Hinchey, D-Saugerties, announced at a morning press conference that up to $800 million will be allocated to small companies. Small businesses with 100 or fewer workers, as well as microbusinesses with 10 or fewer employees, including small for-profit autonomous arts and cultural groups, will be eligible for assistance, she added.
The State of New York promised to assist businesses affected by the COVID-19 crisis, which have had to go through a lot to stay afloat, and this Thursday went a step further, announcing that small businesses with financial difficulties can now apply for grants of up to $ 50,000 to get a financial break. The objective is to contact 330,000 businesses.
“We can’t just talk about the importance of small businesses in our communities, we need to act and give them the resources to get back on their feet,” Hinchey said in a statement. “The Small Business Recovery Grant Program will do just that.”
Governor Andrew Cuomo announced the decision after urging New York small companies to apply for the so-called Pandemic Small Business Recovery Grant Program., which provides $ 800 million in assistance.
The governor said that the initiative reimburses firms up to $ 50,000 for COVID-related costs spent between March 1 of last year and April 1 of this year.
"Small businesses are one of the most critical components of New York's economy and were disproportionately impacted by the economic devastation resulting from the COVID-19 pandemic," Governor Cuomo said.
"As we build New York back better than it was before, this program will help these small businesses -particularly those with socially or economically disadvantaged owners -regain an economic foothold so they can forge ahead toward a brighter, more prosperous future."
More than 330,000 small and micro companies, including 57 percent of the state's recognized MWBEs, may be eligible for this program. The program's application portal will be powered by Lendistry, a minority-led Community Development Financial Institution. The state will also start an advertising effort to promote this program, as well as a variety of other pandemic recovery measures, to small companies.
Grants will be made with a minimum award of $5,000 and a maximum award of $50,000 and will be determined based on the yearly gross revenue of a New York State firm in 2019. COVID-19-related costs that are reimbursable must have occurred between March 1, 2020, and April 1, 2021.
Those who are interested in getting these reliefs, which range from $ 5,000 to $ 50,000, should fill out an application on the website NYSBusinessRecovery.ny.gov