Applications Open for Small Business Relief Program - SBS

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FOR IMMEDIATE RELEASE
Friday, March 27, 2020

APPLICATIONS OPEN FOR SMALL BUSINESS RELIEF PROGRAM

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 NYC Small Business Continuity Loan 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 NYC Small Business Continuity Loan 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 NYC 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."

NYC Small Business Continuity Loan 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 judgments

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.

Businesses interested in applying for the NYC Small Business Continuity Loan Fund should fill out the application here.

The latest COVID-19 resource fact sheets for small businesses can be found at nyc.gov/covid19biz. Small businesses should exercise the following practices to help address changing customer behavior due to COVID-19.

Have a contingency plan in place. Gather employee and supplier contact information, legal, insurance and financial records.

Have hand sanitizer and tissues visibly available for employees and customers to use while in your place of business.

Monitor your inventory. Make sure you have enough materials on hand and contact your suppliers to stay up to date on any changes in inventory needs or availability of supply.

Contact your insurance company to determine if your insurance will cover expenses incurred, liability, or business interruption.

Hang signage in your place of business with information on how to stay healthy. You can find signage here: nyc.gov/coronavirus

Promote tap and pay to limit handling of cash and the use of touch screens.

Use booking and scheduling to stagger office flow to comply with the new rules surrounding occupancy restrictions

Increase ventilation by opening windows and adjusting air conditioning units.

Consider selling gift cards in person and online, if possible.

Text COVID to 692-692 to receive regular coronavirus updates via text message. (Text COVIDESP to 692-692 to receive updates via text message in Spanish.)

If you have any questions on finding medical care call 311. To get regular updates on the latest developments with coronavirus in New York City text COVID to 692-692. You will receive regular SMS texts with the latest news and developments.

About Goldman Sachs 10,000 Small Businesses

Goldman Sachs has a proven track record supporting entrepreneurs through its 10,000 Small Businesses program, an investment to help entrepreneurs create jobs and economic opportunity. Through greater access to education, capital and business support services, the program's alumni have seen immediate and sustained business growth. To date, more than [9,600] business owners have graduated from the program across all 50 states in the US, Puerto Rico and Washington, D.C. In New York, the program has served over 1,000 small businesses.

About Tapestry, Inc. and the Coach Foundation

Tapestry, Inc. is a New York-based house of modern luxury lifestyle brands, including Coach, Kate Spade and Stuart Weitzman. The Company and its brands are founded upon a creative and consumer-led view of luxury that stands for inclusivity and approachability, and are committed to ensuring the vibrancy of our communities where our people and our customers live and work, and where our products are made. Founded in 2008 to bring philanthropic initiatives to life, the Coach Foundation has granted more than $50 million to nonprofit partners all over the world.

About the Department of Small Business Services (SBS)

SBS helps unlock economic potential and create economic security for all New Yorkers by connecting New Yorkers to good jobs, creating stronger businesses, and building vibrant neighborhoods across the five boroughs. For more information, visit nyc.gov/sbs, call 311, and follow us on  Facebook,  Twitter, and Instagram.