COVID-19 Relief Updates: NYS pandemic grant expanded eligibility and SVOG supplemental awards.
Read further for the latest updates on the NYS Pandemic Small Business Recovery Grant program's expanded eligibility and supplemental awards for SBA's Shuttered Venue Operator Grant recipients.
Expanded Eligibility for the NYS Pandemic Small Business Recovery Grant Program
The NYS Pandemic Small Business Recovery Grant Program now has an expanded range of eligibility, enabling more small businesses to apply for grant funds. Under the revised guidelines, businesses with revenues of up to $2.5 million and those who have received Paycheck Protection Program (PPP) loans of up to $250,000 are now eligible (previously $500,000 and $100,000, respectively).
Check out the Program for more information and to apply for grants of up to $50,000 to help your small business recovery. You can also go to the program FAQ document or the Pace SBDC’s dedicated resource page, as well as meet with a Pace SBDC Business Advisor to learn more.
Shuttered Venue Operators Grant (SVOG) Program Supplemental Awards
The U.S. Small Business Administration (SBA) announced it will begin sending invitations to submit for a Shuttered Venue Operators Grant (SVOG) program supplemental award to prior recipients of an initial SVOG grant award. These recipients must illustrate a 70% loss when comparing 2021’s first-quarter revenues to the same period in 2019.
Eligible businesses can apply for up to 50% of their original SVOG amount, with a $10 million cap of the initial and supplemental awards combined. The supplemental awards also allow SVOG recipients to extend the time to use their grant funds for expenses accrued through June 30, 2022 and lengthen their budget period to 18 months from the initial grant disbursement date.
For more detail check out the SBA press release.
Check out our coronavirus resources page for additional information. Contact a Pace SBDC Business Advisor to meet 1:1 and learn more about your business’s relief options.