Governor Kathy Hochul today announced changes to New York State’s $800 million COVID-19 Pandemic Small Business Recovery Grant Program that will enable more small businesses to apply for funding. Starting today, businesses with revenues up to $2.5 million can apply for grants, up from the previous threshold of $500,000. Additionally, the limitation for businesses that received Federal Paycheck Protection Program loans has been increased from $100,000 to $250,000.
Launched in June, the program initially focused on small and micro-businesses across New York State, which were largely left out of federal business recovery initiatives. Empire State Development and its partners have worked hard ensure that these businesses have the technical assistance – including guidance during the application process and support to overcome language barriers – they need to be first in line for this program. To date, more than $48 million has been awarded to over 2,380 small and micro-businesses in all ten regions of the state. The modifications announced today ensure additional small businesses can more quickly access funding through the program.
ESD and Lendistry, the minority-led Community Development Financial Institution that was selected to administer the program, will continue to accept and review applications. All current applicants – those who have not finished their applications, have not uploaded documents or have incomplete documentation – are encouraged to finalize their applications as soon as possible. Previously ineligible small businesses may start applying today, and those applications will start being processed on Wednesday, September 8.
Did you know that the North Country Chamber of Commerce has a dedicated staff member to help you sort out several grant details. Contact Raechell at raechell@northcountrychamber.com or 518.563.1000 for information and details.