ALBANY, N.Y. (WROC) — Gov. Kathy Hochul announced an expansion of New York’s COVID-19 Recovery Grant for small businesses Wednesday. The new changes will allow more store owners to apply for funding.
New York’s $800 million COVID-19 Small Business Recovery Grant was originally capped for businesses with revenues up to $500,000. Gov. Hochul’s new expansion will change that threshold to $2.5 million.
“Supporting the small businesses across our state that got hit hard by the pandemic is a top priority for my administration,” Gov. Hochul said in a statement. “We simply cannot have a full economic recovery if the small business community continues struggling to survive.”
Since the beginning of August, more than $48 million has been awarded to more than 2,380 small and micro-businesses state-wide.
The altered salary cap will allow more businesses to recover from the loses faced under the COVID-19 pandemic. Applications for the program will be processed Sept. 8, with available grants up to $50,000.
“With the Pandemic Small Business Recovery Grant Program opening up to a greater pool of businesses,” Gov. Hochul said in a statement. “I strongly urge all the owners who qualify to submit their application so they can access this funding.”
In addition to the new salary cap, the limitation for businesses that received Federal Paycheck Protection Program loans has been increased from $100,000 to $250,000.