Resources for Small Businesses Affected by COVID-19

The International Trade Administration, U.S. Department of Commerce and Fashion Service Network share resources to support small businesses affected by COVID-19.

March 20, 2020

The following information comes directly from The International Trade Administration, U.S. Department of Commerce via the Fashion Service Network.


We hope these resources are helpful to you and your business during this time. 


The following local and federal programs have been announced to assist businesses adversely affected by the coronavirus:

For the SBA loan program announced by President Trump last week, please visit the updated SBA website:

https://www.sba.gov/page/guidance-businesses-employers-plan-respond-coronavirus-disease-2019-covid-19

Those seeking assistance may have a special interest in joining the March 24th call on SBA Disaster Loan being organized by the Connecticut District Export Council for companies in the tristate area: 

http://www.ctexporters.com/special-topics-conference-calls/

New York City Small Business Services are providing assistance and guidance for businesses impacted due to Novel Coronavirus, please see their webpage with resources:

https://www1.nyc.gov/site/sbs/businesses/covid19-business-outreach.page 

Specifically, for financial assistance for businesses impacted by COVID-19: 

https://www1.nyc.gov/site/sbs/businesses/covid19-business-financial-assistance.page

There are currently no financial relief programs available through New York State for businesses impacted by COVID-19. Please refer to Empire State Development’s webpage on COVID-19 Related Resources:

https://esd.ny.gov/esd-covid-19-related-resources
 

NYC Employee Retention Grant Program:

To help small businesses deal with the impact of COVID-19, the City has launched the Employee Retention Grant Program to help retain employees as businesses face decreased revenue. This program is available to New York City businesses with one to four employees that can demonstrate at least a 25% decrease in revenue as a result of COVID-19. Eligible businesses will receive a grant covering up to 40% of their payroll for two months. Businesses can access up to $27,000.

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.

Revenue Loss:

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.
  • Average monthly revenue based on total 2019 revenue.

They will check to see if either calculation shows at least a 25% decrease in revenue.

Supporting Documents:

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 yearFinancial 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

How to Apply

You can apply for the program by following the steps below:

  1. Review our program guidelines and determine if your business is eligible.
  2. Gather the appropriate documents.
  3. Visit SBS Connect and log in to your account to begin your application.

Click Here To Apply


About the Sources (from their respective websites):

"The International Administration, U.S. Department of Commerce manages this global trade site to provide access to ITA information on promoting trade and investment, strengthening the competitiveness of U.S. industry, and ensuring fair trade and compliance with trade laws and agreements." 

Fashion Service Network: "In response to the fashion industry’s overwhelming need for innovation and multi-disciplinary approaches, in 2002 twenty of New York’s leading service providers formed the Fashion Service Network, a group of select, experienced and seasoned professionals delivering solutions and opportunities to the industry.The goal of the Fashion Service Network is It is to assist fashion companies seeking to expand, strengthen, and energize their business."

For more resources on navigating COVID-19 click here.


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