Starting June 10, 2021, small businesses across New York can start applying for up to $50,000 in grants as part of New York’s $800 million small business recovery grant program. Eligible small businesses, including micro-businesses and for-profit independent arts and cultural organizations, must be currently viable and 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-19 restrictions).
The state said more than 330,000 small businesses are potentially eligible for this program, including 57% of the state’s certified minority- and women-owned businesses. Priority for the program is being given to socially and economically disadvantaged business owners.
Grants will start at $5,000 and go up to $50,000. They will be calculated based on annual gross receipts for 2019. Qualified businesses must have gross receipts of between $25,000 and $500,000 a year for 2019 or 2020 and demonstrate at least 25% loss in annual gross receipts year over year.
Businesses that received some federal assistance may be eligible, including those that received Paycheck Protection Program loans of $100,000 or less, COVID-19 EIDL Advance Grant of $10,000 or less, and Shuttered Venue Operators grants of $150,000 or less. The program is not open for businesses that received Restaurant Revitalization grants or Landlords (i.e. passive real estate income businesses).
The grant money must go toward reimbursable pandemic-related expenses incurred between March 1, 2020, and April 1, 2021, including:
- Payroll costs;
- Commercial rent or mortgage payments for New York state-based property;
- Payment of local property or school taxes;
- Insurance costs;
- Utility costs;
- Costs of personal protection equipment;
- HVAC costs;
- Other machinery or equipment costs; and
- Supplies and materials necessary for COVID-19 compliance.
Program application details are still being finalized, but the state has created a website – NYSBusinessRecovery.ny.gov – to highlight the various resources available to support small businesses seeking pandemic relief. The website will be continuously updated as more details and funding information as it becomes available.