The recently enacted New York State Budget for 2021 and 2022 allocates more than $1 billion in aid for small businesses affected by the COVID-19 pandemic.
On April 19, 2021, Senator Anna Kaplan, a representative of New York’s 7th State Senate district and Chairperson of the Senate Committee on Commerce, Economic Development, and Small Business stated: “The pandemic has been devastating to New York’s small-business community, and they need our help if they’re going to survive these challenging times. I’m proud to have fought to bring back over a billion dollars in grants and other assistance for our small businesses in the State Budget, and as the program rolls out statewide, I encourage every small-business owner to apply for the assistance they need and deserve.”
A portion of the relief funds is designated to help the State locate businesses that might be too small to have personnel dedicated to seeking such funding.
The State Budget includes the following initiatives:
- The COVID-19 Pandemic Small-Business Recovery Grant Program – $800 million in grants to businesses with 100 or fewer employees
- The New York State Restaurant Resiliency Program – $25 million in grants to restaurants giving out free meals to the financially disadvantaged
- Arts & Cultural Organization Recovery Grant Programs – $40 million in grants to nonprofit arts and culture organizations
- Restaurant Return-to-Work Credit – $35 million in refundable tax credit to restaurants that suffered economic losses during the indoor-dining ban
- NYC Musical and Theatrical Production Tax Credit – $100 million for helping the Broadway tourism sector
“Small businesses are the heart and soul of our communities. The small business, arts, entertainment, and restaurant relief package we secured in this year’s state budget will provide the resources small businesses need – not only to endure this crisis, but thrive in spite of it,” said Senator Kevin Thomas.
On top of all these forms of financial assistance for small businesses, the State Budget also encompasses investments in the education system, homeowner relief, healthcare improvements, as well as benefits for workers and families.