Gov. Hochul Announces Expanded Eligibility for COVID-19 Small Business Grant Program

Date: September 01, 2021

New York State’s $800 million COVID-19 Pandemic Small Business Recovery Grant Program has expanded eligibility, enabling more small businesses to apply for funding. Gov. Hochul announced that starting immediately, businesses with revenues up to $2.5 million can apply for grants, up from the previous threshold of $500,000. Additionally, businesses that received federal Paycheck Protection Program (PPP) loans of $250,000 or less can apply for the grants (up from $100,000 or less).

To receive the grant, small businesses must demonstrate economic hardship and losses due to the pandemic. The grant funds can be used for losses and expenses incurred between March 1st, 2020 and April 1st, 2021. Eligible loan expenses include, but are not limited to, payroll costs, commercial rent or mortgage payments, local property or school taxes, insurance costs, utility costs, costs for personal protective equipment (PPE), or HVAC upgrades. Small businesses that received federal loans or grants (including EIDL or PPP loans) must show that the loans and grants did not provide sufficient relief to be eligible for the grant.

The COVID-19 Pandemic Small Business Recovery Grant Program opened for applications in June. To date, only $48 million has been awarded to 2,380 small and micro-businesses across the state. The expanded eligibility criteria will ensure more small businesses can get the help they need.

For more information on the grant program or to apply, visit https://nysmallbusinessrecovery.com/.

Related Content: Small Business News | New York

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