Governor Cuomo proposes legislation to remove taxes on funding for the $ 800 million COVID-19 pandemic small business stimulus grant program
Governor Andrew M. Cuomo today proposed legislation to remove subsidy taxes from the $ 800 million COVID-19 Small Business Stimulus Grant program. Applications for the program will be accepted from June 10 for small and micro businesses and small independent for-profit arts and culture organizations to help them recover from the economic impact of the pandemic.
âSmall businesses have long been the backbone of New York State’s economy, but have been devastated by the COVID-19 pandemic, and it was vitally important that the state stepped up to help this sector. critical ” Governor Cuomo said. “We want to make sure that the full $ 800 million COVID-19 Small Business Recovery Grant Program is available to help beneficiaries, and this legislation will eliminate state taxes on that funding.” so we can put every dollar in corporate pockets and help rebuild New York’s economy for the future. “
Flexible grants of up to $ 50,000 will be made available to eligible small businesses and can be used for operating expenses including salaries, rent 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% of the state’s certified MWBEs.
Small Business Takeover Grant Program
The Small Business Recovery Grants Program will provide funding to small and micro-enterprises and independent for-profit arts and culture organizations to help them recover from the economic impact of the pandemic, with priority given to socially and economically disadvantaged business owners, including minorities – and women-owned businesses, disabled veteran-owned and veteran-owned businesses, and businesses located in economically struggling communities.
Grants will have a minimum award of $ 5,000 and a maximum award of $ 50,000 and will be calculated based on the annual gross revenue of a New York State business for 2019. Related Reimbursable Expenses to COVID-19 must have been initiated between March 1, 2020 and April 1, 2021 and may include:
- Personnel costs
- Commercial rent or mortgage payments for a NYS-based property
- Payment of local property or school taxes
- Insurance costs
- Utility costs
- Costs of personal protective equipment necessary to protect the health and safety of workers and consumers
- Heating, ventilation and air conditioning costs
- Other machinery or equipment costs
- Supplies and materials required to comply with COVID-19 health and safety protocols