The $800 million COVID-19 Pandemic Small Business Recovery Grant Program included as part of the state budget this year, provides grant funding to small businesses and for-profit independent arts and cultural organizations impacted by the pandemic. The grants will be flexible and can be used for a number of different business needs, including payroll, rent or mortgage payments, taxes, utilities, PPE or other business expenses incurred between March 1, 2020 and April 1, 2021. While the program details are still being finalized, it will be open to New York State small businesses and for-profit independent arts and cultural organizations with 100 or fewer employees that can demonstrate COVID-related revenue losses.
The grants may be used for COVID-19 related expenses incurred between March 1st, 2020 and April 1st, 2021, including:
- Payroll costs
- Commercial rent or mortgage payments
- Payment of certain taxes
- General operating expenses, including insurance costs; utility costs; costs of personal protection equipment (PPE) heating, ventilation, and air conditioning (HVAC) costs, other machinery or equipment costs, or supplies and materials necessary for compliance with COVID-19 health and safety protocols.
While program details are still being finalized, this list of documentation requirements will help prepare you to apply for the COVID-19 Pandemic Small Business Recovery Grant Program:
- For proof of revenue loss or other economic hardship: 2019 and 2020 Business Income Tax returns
- For partnerships – include IRS Form 1065 and Schedule K-1
- For sole proprietors – include IRS Form 1040 Schedule C
- Completed IRS Form 4506-T
- Proof of business location and current operation (two of the following: current lease, utility bill, current business bank statement, current business mortgage statement, business credit card statement, professional insurance bill, payment processing statement, NYS ST-809 or ST-100 sales tax collection documentation).
- Schedule of ownership (listing of names, addresses, Social Security numbers, phone numbers, e-mails, percentage ownership, and photo ID for any owners with more than 20% ownership of business).
- Proof of number of employees: Most recently submitted NYS-45 document for employer firms.
- For funds distribution: IRS Form W-9 and bank account information