Financial Resources for Small Businesses from the City of New York

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The City of New York is working hard to provide support and financial assistance for NoHo businesses. Additional resources may be released at a later date, and we will update this page as we learn more information. Applying to City financial resources has no impact on your eligibility for State of Federal Resources. We strongly encourage you to apply for resources from every level of government. If you have any questions about any of these resources, please reach out to us

Small Business Continuity Loan: This program is currently not accepting applications, but shoul reopen soon. Small businesses of 99 employees or fewer are eligible for this zero-interest loan of up to $75,000. To be eligible, you must have been in operation for at least two years and demonstrate a sales loss of at least 25%. To demonstrate this drop, sales figures from the same time period will be compared on a year-to-year basis. For example, your sales figures from February and March 2020 would be compared to February and March 2019, and must show a 25% drop in sales. Financial documents, such as sales records and bank statements, are required to verify the drop.

It's important to note that the initial application is through the Department of Small Business Services, however further application materials will be submitted through a third party lender. To apply or learn more, click here.

Certain Business License Renewals and Application Deadlines Extended: The Department of Consumer Affairs announced that many licenses through their office have extended deadlines for both new applications and renewals. Perhaps most importantly for NoHo businesses, sidewalk cafe license renewals have been extended until August 28th, 2020 for both enclosed and unenclosed sidewalk cafes. New applicants now have until June 30, 2020 to apply. For more information, including the full list of affected licenses, click here.

Certain Business Taxes and Fees Filings Extended: The New York City Department of Finance announced that certain taxes, fees, and filings have been extended due to the ongoing COVID-19 Outbreak. Department of Finance administered fees and taxes, like excise taxes, that are due before April 25th can have the filing extended. You must submit an request to the Department of Finance for the filing extension. More information is available here.

Guidance for Adapting to Changing Conditions and Operating Your Business: The New York City Department of Small Business Services released this guidance to help businesses adapt to quickly changing conditions during the COVID-19 Outbreak. Inside you'll find answers to questions ranging from what to do if an employee tests positive to how to start delivery. Perhaps most importantly, you'll find guidance to make this time period as smooth as possible. Check it out here.

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