New York Mayor Bill de Blasio announced an assistance program offering monetary relief to small businesses affected by the coronavirus outbreak.
Businesses with fewer than 100 employees can apply for an interest-free loan up to $75,000. The loans are intended for businesses in the service industry, like restaurants and caterers, that have kept employees on payroll and seen a decline in revenues. The repayment plan for the loan is up to 20 years. The business owner will need to prove a 25% loss in customer receipts because of the coronavirus.