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Monroe County (NY) Announces Forgivable Working Capital Loans for Small Businesses

Was your business created before March 27, 2020; and employed fewer than 50 Full Time Equivalent (FTE) employees? If so, your business could be eligible for the Community Development COVID-19 Grant provided by Monroe County. Monroe County Executive Adam Bello announced the county is offering up to $25,000 in forgivable working capital loans for small businesses.

The U.S. Department of Housing and Urban Development (HUD) has allocated funds to Monroe County to assist suburban Monroe County businesses. If your business qualifies, this funding will be made available in the form of working capital loan to cover day to day expenses such as payroll, rent/mortgage payments, and utilities.

In order to qualify for the Community Development COVID-19 Grant, your business must satisfy the following criterion:

  • Are you a small business with fewer than 50 Full Time Equivalent (FTE) employees?
  • Is your business physically located within Monroe County?
  • Are you in good standing with the County, New York State, and Federal Government?
  • Were you in business prior to March 27, 2020?
  • Are you able to provide award letters and information on any other COVID assistance you have received?
  • Are you willing to provide a recovery plan and can you show a COVID disruption and/or loss of revenue in one of the following ways:
    • Loss revenue due to the mandatory NYS shutdowns
    • Loss revenue comparable to previous years
    • Loss revenue after expanding/pivoting your business to support the fight against COVID
    • You purchased COVID safety equipment and/or made (non-construction) COVID safety improvements to your business to continue operations (exceptions apply)
    • Your business was affected by another direct COVID impact which resulted in a provable loss of revenue

The forgivable loan can provide up to six months of assistance based upon the eligibility and needs of the applicant. Once eligibility has been established a case manager will help determine the applicants need and how much assistance can be made available up to the maximum grant amount of $25,000. Funding is limited and will be supplied on a first come first serve basis until all funds have been expended. The loan will automatically convert to a grant at the end of the affordability period provided all requirements set forth in the agreement have been met.

The application for this program can be found through this link.

If you wish to discuss future tax planning strategies for your business or are a client and wish to discuss eligibility for this program, or other COVID relief programs, please feel free to contact us.

Source: https://www.monroecounty.gov/planning-cdbg-covid, 06/29/2022

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The materials contained herein are intended for educational and informational purposes only and do not constitute tax or legal advice. Readers are responsible for obtaining such advice from their own tax and legal counsel. IRS Circular 230 disclosure: Any information contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding any penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction(s) or tax-related matter(s) that may be addressed herein.

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