A small business grant program with up to $800 million in funding to help businesses recover from the financial toll of the pandemic will be up and running June 10.
Small businesses, micro businesses and small, for-profit, independent arts and cultural organizations are eligible to apply for flexible grants of up to $50,000, with a minimum of $5,000, Gov. Andrew Cuomo said in a statement.
Funds may be used for payroll, rent payments, mortgage payments, taxes, utilities and HVAC costs, insurance costs, utility costs, general equipment, personal protective equipment or other operating expenses incurred between March 1, 2020 and April 1, 2021.
Priority will be given to social and economically disadvantaged business owners.
In addition, $2.7 billion will also be made available to New Yorkers struggling to pay rent for their homes, through the New York State Emergency Rental Assistance Program. Of the total, $2.6 billion comes from federal funding and the remaining $100 million coming from the state.
The program starts June 1 and is being administered by the state’s Office of Temporary and Disability Assistance and is expected to disburse funding to between 170,000 and 200,000 households.
The funding may assist with or cover payment of up to 12 months’ rent past due, three months of assistance for prospective rentals and/or 12 months of utility arrears payments, for households at risk of homelessness or housing instability and that earn at or below 80 percent of area median income.
To be able to accept the assistance, landlords must agree to waive any late-fees charged to the tenant from past-due rent. For a one-year period, they must also agree to not increase the tenant’s rent or evict them, except in limited circumstances.
“This critical funding will help ensure New Yorkers who are experiencing financial hardship through no fault of their own will not be thrown onto the streets, while also providing stability for small businesses so they can help play a role in New York’s economic resurgence,” Cuomo said.
