New York State Budget Allocates $800 Million for COVID-19 Small Business Recovery Grant Program
The program was designed for businesses with fewer than 100 employees and for-profit independent arts & cultural organizations. To be eligible for funding, you must have been operational since March 1, 2019 and have experienced revenue loss or economic hardship during the pandemic. You may be eligible for this program even if you did not qualify for other sources of federal aid earlier in the pandemic.
Grant funds can be used for:
- Property & School Taxes
- PPE & other COVID-related supplies
- Machinery & other equipment
The program will be administered by Empire State Development. ESD has not yet released the application or more specific program guidelines. There will be an prioritized application period for businesses with less than 10 employees and businesses owned by women and minorities. Grant funds are typically considered taxable income to the business, so plan accordingly.