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Key facts concerning New York’s small business relief program

On Behalf of | Jun 8, 2021 | Business Law

It was unquestionably a big deal when it first came to public light back in March. New York’s so-called Pandemic Small Business Recovery Grant Program was formally launched that month as part of the state’s executive budget enacted for this year and 2022.

We referenced the initiative’s announcement and promise in our May 11 blog post, noting its “$800 million allotted in grant form to [select] enterprises.

A recently authored New York Senate webpage provides some key takeaways concerning the grant’s breadth and application. Immediately apparent is the broad scope of companies eligible for financial help.

The following types of entities will soon be able to apply for assistance:

  • Independently owned and managed businesses that employ 100 or fewer workers
  • “Micro” enterprises employing 10 or fewer employees
  • Wide-ranging for-profit entities with 100 or fewer workers that focus on art/cultural endeavors

Eligibility requirements centrally include these must-clear thresholds:

  • Ineligibility for federal grant help or insufficient assistance from that source
  • In-state incorporation, with all requisite licensing/registration duties satisfied
  • Established viability, with operations spanning at least two years
  • Demonstrated showing of economic harm linked with the COVID-19 pandemic
  • Confirmed pandemic-tied financial hardship in 2020 that exceeded losses suffered during 2019

Grant monies can be applied for wide-ranging commercial needs.

Business principals having questions or concerns relevant to any operational matter can contact an established New York business law legal team for guidance and results-driven representation.

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