New York State Announces COVID-19 Relief Grant Program
New York State has announced the launch of the $800 million COVID-19 Pandemic Small Business Recovery Grant Program, which will provide grants of up to $50,000 to COVID-19 impacted small and micro businesses and for-profit independent arts and cultural organizations. Applications for the program will be accepted starting June 10.
Eligible applicants must have 2019 or 2020 annual gross receipts between $25,000 and $500,000, demonstrate positive net profit on their 2019 business return, and at least 25% loss in annual gross receipts from 2019 to 2020 in a year-to-year comparison. Further, applicants must be currently viable, have begun operation on or before 3/1/19 and continue to be in operation as of the date of application.
The grants can be used for different business operating expenses incurred between 3/1/20 and 4/1/21, including payroll, rent or mortgage payments, taxes, utilities and PPE. Additionally, eligible applicants may have received or been awarded the following federal assistance:
Paycheck Protection Program loans totaling $100,000 or less.
Economic Injury Disaster Loan (EIDL) for COVID-19 of $150,000 or less.
COVID-19 EIDL Advance Grant of $10,000 or less.
COVID-19 EIDL Supplemental Targeted Advance Grant of $5,000 or less.
SBA Shuttered Venue Operators Grant of $150,000 or less.
Keep in mind that the program has not yet launched and program application details are still being finalized. For more information on grant calculations, documentation requirements, and eligible expenses check out the COVID-19 Pandemic Small Business Recovery Grant Program site.