Covid-19 Relief for New York City Companies

In New York City Mayor de Blasio announced that the city will provide some relief for small businesses:

Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible for zero-interest loans of up to $75,000.

Businesses with fewer than five employees can apply for a grant to cover 40% of payroll costs for 2 months to help retain employees.

Both of these NYC programs require that you:

  • Be located within the five boroughs of New York City
  • Demonstrate that the COVID-19 outbreak caused at least a 25% decrease in revenue
  • Have no outstanding tax liens or legal judgments

he Employee Retention Grant program is a grant of up to $27,000 to cover up to 40% of payroll.  This grant requires that you have 1-4 employees and have been in business 6 months or longer.  

The Business Continuity Loan program is an interest-free loan of up to $75,000.  Additional requirements for this program are that you have fewer than 99 employees and can demonstrate an ability to repay the loan.   

The challenge is showing the 25% decrease in revenue. 

The city currently compares average revenue over two months in 2020 and to the 12-month 2019 average OR to the average over the same two months in 2019. 

Since most businesses did not feel the economic impact until March, showing two months may be challenging until the end of April. 

But if you had a significant drop in March, this still may be worth trying.  You may also be giving refunds in March for sales in February.  You might be able to credit those back to February to show a decline.  If you don’t qualify now, you can always try again in May, apply now and apply in May.

We put together a calculator to help you figure this out.  Our calculator is a tool, not a guarantee.  Download the calculator here, (click here for download help) fill it out and it will give you an idea. Please note we built it quickly and tested it, but there may still be a typo we haven’t picked up.  

If you qualify, we can help you with the documentation that you need. 
To Apply:
For the Employee Retention Grant Program apply here.
For the Business Continuity Loan Program start the pre-application here.

You can find more information on this relief here.

Jeff Coyle, CPA

Jeff Coyle, CPA, Partner of Rosenberg Chesnov, has been with the firm since 2015. He joined the firm after 20 years of business and accounting experience where he learned the value of accurate reporting, using financial information as a basis for good business decisions and the importance of accounting for management.

He is a diligent financial professional, able to manage the details and turn them into relevant business leading information. He has a strong financial background in construction, technology, consulting services and risk management. He also knows what it takes to create organizations having built teams, grown companies and designed processes for financial analysis and reporting.

His business experience includes:

Creating and preparing financial reporting, budgeting and forecasting.
Planning and preparation of GAAP and other basis financial statements.
Providing insight on financial results and providing advice based on those results.

Jeff also has a long history of helping individuals manage their taxes and plan their finances including:

Income tax planning and strategy.
Filing quarterly and annual taxes.
Audit support.
General financial and planning advice.
Prior to joining the firm in 2015, Jeff was in the private sector where he held senior financial and management positions including Controller and Chief Financial Officer. He has experience across industries, including construction, technology and professional services which gives him a deep understanding of business.

Jeff graduated from Montclair State University, he is a CPA and member of the American Institute of Certified Public Accountants, New York State Society of Certified Public Accountants and New Jersey State Society of Public Accountants.

Jody H. Chesnov, CPA

Jody H. Chesnov, CPA, Managing Partner of Rosenberg Chesnov, has been with the firm since 2004.  After a career of public accounting and general management, Jody knows the value of good financials.  Clarity, decision making, and strategy all start with the facts – Jody has been revealing the facts and turning them into good business results for more than three decades.

He takes a pragmatic approach to accounting, finance and business. His work has supported many companies on their path to growth, including helping them find investors, manage scaling and overcome hurdles.  His experience and passion for business reach beyond accounting and he helps businesses focus on what the numbers mean organizationally, operationally and financially.

He has a particular expertise in early-stage growth companies.  His strengths lie in cutting through the noise to come up with useful, out of the box, solutions that support clients in building their businesses and realizing their larger visions.

Prior to joining the firm in 2004, Jody was in the private sector where he held senior financial and management positions including General Manager, Chief Financial Officer and Controller.  He has experience across industries, which gives him a deep understanding of business.

Jody graduated with a BBA in Accounting from Baruch College, he is a CPA and member of the American Institute of Certified Public Accountants and New York State Society of Certified Public Accountants.

In addition to delivering above and beyond accounting results, Jody is a member of the NYSCPA’s Emerging Tech Entrepreneurial Committee (ETEC), Private Equity and Venture Capital Committee and Family Office Committee.  

He is an angel investor through the Westchester Angels, and has served as an advisor for many startup companies and as a mentor through the Founders Institute.

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