As we are still living in a world impacted by Covid-19, it’s been challenging for businesses to continue to fully recover. Below are a selection of federal and local financial resources that provide assistance to businesses impacted by the pandemic. Learn more through the links below to find out if any of these programs are a good fit!
Financial Assistance for Businesses:
New York State COVID-19 Pandemic Small Business Recovery Grant Program
This program provides grant assistance to currently viable small businesses, micro-businesses and for-profit independent arts and cultural organizations in the State of New York who have experienced economic hardship due to the COVID-19 pandemic. Based on the amount of a business’s annual gross receipts for 2019, awards will range from $5,000, $10,000 and $20,000.
Economic Injury Disaster Loan (EIDL)
EIDL provides two options:
1. Covid-19 EIDL is a Federal small business loan program supports small businesses’ recovery from the COVID-19 disaster’s economic impacts by providing accessible and borrower-friendly capital
2. EIDL Advanced Program is for the hardest hit businesses and allows eligible applicants of the original EIDL to receive up to $15,000 in funding from SBA that does not need to be repaid. These "advances" are similar to a grant, but without the typical requirements that come with a U.S. government grant.
NYS Restaurant Return-to-Work Tax Credit
The $35 million Restaurant Return-to-Work Tax Credit Program provides an incentive to COVID-impacted restaurants to bring restaurant staff back-to-work, and to increase hiring at NYS restaurants. Qualifying businesses are eligible for a tax credit of $5,000 per new worker hired, up-to $50,000 per business.
The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before January 1, 2021. Eligible employers can get immediate access to the credit by reducing employment tax deposits they are otherwise required to make. Also, if the employer's employment tax deposits are not sufficient to cover the credit, the employer may get an advance payment from the IRS.
SBA PPP Direct Forgiveness Portal
For PPP Loans of less than $150,000, SBA has created a portal to streamline forgiveness processing for PPP borrowers. After registration, you may use this streamlined process to automatically submit your forgiveness request to your lender.
The Grand Street BID continues to partner with Start Small Think Big, a registered non-profit, to offer significant free legal, financial, and marketing assistance to Grand Street businesses. Please take advantage of this free legal service to help navigate any of these financial aid processes.