Business Grant Available For Those Impacted By COVID-19; Priority Given To Minority and Women-Owned Businesses, Veteran, etc.
/The Dutchess Business Notification Network has issued another reminder that grant money is available from the Empire State Development, which has announced the New York State COVID-19 Pandemic Small Business Recovery Grant Program. This program was created to provide flexible grant assistance to currently viable small businesses, micro-businesses, and for-profit independent arts and cultural organizations in the State of New York that have experienced economic hardship due to the COVID-19 pandemic.
Interested businesses are urged to submit applications as soon as possible, due to limited funding. This is not a “first come, first serve” program. Instead, applications will be evaluated based on business attributes set by the legislature, and priority will be given to socially and economically disadvantaged business owners including, but not limited to, minority and women-owned business enterprises, service-disabled veteran-owned businesses, and veteran-owned businesses, or businesses located in communities that were economically distressed prior to March 1, 2020.
Grant awards will be calculated based on a business's annual gross receipts for 2019:
Annual gross receipts = $25,000-$49,999: $5,000/business;
Annual gross receipts = $50,000-$99,999: $10,000/business; and
Annual gross receipts = $100,000-$500,000: 10% of gross receipts (max grant is $50,000).
An informational webinar is being hosted on June 25, 11am - 12noon, presented by Huey-Min Chuang, Senior Director of Business and Economic Development at Empire State Development. The webinar is sponsored by KeyBank and SDG Law.
About the Small Business Recovery Grant Program + Webinar
The NYS COVID-19 Pandemic Small Business Recovery Grant Program was created to provide flexible grant assistance to currently viable small businesses, micro-businesses and for-profit independent arts and cultural organizations who have experienced economic hardship due the COVID-19 pandemic.
What will be covered in the webinar:
What is the grant program?
Who is eligible to apply?
How do you apply?
What amounts will be awarded if eligible?
What is the required documentation?
Use of funds?
How can you get assistance if you need help with the application?
Next steps.
Register For Webinar: Click here
Program Details And Application: Click here
The application portal for the $800 million New York State COVID-19 Pandemic Small Business Recovery Grant Program is now open and accepting applications. More information and the application process can be found HERE.
This aid could be used to help employers finance operating expenses incurred during the pandemic between March 1, 2020 and April 1, 2021 and can be used to cover:
Payroll costs,
Commercial rent or mortgage payments for NYS-based property,
Payment of local property or school taxes,
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, and
Supplies and materials necessary for compliance with COVID-19 health and safety protocols
Eligible small businesses are defined as:
Those with 100 or fewer employees,
Organized under the laws of New York State,
Is independently owned and operated, and not dominant in its field.
Eligible “for-profit independent arts and cultural organizations” are independently operated live-performance venues, promoters, production companies, or performance-related businesses located in New York State with 100 or fewer employees, excluding seasonal employees.
Eligibility requirements include:
Entities must have begun operation on or before March 1, 2019 and continue to be in operation as of the date of application (maybe shuttered due to COVID restrictions),
Have to show a reduction in gross receipts of at least 25% from 2019 to 2020 as a result of the COVID-19 pandemic or compliance with COVID-19 health and safety protocols which resulted in business modifications, interruptions, or closures.
Show gross receipts between $25,000 and $500,000 for 2019 and 2020, and
A positive net profit for 2019.
They must not have qualified for assistance programs under the federal American Rescue Plan Act of 2021 or other available federal COVID-19 economic recovery or business assistance grant programs above certain thresholds (received more than $100,000 of a PPP grant or loan).
Grant amounts range from $5,000 to $50,000 based on the entity’s annual gross receipts.
