new york small business recovery grant program –
The COVID-19 pandemic has been a challenging time for small businesses across the United States. In response, the New York State government has launched the Small Business Recovery Grant Program to provide financial assistance to small businesses affected by the pandemic. This program is designed to help businesses recover from the economic impact of the pandemic and get back on their feet. In this article, we will take a closer look at the New York Small Business Recovery Grant Program, its eligibility requirements, and how to apply.
What is the New York Small Business Recovery Grant Program?
The New York Small Business Recovery Grant Program is a grant program designed to provide financial assistance to small businesses that have been impacted by the COVID-19 pandemic. The program is funded by the New York State government and is administered by Empire State Development (ESD), the state’s economic development agency. The program provides grants of up to $50,000 to eligible small businesses to help cover expenses such as payroll, rent, utilities, and other business-related costs.
Who is Eligible for the New York Small Business Recovery Grant Program?
To be eligible for the New York Small Business Recovery Grant Program, a business must meet the following requirements:
- Must be located in New York State
- Must have 100 or fewer full-time equivalent employees (FTEs)
- Must have gross revenues of less than $5 million per year
- Must have suffered a loss of revenue of at least 25% due to the COVID-19 pandemic
- Must have been in operation for at least one year prior to the COVID-19 pandemic
- Must not have received a Paycheck Protection Program (PPP) loan or any other COVID-19 related assistance from the federal government or the State of New York that exceeds $100,000
Non-profit organizations, religious institutions, and businesses engaged in illegal activities are not eligible for the program.
How to Apply for the New York Small Business Recovery Grant Program?
The application process for the New York Small Business Recovery Grant Program is simple and straightforward. Here are the steps to follow:
- Check your eligibility: Before you start the application process, make sure you meet all the eligibility requirements of the program.
- Gather the required documents: You will need to provide the following documents as part of your application:
- Proof of New York State business registration
- Tax returns for the years 2018 and 2019
- Proof of revenue loss due to COVID-19
- Other financial documents such as profit and loss statements, payroll records, and rent and utility bills
- Submit your application: You can submit your application online through the ESD website. The application is available in multiple languages, including English, Spanish, Chinese, Korean, and Haitian Creole.
- Wait for a decision: Once you submit your application, it will be reviewed by ESD. You will be notified of the decision via email.
What Can the Grant Funds be Used For?
The grant funds from the New York Small Business Recovery Grant Program can be used for the following expenses:
- Payroll costs
- Rent or mortgage payments
- Utility bills
- Personal protective equipment (PPE) and other COVID-19 related expenses
- Inventory or other necessary business expenses
The grant funds cannot be used for the following expenses:
- Taxes
- Interest on loans
- Legal settlements
- Political donations
- Expenses not related to the business
What is the Timeline for the New York Small Business Recovery Grant Program?
The New York Small Business Recovery Grant Program is currently accepting applications, and the deadline to apply is August 31, 2021. However, the program may close earlier if all funds are exhausted before the deadline. Once your application is submitted, it will be reviewed by ESD, and you will be notified of the decision via email. If your application is approved, you will receive the grant funds within a few weeks.
FAQs
Q: How much money can I receive from the New York Small Business Recovery Grant Program?
A:
You can receive a grant of up to $50,000 from the New York Small Business Recovery Grant Program.
Q: When is the deadline to apply for the New York Small Business Recovery Grant Program?
A:
The deadline to apply for the New York Small Business Recovery Grant Program is August 31, 2021, unless all funds are exhausted before the deadline.
Q: Can non-profit organizations apply for the New York Small Business Recovery Grant Program?
A:
No, non-profit organizations are not eligible for the New York Small Business Recovery Grant Program.
Q: What expenses can the grant funds from the New York Small Business Recovery Grant Program be used for?
A:
The grant funds from the New York Small Business Recovery Grant Program can be used for expenses such as payroll costs, rent or mortgage payments, utility bills, PPE, and other necessary business expenses.
Q: Can I apply for the New York Small Business Recovery Grant Program if I have already received a PPP loan?
A:
No, if you have already received a PPP loan or any other COVID-19 related assistance from the federal government or the State of New York that exceeds $100,000, you are not eligible for the New York Small Business Recovery Grant Program.
