Expanded eligibility for $800M in Covid-19 smaller business enterprise grants

Small organizations with revenues up to $2.5 million and dealing with money hardship due to COVID-19 are inspired to implement for grants of up to $50,000.

Governor Kathy Hochul has declared changes to New York State’s $800 million COVID-19 Pandemic Smaller Company Restoration Grant Application that will enable a lot more little organizations to use for funding. Starting off right away, organizations with revenues up to $2.5 million can use for grants, up from the prior threshold of $500,000. Furthermore, the limitation for companies that obtained Federal Paycheck Safety System loans has been improved from $100,000 to $250,000.  

Launched in June, the system to begin with concentrated on small and micro-corporations across New York Condition, which had been mainly left out of federal enterprise recovery initiatives. Empire Condition Progress (ESD) and its associates have labored tough to make certain that these enterprises have the specialized support — including assistance through the software procedure and help to triumph over language boundaries — they need to be 1st in line for this software. To date, more than $48 million has been awarded to more than 2,380 small and micro-corporations in all 10 areas of the state. The modifications introduced right now guarantee added smaller companies can a lot more rapidly accessibility funding by means of the program.