Small Business Recovery Grant
Friday, June 11, 2021
The NYS COVID-19 Pandemic Small Business Recovery Grant Program
The program provides grant funding to small businesses and for-profit independent arts and cultural organizations impacted by the pandemic. The grant can be used for payroll, rent or mortgage payments, taxes, utilities, PPE or other business expenses incurred between March 1, 2020, and April 1, 2021. This is not a first-come, first-serve program.
Priority will be given to socially and economically disadvantaged business owners. The deadline to apply is July 2, 2021. Full details about the program may be found here. You may access the application here. A summary of the eligibility may be found below. Please reach out with any questions.
- Small businesses, Micro-businesses and For-profit independent arts and cultural organizations must have 100 or fewer employees, be currently viable and have begun operation on or before March 1, 2019, and continue to be in operation as of the date of application
- Eligible Applicants will be required to show a 25% year-over-year loss of gross receipts as a result of the pandemic or due to compliance with COVID-19 health and safety protocols which resulted in business modifications, interruptions, or closures.
- Have 2019 or 2020 Gross Receipts of between $25,000 and $500,000 per annum (line 1a, IRS Form 1120 or 1065; line 1 IRS Form 1040 Schedule C).
- Demonstrate positive net profit on 2019 Business Return ($1 or greater) (line 28, IRS Form 1120; line 22, IRS Form 1065; or line 31, IRS Form 1040 Schedule C).
- Demonstrate that total expenses on 2020 Business Income Return are greater than the grant amounts.
- Demonstrate at least 25% loss in annual Gross Receipts in a year-to-year revenue comparison as of December 31, 2020 to the same period in 2019.
- Be in substantial compliance with applicable federal, state and local laws, regulations, codes and requirements.
- Not owe any federal, state, or local taxes prior to July 15, 2020, or have an approved repayment, deferral plan, or in agreement with appropriate federal, state, and local taxing authorities.
- Not have qualified for business grant assistance programs under the federal American Rescue Plan Act of 2021 or any other available federal COVID-19 economic recovery or business assistance grant programs, including loans forgiven under the federal Paycheck Protection Program, or are unable to obtain sufficient business assistance from such federal programs. Eligible Applicants may have received or been awarded the following federal assistance:
- Paycheck Protection Program loans totaling $100,000 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.