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UPCOMING EVENTS This event has been postponed: due to the storm: Online Speed & Pitch Networking Happy Hour
August 6, 2020
Online Speed & Pitch Networking
August 11, 2020
CLOSED OUT: Employment Law Issues in the COVID-19 Era Preparing for Reentry in the Workplace
August 12, 2020
Online Speed & Pitch Networking Happy Hour
August 13, 2020
Buy Jamaican, Beyond Coffee and Rum: A discussion on Jamaica’s export potential
August 19, 2020
International - Online Speed & Pitch
August 25, 2020


APPLICATIONS OPEN FOR SMALL BUSINESS RELIEF PROGRAM

March 27, 2020

Small Business Continuity Fund

Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible for loans of up to $75,000 to help retain employees and ensure business continuity. The loan can be deployed for a variety of uses, including working capital, inventory, or other investments.

Businesses who would like to apply for the loan must meet the following requirements:
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 99 employees or fewer in total across all locations
Demonstrate ability to repay the loan
Have no outstanding tax liens or legal judgement

As part of the application, businesses will be required to demonstrate a revenue decrease by providing documentation such as: point-of-sales reports, bank statements, quarterly sales tax filings, 2019 tax returns, or CPA-certified profit & loss statements.

NEW YORK - Mayor Bill de Blasio, the NYC Department of Small Business Services (SBS) Commissioner Gregg Bishop and NYC Economic Development Corporation President James Patchett announced today that loans are available for small businesses affected by COVID-19. Small businesses have begun applying for relief and can access the application here. The Small Business Continuity Fund offers financial assistance to small businesses in New York City as they deal with various challenges in response to the novel coronavirus.

"Our small businesses are the bedrock of our neighborhoods; they make New York City what it is. That is why we are doing everything possible to help them through this difficult time," said Mayor Bill de Blasio. "New Yorkers will always stick together in times of crisis, and this partnership exemplifies just that."

This investment is a public-private partnership between Goldman Sachs 10,000 Small Businesses, Tapestry, Inc.'s Coach Foundation and Pursuit to provide loans to New York City's small businesses affected by COVID-19. Goldman Sachs Foundation will provide a grant to support technical assistance and capacity building for the Small Business Continuity Fund.

"The City is committed to making sure small businesses have the resources they need to stay open during this time," said Gregg Bishop, Commissioner of the NYC Department of Small Business Services. "As the situation continues to evolve, we will hear from our small businesses and make the necessary changes to address the challenges that they are facing. This partnership represents a step in the right direction as City and private companies come together to assist this community."

"This is an incredibly challenging time for small businesses across the city and it's critical that the public and private sectors come together to provide meaningful support," said James Patchett, president and CEO of the New York City Economic Development Corporation. "This investment will help assist numerous small businesses who have been impacted by COVID-19. It is an important first step to help this community and the city recover."

"Goldman Sachs is acutely aware of the responsibility small business owners feel to their employees, communities and families," said David M. Solomon, Chairman and CEO of Goldman Sachs. "Nowhere is that more true than the City of New York, whose small businesses are the lifeblood of our communities - they are our child care centers, our bakeries, our corner stores. We are proud that the Mayor is taking this immediate action and gratified we can offer our experience and expertise to help New York City businesses during this unprecedented crisis."

"It is in times of uncertainty when large corporations can have the greatest impact on the communities in which we live and work. Now is an important moment for us to invest capital and our global insights into the city where each of our three brands were founded," said Jide Zeitlin, Chairman and Chief Executive Officer of Tapestry, Inc. and Chairman of the Coach Foundation. "Coach, Kate Spade and Stuart Weitzman were once small businesses here in New York City, and we are proud to partner with New York City and with Goldman Sachs through the Coach Foundation to help small businesses in our home city. We can help get them back on their feet during these extraordinary times."

Small Business Continuity Fund

Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible for loans of up to $75,000 to help retain employees and ensure business continuity. The loan can be deployed for a variety of uses, including working capital, inventory, or other investments.

Businesses who would like to apply for the loan must meet the following requirements:
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 99 employees or fewer in total across all locations