Governor Kathy Hochul announced changes to the NYS COVID-19 Pandemic Small Business Recovery Grant Program that increases the pool of eligible applicants.
Launched in June 2021, the program initially focused on small and micro-businesses that were largely left out of federal business recovery initiatives. Initial eligibility criteria stipulated that small businesses with 2019 or 2020 gross receipts between $25,000 and $500,000 were eligible to apply for the grant.
Now, NYS small businesses with 2019 or 2020 gross receipts between $25,000 and $2,500,000 are eligible to apply.
Additionally, small businesses may have received Paycheck Protection Program loans totaling $250,000 or less and now qualify for the grant. Previously, small businesses that received Paycheck Protection Program loans of only up to $100,000 were eligible to apply.
To date, more than $48 million of the original $800 million fund has been awarded to more than 2,380 small and micro-businesses throughout New York State. With the expanded eligibility criteria, even more small and micro-businesses will gain access to available and much needed funds, and our communities will benefit.
Please note that all current applicants who have not finished their applications, uploaded documents, or have incomplete documentation, must finalize their applications by Friday, September 10. Previously ineligible small businesses may start applying today, and those applications will start being processed on Wednesday, September 8.
More information, program guidelines and the grant application, can be found atnysmallbusinessrecovery.com.
The Capital Region Chamber is available to support and help businesses navigate the application process. Contact Project Manager Lea Springstead at lspringstead@capitalregionchamber.com or call 518.431.1445.
Business owners can also learn more at a complimentary webinar on September 9, 16, 22 or 29. REGISTER HERE.
In addition, the Capital Region Advancement Fund is available to area for-profits and non-profits regardless of revenue. This COVID-related loan fund has a 1.5% interest rate with no application fee or closing costs.