Governor Kathy Hochul is expanding eligibility for $800 million available through a program to help small businesses with fallout and recovery from the coronavirus pandemic.
Businesses with revenues up to $2.5 million in 2019 can apply for grants and increasing the ceiling on how much businesses could get through the Paycheck Protection Program. Previously, they were limited to $100,000, but under Hochul’s expansion, that limit will be $250,000.
Over $48 million has been dispersed so far to more than 2,380 businesses in New York. It’s part of a small business recovery program the state launched in June.
Here’s how it works: The minimum award for any qualifying small business will be $5,000, with the maximum being $50,000. Funding can be used to reimburse expenses such as payroll, mortgage or rent payments, tax payments, insurance, and even personal protective equipment, which was essential during the pandemic.
“Supporting the small businesses across our state that got hit hard by the pandemic is a top priority for my administration,” Hochul said. “We simply cannot have a full economic recovery if the small business community continues struggling to survive. With the Pandemic Small Business Recovery Grant Program opening up to a greater pool of businesses, I strongly urge all the owners who qualify to submit their applications so they can access this funding.”
You can learn more about the program by clicking here.