NYS Launches $800M Small Business Grant Program

By:
Chris Gaetano
Published Date:
Jun 11, 2021
iStock-450743923 New York Money

A new $800 million New York state program for small businesses to recover from the pandemic's economic damage will be open to applications starting Thursday, June 17, Crain's New York Business reported. The program is available only for those businesses that had $500,000 or less in annual revenues, as the funds are meant for those businesses that have not had the capacity to apply for other programs, whether due to language barriers (not everyone could understand the applications) or technological issues (not everyone was tech savvy enough to fill the application out). To address these issues, the forms for the program will be available in 13 languages and will have a QR code that is meant to simplify the application process.

The grants, which will range from $5,000 to $50,000, are not going to be awarded on a first-come, first-served basis, as Crain's noted that many businesses that could have qualified for the federal Paycheck Protection Program (PPP) were shut out because they took too long. The state will instead begin reviewing applications around the end of this month, with applicants being able to check on their status via an online portal.

The grant money, according to New York state, must be used for COVID-19-related expenses, such as payroll costs; commercial rent or mortgage payments for New York state-based property (but not any rent or mortgage prepayments); payment of local property or school taxes associated with a small business location in New York state; 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; and other documented COVID-19 costs as approved by Empire State Development, an economic development financing organization.

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