New York State’s $800 million grant program designed to help small businesses impacted by the pandemic is now accepting applications. Empire State Development (ESD) opened the grant portal on June 10th and expects to allocate the first round of grant awards at the end of June or early July.
This is not a first-come, first-served grant program. The program is targeted towards small businesses with 100 or fewer employees, micro-businesses, MWBEs, and small businesses in economically disadvantaged areas. Priority will be given to small businesses that meet the aforementioned criteria.
To receive the grant, small businesses must demonstrate economic hardship and losses due to the pandemic. Small businesses are eligible for grants up to $50,000 based on a business’s annual gross receipts for 2019. 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.
Additional eligibility restrictions apply. For more information or to apply for the grant, visit https://nysmallbusinessrecovery.com/.