Empire State Development (“ESD”) has launched the New York State COVID-19 Pandemic Small Business Recovery Grant Program, which was created to provide flexible grant assistance to currently viable small businesses, micro-businesses and for-profit independent arts and cultural organizations in New York that have experienced economic hardship due to the COVID-19 pandemic. The program, administered by ESD and powered by Lendistry, is now open and applications are being accepted.
Grant awards will be calculated based on a business’ annual gross receipts for 2019:
- Annual gross receipts = $25,000-$49,999: Grant Amount = $5,000/business
- Annual gross receipts = $50,000-$99,999: Grant Amount = $10,000/business
- Annual gross receipts = $100,000-$2,500,000 (updated 08.25.21): Grant Amount = 10% of gross receipts (max grant is $50,000)
For eligibility requirements and more information regarding the New York State COVID-19 Pandemic Small Business Recovery Program, please visit www.nysmallbusinessrecovery.com. For a link to the program guide, please click here.
If you wish to discuss future tax planning strategies for your business, please feel free to contact us.