May 29, 2022

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Expanded eligibility for $800M in Covid-19 modest enterprise grants

Tiny organizations with revenues up to $2.5 million and enduring economic hardship due to COVID-19 are inspired to utilize for grants of up to $50,000.

Governor Kathy Hochul has introduced modifications to New York State’s $800 million COVID-19 Pandemic Tiny Small business Recovery Grant Application that will permit more smaller businesses to use for funding. Starting quickly, organizations with revenues up to $2.5 million can use for grants, up from the prior threshold of $500,000. Also, the limitation for corporations that gained Federal Paycheck Security System financial loans has been increased from $100,000 to $250,000.  

Introduced in June, the plan at first targeted on little and micro-corporations across New York Point out, which were largely remaining out of federal company recovery initiatives. Empire State Progress (ESD) and its partners have worked challenging to make sure that these firms have the specialized assistance — including advice for the duration of the software approach and help to prevail over language obstacles — they want to be initially in line for this program. To day, far more than $48 million has been awarded to around 2,380 tiny and micro-businesses in all 10 regions of the point out. The modifications introduced these days assure additional tiny organizations can far more quickly obtain funding as a result of the system.