New York State’s $800 million grant program designed to help small businesses impacted by the pandemic is still accepting applications.
To receive the grant, small businesses must demonstrate economic hardship and losses due to the pandemic. 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 grants (up from $100,000 or less). 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 grant 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/.
