On September 13, 2022, Governor Hochul announced that applicants of the New York State COVID-19 Pandemic Small Business Recovery Grant Program no longer need to demonstrate positive net profit on their 2019 Business Return ($1 or greater) or at least a twenty-five percent (25%) loss in annual gross receipts in a year-to-year revenue comparison as of December 31, 2020, to the same period in 2019, in each case, as reflected on Grantee’s 2019 and 2020 filed federal tax returns, including any 2020 Pandemic Unemployment Assistance, Federal Pandemic Unemployment.
As a result, existing applicants will be re-examined for eligibility and contacted by Lendistry, the grant administrator, via email if they are now eligible. If an application was already submitted, new applications will not be needed. Existing applicants that submit a new application may be detected as potential fraud and disrupt the re-examination process.
However, if a business didn’t submit an application based on the previous requirements, they can now submit an application. The program will continue to process applications currently in the pipeline, and will close on September 30, 2022.
All applications in progress must be fully completed with all required documents and banking information uploaded by 11:59 p.m. EDT on September 30, 2022, to be considered for a grant.
For more information and the application portal please visit: https://nysmallbusinessrecovery.com/