How Previous Economic Assistance Can Affect Eligibility
The amount and type of assistance youve received from previous initiatives including federal assistance may affect your eligibility. For instance, if you received a grant from the SBA Restaurant Revitalization Grant Program, you cant apply for a New York Small Business Recovery Grant. However, you can apply if you received assistance in a limited amount from other programs.
| Assistance Type | |
| SBA Shuttered Venue Operator Grant | None |
Who Can Apply For Funding
Figuring out if your business is eligible for this latest New York COVID-19 grant will require a clear financial picture of your business, which means youâll need to know your âgross receipts.â
Gross receipts is the total amount of money your business has received in a given period. It includes sales of products or services, interest, dividends, rents, royalties, fees, or commissions, reduced by returns and allowances.
If youâre up-to-date with your books, your income sources will be easy to review, and youâll be able to determine your gross receipts.
If all of the following statements apply to your business, youâre eligible to apply for funding:
Keep in mind that, because of the limited amount of grant funding and the high volume of requests expected, your business type, geography, and industry may factor into your ability to receive a grant.
How Bench Can Help
New Yorkers, do you need more help navigating the changing landscape of financial relief programs? Having a Bench bookkeeper on your side can help you provide clear financial statements for your next grant application. Whether you plan to grow your business or make important cost-cutting decisions, bookkeeping can help you get a better picture of your businessâs financial health.
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What Do I Need To Submit With My Application
- Proof of gross receipts loss or other economic hardship: 2019 and 2020 Business Income Tax returns
- For corporations and LLCs â include IRS Form 1120
- For partnerships â include IRS Form 1065 and Schedule K-1
- For sole proprietors â include IRS Form 1040 Schedule C
- Completed IRS Form 4506-C
- Costs of personal protection equipment necessary to protect worker and consumer health and safety
- Heating, ventilation, and air conditioning costs
- Other machinery or equipment costs
- Supplies and materials necessary for compliance with COVID-19 health and safety protocols
- Other documented COVID-19/coronavirus-related costs as approved by the ESD
Global Ny Fund Grant Program
Amount of Grant: Up to $25,000Deadline: OngoingGlobal NY Fund Grant Program is another grant meant for increasing global exports. For-profit businesses can get up to $25,000, whereas non-profits can receive up to $100,000. Its recommended applicants speak with an ESD Global NY Representative for guidance before applying. Otherwise, your application review and approval can be significantly delayed. Businesses can use the grant money for export workshops, product adaptations to meet foreign regulations, trade show participation and market customization.
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Nys: Covid Relief Grants Still Available For Firms For
The state still has about $300 million in grant funds to help small businesses and for-profit arts groups that were hit hard by the pandemic in 2020, Gov. Kathy Hochul announced.
The governor said about 62% of the $800 million COVID-19 Pandemic Small-Business Recovery Grant Program has been distributed to nearly 29,000 applicants statewide. She urged eligible firms and cultural organizations to apply.
“To truly recover from the COVID-19 crisis, our small businesses need a helping hand,” Hochul said last week. “It is imperative that we continue to move funding out efficiently and quickly so businesses can get back on their feet.”
On Long Island, more than $70 million in grants have gone to 2,970 applicants so far, according to Empire State Development, the state’s primary business-aid agency.
The grants are between $5,000 and $50,000 per applicant.
The state still has about $300 million in grant funds to help small businesses and for-profit arts groups that were hit hard by the pandemic in 2020, Gov. Kathy Hochul announced.
The governor said about 62% of the $800 million COVID-19 Pandemic Small-Business Recovery Grant Program has been distributed to nearly 29,000 applicants statewide. She urged eligible firms and cultural organizations to apply.
On Long Island, more than $70 million in grants have gone to 2,970 applicants so far, according to Empire State Development, the state’s primary business-aid agency.
How Can Frb Help
Throughout the COVID-19 pandemic, we have helped many of our clients navigate the various relief programs rules and regulations. Our COVID-19 response team is familiar with SBA Economic Injury Disaster Loans and grants, Paycheck Protection Program loans and forgiveness applications, the New York Restaurant Revitalization Program, the Health Resources & Services Administrations Provider Relief Fund, and more.
For the New York State COVID-19 Pandemic Small Business Recovery Grant Program, we would work with you to determine grant eligibility, compute the grant amount, prepare the necessary application, and provide counsel on any questions you might have. If you have any questions or want to discuss the grant further, please feel free to call us.
DISCLAIMER: This summary is not legal advice and does not create any attorney-client relationship. This summary does not provide a definitive legal opinion for any factual situation. Before the firm can provide legal advice or opinion to any person or entity, the specific facts at issue must be reviewed by the firm. Before an attorney-client relationship is formed, the firm must have a signed engagement letter with a client setting forth the Firms scope and terms of representation. The information contained herein is based upon the law at the time of publication.
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Other Resources For Small Business Grants
ESD is clear that the amount of funding they have for these grants is limited, so theyre being extremely selective in who receives funding. They state that priority for grant awards will be given to socially and economically disadvantaged business owners, such as those owned by people with disabilities or veteran-owned businesses. Also, your businesss industry and geographic location may factor into your application. So if your business is in New York City, you might not be selected because of the high amount of other applicants.
If youre ineligible for this grant program or apply and arent selected, there are a number of other ways you can get help for your business. Small business grants are like free money for your business, as they dont have to be repaid. Of course, a small business loan can help you build credit for your business and may not be as difficult to get as you think.
If youre a member of certain protected classes, you may be able to access other resources, such as grants for women-owned businesses and grants for veterans. At Nav, we also have a small business grant program where we award one winner $10,000 and one runner-up $5,000. To apply for Navs Small Business Grant, youll need to create a free Nav account, tell us what your business could do with $10,000, and then ask your customers, friends, and family to vote for you. Winners are selected quarterly and receive a check for their business to use however they need to.
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What Kind Of Projects Qualify
Technical assistance grants support the organizations that work directly with their local small businesses. This will allow for even more small business support across our New York service area. Organizations that qualify for these New York State small business grants include:
- regional chambers or economic development organizations
- organizations in partnership with local economic development organizations or chambers
- local economic development organizations, local chamber of commerce or other community-level organizations that provide services to small businesses in the National Grid territory
- regional consortiums of local small business assistance organizations
- organizations with demonstrated success in providing technical services to small businesses.
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Eligibility Requirements For Independent Arts Or Cultural Organizations
For a for-profit independent arts or cultural organization, your business can be a small or medium sized operation such as a live performance venue, promoter, productive company, or other performance related business. You also must be independently operated, and have 100 or fewer employees not counting seasonal hires.
New York Startup Business Plan Competition
Amount of Grant: Up to $15,000Deadline: January 31Entrants into the New York StartUP! Business Plan Competition can win up to $15,000 to start their business. Plus, get access to invaluable business support and resources. You must live in Manhattan, The Bronx or Staten Island, and your business must be there too. This is for true startupsyour business must have earned less than $10,000.
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Begin Application Or Log Into Your Current Application
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- Annual gross receipts: $25,000 $49,999.99: Award is $5,000 / business
- Annual gross receipts: $50,000 $99,999.99: Award is $10,000 / business
- Annual gross receipts: $100,000 $2,500,000 : Award is 10% of gross receipts
Other Eligibility Requirements For Grant Applications
Your business must also be viable, which means you can show you had positive net profit in 2019 based on your 2019 federal tax return. You also have to show that you suffered economic hardship due to the COVID-19 pandemic or health and safety protocols. In order to determine the hardship, youll have to show a loss of gross receipts from 2019 through the pandemic.
The size of your business is important to help determine your eligibility, too. Small businesses and micro-businesses must be independently owned and operated and not dominant in their field. Small businesses must also employ 100 or fewer people while micro-businesses are limited to 10 or fewer people.
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What Is The New York State Covid
While COVID-19 is still an active threat to many small businesses well into 2022, most pandemic economic recovery programs, like the Small Business Administrations Paycheck Protection Program loans and Economic Injury Disaster Loans from 2020 and 2021, have stopped accepting applicants. But New York State still has one program available to help struggling businesses who are recovering from the impacts of the COVID-19 pandemic: The New York Small Business Recovery Grant Program.
Started in August 2021, this grant program was created for small businesses, micro-businesses, and for-profit independent arts and cultural organizations in New York State. Its aim is to provide these businesses with economic assistance for hardship from the COVID-19 pandemic.
Unlike a PPP loan or other recovery loan, these grants do not have to be repaid. But there are certain eligibility requirements that all applicants must meet to be considered for the grants.
Global Ny State Trade Expansion Program
Amount of Grant: Up to $6,000Deadline: OngoingThe Global NY State Trade Expansion Program provides grants to small businesses entering the export market. Funds can be used for virtual services, compliance testing, export training workshops, international marketing campaigns, foreign market sales trips and trade shows. Businesses at least a year old that manufacture, assemble and/or distribute a product or provide an exportable service can apply.
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Helping Nys Businesses Build Back
Were here to help New York States small businesses reimagine, rebuild and renew. Find out more about our Business Pandemic Recovery Initiative programsincluding $800 million in state funding for small businesses. And find a statewide network of centers staffed by people who can walk you through how to apply. See below for details.
Eligibility For New York Small Business Recovery Grants
First and foremost, in order to qualify for a New York Small Business Recovery Grant, you need to be a small business, microbusiness, or for-profit independent arts or cultural organization that is resident, incorporated, licensed, or registered to do business in New York State. To be considered eligible, your business had to be up and running by March 1, 2019 and still be running when you apply .
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What You Can Do To Help
Small businesses need all types of technical assistance. From addressing accessibility to marketing and beyond. Here are the areas in which grant funding can be used:
- creating and printing of collateral material and other outreach materials
- assessing business sentiment and resource needs such as survey of businesses
- staffing costs for incremental outreach, education and technical assistance to aid businesses in complying with federal, state and local regulations
- language/accessibility assistance for non-English speaking businesses
- increasing and expanding diversity among business owners and organizational leadership.
Small Business Recovery Grant Program Faqs
Below is a list of Frequently Asked Questions about the FHLBNYs COVID-19 Small Business Recovery Grant program. In many cases, the answers are shorthand clarifications. The full detail and the governing rules can be found in the COVID-19 SBRG Program Guidelines. If further clarifications are needed, please contact .
Select a heading to view questions and answers:
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Small Business Recovery Grant Program
Tuesday, June 8, 202111:00 AM – 12:00 PMvia Zoom
Governor Cuomo recently announced the $800 million small business recovery grant program which will provide funding to small and micro businesses and small for-profit independent arts and cultural organizations to help them recover from the economic impact of the pandemic.
Grants will be for a minimum award of $5,000 and a maximum award of $50,000 and will be calculated based on a New York State business’ annual gross receipts for 2019. Priority will be given to socially and economically disadvantaged business owners, including minority- and women-owned business enterprises, service-disabled veteran-owned businesses and veteran-owned businesses, and businesses located in economically distressed communities.
Empire State Development has a website to highlight the various resources available to support small businesses seeking pandemic relief and is presenting informational webinars for businesses in advance of the June 10, 2021 grant application launch date.
How Much Funding Can I Get From New Yorks Covid Grant
Your businessâs annual gross receipts for 2019 will be used to calculate your grant.
For businesses with annual gross receipts between $25,000 â $49,999.99, the grant is $5,000 per business.
For annual gross receipts between $50,000 â $99,999.99, businesses are eligible for awards of $10,000 per business.
For businesses with annual gross receipts between $100,000 â $500,000, awards will be 10% of gross receipts, to a maximum grant of $50,000.
The minimum grant amount available is $5,000 and the maximum amount is $50,000.
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What Are The Requirements
To qualify for our New York small business recovery grant program, grantees must provide direct technical support for small main street businesses in one or more of the following areas:
- assistance in applying for loans, grants or other assistance
- guidance in implementing local, state and/or federal regulations
- linking small businesses with existing resources
- providing resources for business startups and the local entrepreneurial ecosystem.
In addition, grantees will track, report and evaluate impacts on the businesses receiving the technical assistance, including:
- number of business districts served
- number of businesses contacted
- number of employees in those businesses
- specific resources and assistance provided to each business
- other outcomes outlined in a specific proposal.
Which Businesses Are Ineligible For Funding
- All non-profits, churches, and other religious institutions
- Government-owned entities or elected official offices
- Businesses primarily engaged in political or lobbying activities
- Businesses that received awards from the SBA Restaurant Revitalization Fund Grant Program
- Landlords and passive real estate income businesses
- Illegal businesses or enterprises
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New York Foundation Grant
Amount of Grant: $40,000Deadline: March 1, July 1To qualify for a New York Foundation Grant, you must first submit an initial funding request. Businesses that move to the next round are invited to submit a full proposal for funding. The foundation supports businesses located in NYC that address the critical needs of specific populations, such as youth or the elderly. Program staff also look for companies that work on advocacy and organizing communities.
What Funding Is Available From The Small Business Grant Program
New York state small business grant awards are based on the 2019 annual gross receipts of an eligible business. There are three grant levels in the program.
- $5,000 per business for annual gross receipts between $25,000 and $49,999
- $10,000 per business for annual gross receipts between $50,000 and $99,999
- 10% of annual gross receipts for businesses with annual gross receipts between $100,000 and $500,000
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Ineligible Businesses For New York Small Business Recovery Grants
Certain business types are ineligible for the grants, including non-profits, churches, or religious institutions. Businesses or entities that are owned by the government, offices of elected officials, and businesses engaged in lobbying or political activities are also ineligible. Landlords and passive real estate businesses cannot apply, and neither can illegal businesses. Other business types or industries may be deemed ineligible as specified by Empire State Development .
Youll need to make sure you dont owe any federal, state, or local taxes prior to July 15, 2020 . And you must be in substantial compliance with applicable laws, regulations, codes, and requirements for local, state, and federal codes.
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PLEASE NOTE: Lendistry is the sole entity designated as the Administrator of the New York State COVID-19 Pandemic Small Business Recovery Grant Program . This site and other websites available on or through this site are the only approved websites designated for the administration of the Program. Any other website purporting to administer or otherwise act as an Administrator in connection with the Program may be fraudulent. As such, you should exercise caution and avoid providing any information in connection with the Program on or through any website other than the Designated Sites. Further, neither Lendistry nor any of its partners will charge any fees to apply for a grant under the Program and we recommend that you avoid any third-parties purporting to charge fees for you to apply.
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