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Key New York State budget prong: Aid for small businesses

The ongoing and adverse effects of the COVID-19 health pandemic have been deep and pernicious across the United States.

Especially for small businesses.

Those entities – both in New York and nationally – have almost uniformly dealt over the past year-plus with severe and unprecedented challenges. Sheer obstacles to profitability and even business viability have confronted companies of every type, regardless of whether they are startup endeavors or long-established enterprises.

Given the protracted challenges spawned by the pandemic, recently positive news focused upon the state’s many and diverse small businesses merits prominent underscoring.

That is this: The recently enacted state budget for this year and 2022 promises material relief for those entities, with varied initiatives addressing a number of key concerns.

A New York State Senate website outlines the particulars. It stresses especially the major cash infusion of more than $1 billion that will become available to high numbers of small businesses rocked financially over the past many months. Aid will be applied in broad-based ways, with a prominent focus on matters such as these:

  • An impressive $800 million allotted in grant form to enterprises with 100 or fewer workers
  • Millions in tax credits to restaurants hard hit by COVID-19 dislocations
  • Scores of millions in grant money targeting cultural and nonprofit groups

One lawmaker commenting on the budgetary aid noted its pro-small business emphasis, stressing that such entities “are the heart and soul of our communities.”

Commercial principals having questions or concerns regarding any business matter can turn for candid guidance and proven representation to an experienced New York business law legal team.