Announced by Governor Andrew Cuomo, 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.
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:
Commercial rent or mortgage payments for NYS-based property
Payment of local property or school taxes
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.