Governor Hochul Announces Expanded Eligibility for the $800 Million COVID-19 Pandemic Compact Organization Restoration Grant System

Governor Kathy Hochul today announced changes to New York State’s $800 million COVID-19 Pandemic Modest Small business Recovery Grant Plan that will allow much more smaller enterprises to use for funding. Commencing these days, organizations with revenues up to $2.5 million can apply for grants, up from the former threshold of $500,000. Moreover, the limitation for businesses that been given Federal Paycheck Safety Program loans has been increased from $100,000 to $250,000.   

“Supporting the small firms across our point out that acquired strike challenging by the pandemic is a leading priority for my administration,” Governor Hochul explained. “We basically cannot have a comprehensive economic recovery if the smaller company group proceeds battling to survive. With the Pandemic Small Company Restoration Grant Application opening up to a larger pool of companies, I strongly urge all the homeowners who qualify to submit their software so they can accessibility this funding.”

Released in June, the method at first targeted on tiny and micro-corporations across New York Condition, which were being mostly still left out of federal organization recovery initiatives. Empire Point out Improvement and its companions have labored hard assure that these enterprises have the complex guidance – like assistance during the software procedure and assist to defeat language boundaries – they have to have to be very first in line for this application. To day, much more than $48 million has been awarded to over 2,380 small and micro-organizations in all ten locations of the condition. The modifications introduced today make

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