The Coronavirus Small Business Recovery Grant Program is an economic grant designed to revitalize the economy and help New York State's economic recovery.
The grant aims to provide flexible assistance to viable small businesses, small businesses, and for-profit independent arts and cultural organizations including independent art contractors in New York State who have faced economic hardship due to the COVID-19 pandemic.
What's the amount of the New York State COVID-19 Pandemic Small Business Recovery Grant?
Grants are calculated and estimated according to the annual turnover and the amount of business receipts.
As the percentage of receipts increases, the amount of the business grant will rise exponentially.
The grant awards will be calculated based on a business’s annual gross receipts.
Grant amounts and calculations are subject to change by Empire State Development.
- 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 (maximum grant is $50,000)
What are the requirements to apply for the New York Business grant ?
You need to prepare the following documents:
1- PROOF OF GROSS RECEIPTS LOSS OR OTHER ECONOMIC HARDSHIP.
2- PROOF OF BUSINESS ORGANIZATION.
3- PROOF OF BUSINESS LOCATION AND CURRENT OPERATION
4 - SCHEDULE OF OWNERSHIP
5- PROOF OF NUMBER OF EMPLOYEES
6- W-9 and bank account information FOR FUNDS DISTRIBUTION
Source of information: the website of "nysmallbusinessrecovery"