UPDATE As of 04/09/2020: Due to overwhelming interest, NYC SBS have paused application intake.
As part of the full application, SBS will collect additional information and documentation to confirm applicants’ responses and determine applicants’ eligibility for a loan. Click here to complete the pre-application survey.
To calculate the revenue impact of COVID-19, SBS 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.
To verify the loss of revenue, applicants 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
Have been in operation for at least 2 years
To complete the full application for the loan, applicants should also gather the documents below:
Payroll documentation demonstrating number of employees
Names of officers, directors and shareholders/owners of business
Details on existing debts and operating account
Tax returns from the previous two years
For more details, please visit NYS SBS @ www1.nyc.gov/site/sbs/businesses/covid19-business-outreach