NYS announced $3.5 billion in assistance for renters and small businesses experiencing financial hardship as a result of the COVID-19 pandemic.
The small business recovery grant program makes up to $800 million in funding available for small businesses to help them recover from the economic impact of the pandemic. Applications for the program will be accepted starting June 10 for small and micro businesses and small for-profit independent arts and cultural organizations to help them recover from the economic impact of the pandemic. Flexible grants up to $50,000 will be made available to eligible small businesses and can be used for operating expenses, including payroll, rent or mortgage payments, taxes, utilities, personal protective equipment, or other business expenses incurred during the pandemic. Over 330,000 small and micro businesses are potentially eligible for this program, including 57 percent of the State's certified MWBEs.
Small Business Recovery Grant Program
The small business recovery grant program will provide funding to small and micro businesses and small for-profit independent arts and cultural organizations to help them recover from the economic impact of the pandemic, with priority being given to socially and economically disadvantaged business owners, including minority- and women-owned business enterprises, service-disabled veteran-owned businesses and veteran-owned businesses, and businesses located in economically distressed communities.
Grants will be for a minimum award of $5,000 and a maximum award of $50,000 and will be calculated based on a New York State business' annual gross receipts for 2019.
Reimbursable COVID-19 related expenses must have been incurred between March 1, 2020 and April 1, 2021 and can include:
- Payroll costs
- Commercial rent or mortgage payments for NYS-based property
- Payment of local property or school taxes
- Insurance costs
- Utility costs
- Costs of personal protection equipment (PPE) necessary to protect worker and consumer health and safety
- Heating, ventilation, and air conditioning (HVAC) costs
- Other machinery or equipment costs
- Supplies and materials necessary for compliance with COVID-19 health and safety protocols
ESD 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.
The ESD Board of Directors approved $10 million in technical assistance grants for New York's statewide Entrepreneurship Assistance Centers and Small Business Development Centers to help small businesses and for-profit independent arts and cultural organizations secure COVID-related financial assistance and grants available through existing state and federal programs.
This network of service providers will work directly with small businesses, guiding them through available funding sources and helping them navigate the application process. Recognizing that pandemic-induced economic hardship has disproportionately affected micro and small businesses, and that application processes can be difficult to navigate - especially due to a language barrier - the partners will use these funds to hire or contract more staff for one-on-one, direct counseling services. Education materials and applications will be offered in 12 languages in addition to English. This support, along with increased technical assistance staffing, will position these providers to better assist businesses and organizations in applying for funding through the New York State's COVID-19 Pandemic Small Business Recovery Grant Program, the federal American Rescue Plan Act of 2021, or any other available federal economic recovery program, catalyzing our state and local economies as more businesses and communities reopen.
