During this difficult time, New York City is trying to offer businesses assistance. One way it is doing this is through the NYC Small Business Continuity Loan Fund providing loans up to $75,000 with zero interest. Firms have to: have less than 100 members of staff; not have any legal judgements or tax liens; be able to show that – once this crisis passes – they have the ability to repay the loan; have an address in one of the five boroughs of NYC and finally, be able to demonstrate that revenue has decreased by at least 25 percent due to COVID-19.
Bank statements, tax returns from 2019, CPA-certified profit and loss statements etc. will be required as part of the eligibility application.
But it’s not just official entities working to help the community; it’s individuals as well and some of them have even contracted the virus. One example is Chairman of The Madison Square, James Dolan who has committed to paying arena workers in his venues until at least May 3. In addition, he has set up a relief fund valued at $2.3m for them.
Joe Tsai has donated 2,000 ventilators to New York. As co-founder ad executive vice chairman of Alibaba, Tsai’s organization has already provided New York with 500,000 testing kits and a million surgical masks. According to Sean Marks, General Manager of Nets:
“The whole Alibaba Group has really been helping with all the New York City hospitals, sourcing these certified and high-quality PPEs. I know they are having conversations with all these government agencies. We all know that he is behind this. He is the silent partner in the background, which speaks tremendously for the leadership that we have.”
The Yankees have also set up a fund. The COVID-19 Disaster Relief Program (with $1.4m in money) is being offered to staff impacted by the pandemic.