New York State $800M Small Business Recovery Grant Eligibility, Required Documents & Lendistry

New York State (NYS) is giving $800 million in COVID-19 pandemic small business recovery grants, Gov. Andrew Cuomo announced.

Businesses that had COVID-19-related difficulties between March 1, 2020, and April 1, 2021 can get up to $50,000 from the state.

“Small businesses are one of the most critical components of New York‘s economy and were disproportionately impacted by the economic devastation resulting from the COVID-19 pandemic,” Governor Cuomo said.

“As we build New York back better than it was before, this program will help these small businesses -particularly those with socially or economically disadvantaged owners -regain an economic foothold so they can forge ahead toward a brighter, more prosperous future.”

According to the state, this initiative may benefit over 330,000 small and micro companies, including 57 percent of the state’s recognized MWBEs.

Why NYS $800M Small Business Recovery Grant was Created

The New York State COVID-19 Pandemic Small Business Recovery Grant Program was established to provide flexible grant assistance to currently viable small businesses, microbusinesses, and for-profit independent arts and cultural organizations in the state of New York that have faced financial hardship as a result of the COVID-19 pandemic.

NYS $800M Grant Eligibility (Small Business)

According to the state, Small enterprises, microbusinesses, and for-profit independent arts and cultural groups (collectively, “Eligible Applicants”) must be currently viable, have started operations on or before March 1, 2019, and continue to be in existence as of the application deadline (may be shuttered due to COVID restrictions).

Small businesses and Micro-businesses must:

  • Have 2019 or 2020 Gross Receipts of between $25,000 and $500,000 per annum (line 1a, IRS Form 1120 or 1065; line 1 IRS Form 1040 Schedule C).
  • Demonstrate positive net profit on 2019 Business Return ($1 or greater) (line 28, IRS Form 1120 (line 21, IRS Form 1120S); line 22, IRS Form 1065; or line 31, IRS Form 1040 Schedule C).
  • Demonstrate at least 25% loss in annual Gross Receipts in a year-to-year revenue comparison as of December 31, 2020 to the same period in 2019.
  • Demonstrate that total expenses on 2020 Business Income Return are greater than the grant amounts.
  • Be in substantial compliance with applicable federal, state and local laws, regulations, codes and requirements.
  • Not owe any federal, state, or local taxes prior to July 15, 2020, or have an approved repayment, deferral plan, or in agreement with appropriate federal, state, and local taxing authorities.
  • Not have qualified for business grant assistance programs under the federal American Rescue Plan Act of 2021 or any other available federal COVID-19 economic recovery or business assistance grant programs, including loans forgiven under the federal Paycheck Protection Program, or are unable to obtain sufficient business assistance from such federal programs. Eligible Applicants may have received or been awarded the following federal assistance:
    • Paycheck Protection Program loans totaling $100,000 or less.
    • COVID-19 EIDL Advance Grant of $10,000 or less.
    • COVID-19 EIDL Supplemental Targeted Advance Grant of $5,000 or less.
    • SBA Shuttered Venue Operator Grant.

Ineligible Businesses

  • All Non-Profits, Churches and other religious institutions
  • Government-owned entities or elected official offices
  • Businesses primarily engaged in political or lobbying activities
  • Businesses that received awards from the SBA Restaurant Revitalization Grant Program
  • Landlords and passive real estate businesses
  • Illegal businesses or enterprises
  • Other industry or business types as specified by Empire State Development

According to the governor’s office, the funding will be used to aid with these costs.

  • Payroll costs
  • Commercial rent or mortgage payments for NYS-based property
  • Payment of local property or school taxes
  • Insurance costs
  • Utility costs
  • Costs of personal protection equipment necessary to protect worker and consumer health and safety
  • Heating, ventilation, and air conditioning cost
  • Other machinery or equipment costs
  • Supplies and materials necessary for compliance with COVID-19 health and safety protocols

NYS $800M Grant Required Documents

  1. For proof of Gross Receipts loss or other economic hardship: 2019
    and 2020 Business Income Tax returns
    • For corporations and LLCs – IRS Form 1120
    • For partnerships – IRS Form 1065 and Schedule K-1s
    • For sole proprietors – IRS Form 1040 and Schedule C
    NOTE: Full, filed federal tax returns for 2019 and 2020 are
    required
  2. Completed IRS Form 4506-C (if requested by Lendistry)
  1. Proof of business location and current operation (must provide
    two (2) 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
  1. Schedule of ownership: Listing of names, addresses, Social
    Security Numbers (for non-U.S. owners, Individual Taxpayer
    Identification Number) , phone numbers, e-mails, percentage
    ownership, and photo ID for any owners with 20% or more
    ownership of the business:
    • To complete the application for the grant, owner/applicant
    must be at least a 20% owner and provide listing of name,
    address, Social Security Number or for non-U.S. owners,
    Individual Taxpayer Identification Number, phone number, emails, percentage ownership, and photo ID.
    • To complete the funding of grant, applicant must submit
    schedule of ownership information for all owners with 20%
    or more ownership of business: listing of names, addresses,
    Social Security Numbers or for non-U.S. owners, Individual
    Taxpayer Identification Number, phone numbers, e-mails,
    percentage ownership, and photo ID.
    • Non-U.S. owners are subject to Individual Taxpayer
    Identification Number verification through IRS Form CP565.
  1. Proof of number of employees: Most recently submitted NYS-45
    document for employer firms.
  2. Proof of Business Organization (provide only one (1) of the
    following):
    • Current Business License
    • Current Business Certificate
    • Certificate of Organization
    • Certificate of Assumed Name (DBA)
    • NYS Certificate of Authority
    • Articles of Incorporation
    • NYS municipality issued document showing authorization to
    operate in NYS.
  3. For funds distribution: IRS Form W-9 and bank account
    information.

New York State $800M Recovery Grant & Lendistry

Lendistry, the country’s only fintech Community Development Financial Institution (CDFI), announced today that it has been chosen to administer a new COVID-19 small business recovery grant program throughout New York State, with a focus on historically underserved businesses that have been disproportionately impacted by the pandemic.

“Being selected by Empire State Development for the New York State COVID-19 Pandemic Small Business Recovery Grant Program shows our dedication to helping small businesses across the US and represents another opportunity for Lendistry to show its scale in deploying capital to those in need.” Lendistry CEO, Everett K. Sands, said.

You can apply by clicking here.

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