NY Small Business Grants
NY Small Business Grants are designed for New York State’s small businesses to rebuild their space and employee base.
Covid 19 has destroyed many small businesses across the state and these special grants are designed to provide financial assistance to those in need.
Special Small Business Pandemic Recovery Programs are designed by the Federal Department and some non-profit organizations.
These resources provide direct financial support as well as business loans at low-interest rates. The Federal Department announced $800 for small businesses in the New York state.
Every industry is affected due to coronavirus effects.
Restaurants and bars, tourism, the entertainment industry, and every other industry have seen a drastic downfall in their gross income revenue in the last couple of years.
Thankfully, NY Small Business Grants are there to regain the same market value.
New York Small Business Grants
The Federation Department has decided to rebuild the industries back by providing direct financial assistance to small businesses.
Small businesses are the backbone of the state’s economy and for that reason, they have to provide such assistance to those who have lost their everything including the work-space, employee base, etc.
The New York State Covid-19 Pandemic Small Business Recovery Program was first created to support small businesses. The allocated funds are distributed to small businesses, micro-businesses, and other arts and entertainment organizations.
How Much Fund Offered to Small Businesses?
The New York State Covid-19 Pandemic Small Business Recovery Program is still open and applicants can still apply for the grant as per their business needs. The funds will be calculated as per the applicant’s total annual gross income.
The annual gross income is less than $50000 to receive $5000 per business as financial support.
The annual gross income is less than $100,000 to receive $10,000 per business and the annual gross income is less than $250,000 to receive $50,000 financial support through the New York State Covid-19 Pandemic Small Business Recovery Program.
The maximum fund a business can avail of through this grant is $50,000.
The allocated fund to the business owner is 10% of the actual gross income shown in the annual gross income receipts.
Eligibility for NY Small Business Grant
The Federal Department has set up criteria for every small business that wants to avail of financial assistance through the grant. The following criteria must be satisfied by the applicant to receive the funds.
The fund will be provided to micro-businesses, small businesses, arts and cultural organizations working as non-profit organizations.
These businesses must be set up before March 1, 2019, i.e. before the pandemic. Moreover, these businesses need to be operational to date to pass out the criteria.
The eligible businesses need to show annual gross receipts. These receipts will help identify whether your business is affected or not.
If the business and its operations have been modified or require special arrangements, then the applicants need to mention it in detail while filing an application.
- Criteria for Micro-businesses and Small-businesses
- The annual gross receipt is between $25,000 to $250,0000 for the financial year 2019-2020.
- Demonstration of Business Profit must be in positive numbers i.e. greater than $1
- At least 25% loss in annual gross receipts. Demonstration of loss in detail must be submitted.
- Demonstration of expenses and income received in the financial year 2019-2020.
- Not qualified for other grants announced by the Federal Departments.
List of Documents:
- Gross receipts with proof of loss
- Proof of the Registered Business or Organization
- Proof of Business Location
- Proof of Business Operation
- Detail of the Ownership
- Proof of number of Employees
- How your funds are being distributed?
Every applicant must fulfill this criterion to be eligible for the NY Small Business Grant. If you have collected all the above-listed documents, then you can apply for a suitable grant from the following resources.
Which Businesses are Not Eligible?
- Religious institutions are not eligible for this grant such as churches, non-profit organizations, etc.
- Federal Offices i.e. Government Offices.
- Businesses that are under political influences.
- Businesses received funds from Small Business Administration Programs.
- Big enterprises including landlords.
- Businesses that are not registered or are illegal.
The above-listed businesses and entities are not eligible to apply for the New York State Covid-19 Pandemic Small Business Recovery Program.
NY Small Business Grants Resources
There are several grants and assistant programs available for micro-businesses and small businesses.
Businesses who need to rebuild their work base should collect the above-listed documents first and then apply for the suitable grant from the list given below!
1. PayCheck Protection Loans
Applicants should apply for the PayCheck Protection Loans’ forgiveness. If the current PayCheck Protection Loan of a business is less than $250,000 or less, then the business owner should apply for the forgiveness of the amount of deduction in the total amount from the official portal.
2. The EIDL Advanced Grant
The Covid-19 EIDl Advance Grant provides a grant of $10,000 or less as per the size of the business and the actual demand described in the annual gross receipt.
3. The EIDL Supplemental Targeted Advanced Grant
The EIDL Supplemental Targeted Advanced Grant provides a supplemental amount of $5,000.
The received fund is not payable. If you have already received the EIDL Advance Grant, you don’t have to repay the $5000 received through the EIDL Supplemental Targeted Advance grant.
To be eligible for the EIDL Supplemental Targeted Advanced Grant, the business needs to prove at least 50% of loss during the pandemic period with all the proofs and documents.
The EIDL Supplemental Targeted Advance Grant is open for all types of businesses including contractors, sole proprietors, private and non-profit organizations, etc.
It is not for agricultural businesses as farmers are not allowed to apply for this grant.