Gov. Kathy Hochul announced a $450 million tourism recovery package to support businesses and workers in the tourism sector that were hardest-hit by the COVID-19 pandemic. The recovery package includes $100 million in grants for tourism-related businesses to rehire staff. Businesses that bring back their employees and retain them for at least 6 months, will be eligible for a $5,000 credit for every full-time employee. Additional details on the tourism recovery package have not been released to date. NFIB will provide additional information as soon as it becomes available.
Gov. Hochul also announced that she is committed to advancing legislation next year that will expand the Small Business Recovery Grant Program to businesses that started just prior or during the pandemic. The Small Business Recovery Grant Program is still accepting applications for small businesses with revenues of up to $2.5 million that have suffered losses due to the COVID-19 pandemic (additional eligibility restrictions apply). As of November 1st, approximately half of the $800 million in funds allocated for this initiative have been distributed.
