New Business Assistance Program

New Business Assistance Program

NEW YORK STATE – New York State announced last week that the application portal for the nation’s first seed funding grant program, created as part of the fiscal year 2023 budget, opened on 14 september. The program offers flexible grants to support start-ups, micro and small businesses. The program aims to help small businesses that opened shortly before or during the COVID-19 pandemic.
“This seed funding grant program, the first in the nation, complements $1 billion in flexible funding to support both start-up and established small and micro businesses,” Governor Kathy Hochul said. “Businesses in New York were among the hardest hit nationally during the height of the pandemic, but with this funding, we are extending a lifeline to help them continue to grow and operate. I encourage all New York business owners to take full advantage of this and be a part of New York’s remarkable recovery.”
This program builds on New York State’s existing $800 million Pandemic Small Business Recovery Grant program, which has provided more than $639 million to more than 35,000 small businesses since its launch. Last year. Empire State Development will expand eligibility for the program, allowing more small businesses to access financing by removing the requirement for businesses to show a twenty-five percent loss in annual gross revenue from 2019 to 2020. This extension of eligibility is in addition to previous changes to the program. break-even requirements and revenue thresholds, aimed at serving more small businesses. The program, which will continue to process applications currently in process, will end when funding ends on September 30.
Seed Funding Grant Program:
The new Seed Funding Grant Program is designed to support small businesses, micro-businesses, and independent for-profit arts and culture organizations in New York State that began operations on or after September 1, 2018 and that have been operational for at least six months before an application is submitted. Applicants must have between $5,000 and $1 million in gross revenue per year, as reported on their most recent federal business tax return. More detailed guidelines are available at nyseedgrant.com.
Rewards for eligible businesses are based on their 2020 or 2021 tax returns. Businesses with gross receipts between $5,000 and $49,999.99 are eligible to receive $5,000 per business. Businesses with gross receipts between $50,000 and $99,999.99 are eligible to receive $10,000 per business. Businesses with gross receipts between $100,000 and $1 million will receive ten percent of their gross receipts with a maximum grant amount of $25,000 per business. Eligible applicants who have not yet filed a federal tax return can receive $5,000 per business.
Small Business Pandemic Recovery Grant Program:
Businesses that have started but not yet completed their current application for the Small Business Pandemic Recovery Grant Program must submit all necessary information by 5:00 p.m. on September 30. Recognizing the diverse challenges small business owners face, New York State is providing one-on-one assistance, webinars, a call center, and materials in fourteen languages ​​to ensure better access to this critical funding. Additionally, ESD’s network of partner organizations that provide support services to entrepreneurs and small businesses will assist with applications for pandemic relief grants and loans. More information can be found at esd.ny.gov/organizations-available-to-help-companies.
Empire State Development (ESD) is New York’s primary economic development agency (www.esd.ny.gov). ESD’s mission is to promote a strong and growing economy, encourage the creation of new jobs and economic opportunities, increase state and municipal revenues, and achieve local economies. stable and diverse. Through the use of loans, grants, tax credits, and other forms of financial assistance, ESD works to enhance private business investment and growth to spur job creation and supporting thriving communities in New York State. The ESD is also the primary administrative agency overseeing New York State’s Regional Economic Development Boards and the marketing of “I LOVE NY”, the state’s iconic tourism brand. For more information on regional councils and Empire State Development, visit www.regionalcouncils.ny.gov and www.esd.ny.gov.

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