may survive this economic crisis, small businesses likely face a grim future.
In order to help small businesses, on March 8, 2020, New York City’s Mayor de Blasio announced two programs that are specifically geared towards such companies. The first program provides zero interest loans of up to $75,000 to businesses with fewer than 100 employees that have experienced sales decreases of 25% or more due to COVID-19. The second program provides to businesses with fewer than five employees a grant to cover 40% of payroll costs for two months in order to help retain the employees (an estimate of $6,000). Interested businesses need to fill out a short online survey and will then be contacted by email with further instructions. It is unknown at this time how quickly eligible companies may receive the money.
Although these are small measures, they provide timely relief to small businesses impacted by the current economic situation.