Governor Andrew M. Cuomo today proposed law to waive taxes on grants from the $ 800 million COVID-19 Pandemic Small Business Recovery Grant Program. Applications for the program will be accepted from June 10th for small and micro businesses and small for-profit independent arts and cultural organizations to help them recover from the economic impact of the pandemic.
“Small businesses have long been the backbone of New York State’s economy but have been devastated by the COVID-19 pandemic and it was vital that the state help this critical sector,” he said. said Governor Cuomo. “We want to make sure that all of the $ 800 million COVID-19 Pandemic Small Business Recovery Grant program is available to help the fellows, and this legislation will eliminate state taxes on that funding so that we can save every single dollar can flow into corporate pockets and help rebuild New York’s economy for the future. “
Flexible grants of up to $ 50,000 are made available to eligible small businesses and can be used for business expenses, including payroll, rental or mortgage payments, taxes, utilities, personal protective equipment, or other business expenses incurred during the pandemic. More than 330,000 small and micro enterprises are potentially eligible for this program, including 57 percent of the state-certified MWBEs.
Small Business Recovery Program
The Small Business Recovery Grant Program 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, giving priority to socially and economically disadvantaged business owners, including minorities – and women-run commercial enterprises, disabled veteran and veteran businesses, and businesses in economically distressed communities.
Grants are a minimum of $ 5,000 and a maximum of $ 50,000 and are calculated based on the gross annual revenue of a New York state company for 2019. Eligible COVID-19-related expenses must be incurred between March 1, 2020 and April 1, 2021 and may include:
- Labor costs
- Commercial rentals or mortgage payments on NYS real estate
- Payment of local property or school tax
- Insurance costs
- operating cost
- Cost of personal protective equipment required to protect the health and safety of workers and consumers
- Costs for heating, ventilation and air conditioning
- Other machine or equipment costs
- Supplies and materials necessary for compliance with COVID-19 health and safety protocols