There is approximately $200 million left in the $800 million COVID Small Business Recovery Grant Program. The eligibility requirements for the Program were updated on 07.21.22, and the demonstration of positive net profit on 2019 Business Return ($1 or greater) will no longer be considered.  This was a barrier that is finally removed which should open up opportunities for many small businesses.   Existing applicants will be reexamined and contacted by Lendistry (the program administrator). Applicants DO NOT need to fill out another application if they have already applied.

More information is available here https://nysmallbusinessrecovery.com/

Small businesses and Micro-businesses MUST:

  1. Have 2019 or 2020 Gross Receipts of between $25,000 and $2,500,000 per annum
  • line 1a, IRS Form 1120 or 1065;
  • line 1, IRS Form 1040 Schedule C
  • sum of line 1a + line 2, IRS Form 1040 Schedule F
  1. Demonstrate at least a twenty-five percent (25%) loss in annual gross receipts in a year-to-year revenue comparison as of December 31, 2020 to the same period in 2019, in each case, as reflected on Grantee’s 2019 and 2020 filed federal tax returns,  including any 2020 Pandemic Unemployment Assistance, Federal Pandemic Unemployment.
  • Loss to be calculated based on the difference between line 1a on IRS Form 1120 or 1065 (line 1 on IRS Form 1040 Schedule C), or the sum of line 1a + line 2 on IRS Form 1040 Schedule F reported on 2019 federal tax return and line 1a on IRS Form 1120 or 1065 (line 1 on IRS Form 1040 Schedule C), or the sum of line 1a + line 2 on IRS Form 1040 Schedule F reported on the 2020 federal tax return (in each case covering the same period). The calculated value must show a reduction of 25% year over year. Businesses with a partial tax year in 2019 will calculate a 25% loss based on the comparable number of months in 2020.
  1. Demonstrate that the total business expenses on the 2020 business income return are greater than the grant amounts.
  • Total expenses calculation versus proposed grant amount will be based on business expenses reported on 2020 federal tax return submitted by the applicant.
  1. Not have qualified for business grant assistance programs under the federal American Rescue Plan Act of 2021 or any other available federal COVID-19 economic recovery or business assistance grant programs, including loans forgiven under the federal Paycheck Protection Program, or are unable to obtain sufficient business assistance from such federal programs.
  • Eligible Applicants may have received or been awarded the following federal assistance:
  • Paycheck Protection Program loans totaling $250,000  or less.
  • COVID-19 EIDL Advance Grant of $10,000 or less.
  • COVID-19 EIDL Supplemental Targeted Advance Grant of $5,000 or less.
  • SBA Shuttered Venue Operator Grant.

Please share this information with those you may know who could qualify!