September 23, 2021

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Governor Cuomo Announces Applications Now Open for $800 Million COVID-19 Pandemic Small Business Recovery Grant Program

Governor Andrew M. Cuomo now declared that applications are now open up for the $800 million COVID-19 Pandemic Smaller Organization Restoration Grant Application. The software reimburses New York small businesses with grants of up to $50,000 for COVID-linked fees incurred involving March 1, 2020 and April 1, 2021. Grants will be awarded to little and micro businesses and smaller for-profit unbiased arts and cultural businesses, with precedence remaining presented to socially and economically deprived small business owners, together with minority- and women of all ages-owned organization enterprises, service-disabled veteran-owned businesses and veteran-owned businesses, and corporations found in economically distressed communities.

“Small corporations are just one of the most critical parts of New York’s economy and were being disproportionately impacted by the financial devastation resulting from the COVID-19 pandemic,” Governor Cuomo mentioned. “As we establish New York back superior than it was in advance of, this program will assist these modest corporations -specifically these with socially or economically deprived house owners -get back an economic foothold so they can forge ahead towards a brighter, additional prosperous long run.” 

More than 330,000 small and micro enterprises are probably suitable for this program, which include 57 percent of the state’s accredited MWBEs. The application site for the system will be powered by Lendistry, a minority-led Group Progress Money Establishment. The state will also be launching an ad marketing campaign to encourage this system to smaller enterprises, as well as an array of other pandemic restoration systems.

Grants will be for a minimum award of $5,000 and a utmost award of $50,000 and will be calculated dependent on a New York Condition business’ once-a-year gross receipts for 2019. Reimbursable COVID-19 related costs need to have been incurred between March 1, 2020 and April 1, 2021 and can involve:

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  • Payroll expenditures
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  • Professional hire or property finance loan payments for NYS-centered home
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  • Payment of area home or college taxes
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  • Insurance coverage expenditures
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  • Utility fees
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  • Expenditures of particular safety tools necessary to defend worker and shopper wellbeing and safety
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  • Heating, air flow, and air conditioning expense
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  • Other equipment or gear expenses
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  • Provides and components vital for compliance with COVID-19 health and safety protocols
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On June 8, Governor Cuomo proposed laws to waive taxes on grants from the COVID-19 Pandemic Modest Business enterprise Recovery Grant Plan. ESD has developed a web-site —NYSBusinessRecovery.ny.gov —to emphasize the several methods obtainable to assistance tiny enterprises searching for pandemic reduction. The internet site will be repeatedly up-to-date as additional facts and funding facts grow to be readily available.

The Empire Condition Development Board of Administrators accredited $10 million in specialized guidance grants for New York’s statewide entrepreneurship assistance centers,small business development centers, and 26 supplemental local community organizations and chambers of commerce to enable tiny organizations and for-income independent arts and cultural businesses secure COVID-relevant money guidance and grants available by means of existing state and federal systems.

This network of company providers will operate right with tiny firms, guiding them by readily available funding resources and helping them navigate the application method. Recognizing that pandemic-induced economic hardship has disproportionately impacted micro and compact corporations, and that application processes can be difficult to navigate -especially thanks to a language barrier -the associates will use these money to retain the services of or contract more staff for 1-on-1, direct counseling companies. 

Education and learning materials and apps will be offered in 12 languages in addition to English. This assistance, alongside with enhanced specialized guidance staffing, will placement these vendors to far better aid firms and corporations in making use of for funding by the New York State’s COVID-19 Pandemic Modest Organization Restoration Grant Application, the federal American Rescue Prepare Act of 2021, or any other readily available federal economic recovery system, catalyzing our point out and area economies as extra firms and communities reopen.