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.
The Federal Department and some non-profit organizations design Special Small Business Pandemic Recovery Programs.
These resources provide direct financial support and business loans at low interest rates. The Federal Department announced $800 for small businesses in New York.
Every industry is affected by the coronavirus.
Restaurants and bars, tourism, the entertainment industry, and every other industry have drastically lowered their gross income revenue in the last couple of years.
Thankfully, NY Small Business Grants help businesses regain the same market value.
New York Small Business Grants
The Federation Department has decided to rebuild the industries by directly assisting small businesses.
Small businesses are the backbone of the state’s economy and for that reason, they have to assist those who have lost 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 funds are allocated 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 open, and applicants can 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 $ 50,000 to receive $ 5,000 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 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 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 must be operational 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, the applicants must mention it in detail while applying.
- 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 are your funds being distributed?
Applicants must fulfill this criterion to be eligible for the NY Small Business Grant. If you have collected all the above-listed documents, you can apply for a suitable grant from the following resources.
Which Businesses Are Not Eligible?
- Religious institutions, such as churches and non-profit organizations, are not eligible for this grant.
- Federal Offices i.e. Government Offices.
- Businesses that are under political influence.
- 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 assistance programs available for micro-businesses and small businesses.
Businesses that need to rebuild their work base should collect the above-listed documents and apply for a suitable grant from the list below!
1. PayCheck Protection Loans
Applicants should apply for the forgiveness of PayCheck Protection Loans. Suppose a business’s current PayCheck Protection Loan is less than $250,000. In that case, the business owner should apply for the forgiveness of the deduction amount 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 per the business size 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 $ 5,000 received through the EIDL Supplemental Targeted Advance grant.
To be eligible for the EIDL Supplemental Targeted Advanced Grant, the business must 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, and private and non-profit organizations.
It is not for agricultural businesses, as farmers cannot apply for this grant.
Interactive US Map for Small Business Grants