A Queens lawmaker is calling on local small business that struggled during the pandemic to apply for a recovery grant program passed as part of the state Legislature’s budget in April.
The $800 million COVID-19 Pandemic Small Business Recovery Grant Program is set to provide loans from $5,000 to $50,000 to eligible small businesses and independent arts and cultural organizations in New York state.
According to Assemblyman Edward Braunstein, who is a member of the Assembly’s Working Group on Transitioning N.Y. Economy Toward COVID-19 Recovery, grants will be calculated based on a business’s annual gross receipts for 2019.
“The heart of New York City’s economy is our thousands of small businesses and restaurants, where owners and their employees have worked hard to adapt and persevere during the COVID-19 public health crisis,” Braunstein said. “As we move into a new chapter of economic recovery in our state, I encourage Queens small and micro-businesses to apply for the Pandemic Small Business Recovery Grant Program, which will provide needed relief to the businesses who need it most as we build back stronger in the months ahead.”
Grants of up to $50,000 must be used for COVID-19 related losses or expenses that businesses incurred between March 1, 2020, and April 1, 2021. Business expenses include:
- Payroll costs
- Commercial rent or mortgage payments for NYS-based property (not for pre-payments)
- Local property or school taxes associated with NYS-based small businesses
- Cost of personal protective equipment (PPE)
According to the program’s guidelines, grant priority will be given to small businesses that did not qualify for or did not received sufficient amounts of federal assistance. Other businesses given priority include microbusinesses, minority and women-owned business enterprises (MWBE), service-disabled veteran-owned businesses and veteran-owned businesses.
The program will last until all of the funding is exhausted.
To learn more about eligibility requirements or to apply for the grant, visit nysmallbusinessrecovery.com.