New York state has $3.5 billion in assistance for renters and small businesses experiencing financial hardship as a result of the COVID-19 pandemic.
The rental assistance program makes up to $2.7 billion in emergency rental assistance available for struggling New Yorkers impacted by the COVID-19 pandemic.
Administered by the state Office of Temporary and Disability Assistance, the state Emergency Rental Assistance Program will provide assistance with up to 12 months of past-due rent, 3 months of prospective rental assistance and 12 months of utility arrears payments to eligible New Yorkers, regardless of immigration status. The program is expected to serve between 170,000 and 200,000 households.
The small business recovery grant program makes up to $800 million in funding available for small businesses to help them recover from the economic impact of the pandemic. Applications for the program will be accepted starting June 10 for small and micro businesses and small for-profit independent arts and cultural organizations to help them recover from the economic impact of the pandemic.
Flexible grants up to $50,000 will be made available to eligible small businesses and can be used for operating expenses, including payroll, rent or mortgage payments, taxes, utilities, personal protective equipment, or other business expenses incurred during the pandemic. Over 330,000 small and micro businesses are potentially eligible for this program, including 57 percent of the State’s certified MWBEs.
Cuomo also announced phase two of the Reimagine, Rebuild, Renew campaign will launch to make small businesses and residents who have been financially impacted by the pandemic aware of the many relief and recovery programs that are available in New York state.
“New Yorkers and small businesses in every corner of the State were devastated by the pandemic, and as we continue to recover and rebuild we need to make sure they have the resources they need get back on their feet and succeed in a new, reimagined economy,” Governor Cuomo said. “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.”
The small business recovery grant program will provide funding to small and micro businesses and small for-profit independent arts and cultural organizations to help them recover from the economic impact of the pandemic, with priority being given to socially and economically disadvantaged business owners, including minority- and women-owned business enterprises, service-disabled veteran-owned businesses and veteran-owned businesses, and businesses located in economically distressed communities.
Grants will be for a minimum award of $5,000 and a maximum award of $50,000 and will be calculated based on a New York State business’ annual gross receipts for 2019. Reimbursable COVID-19 related expenses must have been incurred between March 1, 2020 and April 1, 2021 and can include: Payroll costs; commercial rent or mortgage payments for NYS-based property; payment of local property or school taxes; insurance costs; utility costs; costs of personal protection equipment (PPE) necessary to protect worker and consumer health and safety; heating, ventilation, and air conditioning (HVAC) costs; other machinery or equipment costs, and supplies and materials necessary for compliance with COVID-19 health and safety protocols
ESD has created a website, NYSBusinessRecovery.ny.gov, to highlight the various resources available to support small businesses seeking pandemic relief. The website will be continuously updated as more details and funding information as it becomes available.