|
Applications Open for Small Business Recovery Grant Program
Applications are now being accepted for the $800 million New York State COVID-19 Pandemic Small Business Recovery Grant Program.
Eligible small businesses are defined as:
· those with 100 or fewer employees,
· organized under the laws of New York State,
· is independently owned and operated, and not dominant in its field.
· Eligible “for-profit independent arts and cultural organizations” are independently operated live-performance venues, promoters, production companies, or performance-related businesses located in New York State with 100 or fewer employees, excluding seasonal employees.
Eligibility requirements include:
· entities must have begun operation on or before March 1, 2019 and continue to be in operation as of the date of application (may be shuttered due to COVID restrictions),
· have to show a reduction in gross receipts of at least 25% from 2019 to 2020 as a result of the COVID-19 pandemic or compliance with COVID-19 health and safety protocols which resulted in business modifications, interruptions, or closures.
· Show gross receipts between $25,000 and $500,000 for 2019 and 2020, and
· A positive net profit for 2019.
· They must not have qualified for assistance programs under the federal American Rescue Plan Act of 2021 or other available federal COVID-19 economic recovery or business assistance grant programs above certain thresholds (received more than $100,000 of a PPP grant or loan).
Grant amounts range from $5,000 to $50,000 based on the entity’s annual gross receipts.
Due to limited funding, businesses are urged to submit applications as soon as possible. Applications will be evaluated based on criteria set by the state legislature and priority will be given to socially and economically disadvantaged business owners, but not limited to minority, veteran, and women-owned business enterprises.
Legislation is being finalized in Albany that would exempt these grants from state income taxes.
Applications and more information are available here.
If you need assistance with this program, please contact the Small Business Development Center at JCC.
|
