ALBANY – Senator George Borrello is encouraging small business owners, landlords and renters hurt by the state’s COVID-19 lockdown to apply for assistance through New York’s new Small Business Recovery grant program and the state’s Rental Assistance Program.
Up to $800 million is available to help small businesses recover from the economic impact of the pandemic and up to $2.7 billion is available in emergency rental assistance for landlords and tenants.
“Small landlords, whose livelihoods depend on rental income, have been waiting for this day too long. Many haven’t seen a rent payment in over a year while still being expected to pay their mortgages and make utility payments. Albany amplified this crisis by failing to release assistance for landlords and tenants from the second federal CARES Act in a timely fashion,” Senator Borrello said. “I’ve been pushing for the release of these funds with my Senate and Assembly Republican colleagues since March. Finally, Governor Cuomo acted.”
“Small businesses are the cornerstone of our economy in New York. They were hit hard by the pandemic lockdown and are struggling to survive. These programs will help small business get back on their feet and give renters the resources they need to pay back rent and utility payments. I strongly encourage all our eligible small business owners and others in need of assistance to take advantage of these programs,” Senator Borrello said.
Applications for the rental assistance program will be accepted starting June 1. For more information and to apply, landlords and tenants can visit: https://otda.ny.gov/programs/emergency-rental-assistance/.
Once approved, eligible households will receive up to 12 months of past due rent with the possibility of an additional three months of rental assistance. The program also will provide up to 12 months of utility arrears for eligible applicants.
The rental assistance program is funded by $2.6 billion in federal emergency COVID-relief funding and $100 million from New York State.
Starting June 10 small businesses can apply for up to $50,000 in grants by visiting the state’s Pandemic Small Business Recovery Grant Program website at: https://esd.ny.gov/pandemic-small-business-recovery-grant-program. Funding is available for operating expenses, including payroll, rent or mortgage payments, taxes, utilities, personal protective equipment, or other business expenses incurred during the pandemic.
Over 330,000 small and micro businesses are potentially eligible for the program.