Have you suffered financially as an owner of a small New York business from the unprecedented COVID-19 fallout of the last year-plus?
It’s a fair bet you did. Candidly, who didn’t?
Governor Andrew Cuomo and other state lawmakers know well the material dislocations suffered by the state’s vast and varied business owning demographic. The governor recently noted that small businesses across the state “were disproportionately impacted by the economic devastation resulting from the COVID-19 pandemic.”
State officials resolve to do something about that.
What will specifically benefit a large number of financially strained enterprises are so-called “recovery grants” that recipients can use for a number of commercial needs.
The governor’s office states that grants for eligible businesses (reportedly, more than 330,000 entities could see incoming funds, up to $50,000 in some instances) can be used for myriad purposes. Here are just a few possibilities:
- Paying workers
- Staying current on rent or mortgage obligations
- Paying for utilities
- Repairing and/or purchasing business equipment
- Defraying costs linked to health, safety and compliance matters tied to the pandemic
Legions of enterprises will obviously apply for the grants. Regulators say that most small businesses having a demonstrated need will be strongly considered for grant outlays. A recent on-point media piece says that the preeminent focus is upon “small and micro businesses and small for-profit independent arts and cultural organizations.”
We will keep readers of our business law blogs duly apprised of any material developments that occur with the grants or concerning any other breaking commercial news relevant to New York’s diverse small businesses.