NYS Announces Changes to
Eligibility for Small Businesses in Need of
Pandemic Relief Funds

An update has been made to the NY State COVID-19 Pandemic Small Business Recovery Grant Program that you need to know about! There’s still funding available for grants up to $50,000, so read on to learn more.

Did you decide not to apply because the program required you to demonstrate positive net profit on your 2019 Business Tax Return? That requirement has been lifted, so you may now be eligible.

New Applicants:

Click here to apply! Visit https://nysmallbusinessrecovery.com/ and scroll to the Application Guide section for a step-by-step guide to filling in the application, available in 14 languages.

Existing Applicants:

If you have already applied to this program and been denied due to this requirement, you don’t need to do anything! Lendistry will reach out to you directly by email if your eligibility has changed. Do not fill out a new application.

The eligibility requirements for this Program have been updated as of 07.21.22, and the demonstration of positive net profit on 2019 Business Return ($1 or greater) will no longer be considered. Existing applicants will be reexamined and contacted by Lendistry (please do not submit a new application.)

Small businesses and Micro-businesses and For-profit independent arts and cultural organizations (collectively, “Eligible Applicants”) must:

• Be currently viable and have begun operation on or before March 1, 2019, and continue to be in operation as of the date of application (maybe shuttered due to COVID restrictions).
• Have 2019 or 2020 Gross Receipts of between $25,000 and $2,500,000 per annum (line 1a, IRS Form 1120 or 1065; line 1, IRS Form 1040 Schedule C; or the sum of line 1a + line 2, IRS Form 1040 Schedule C).
• Demonstrate that total expenses on 2020 Business Income Return are greater than the grant amounts.
• Demonstrate at least a 25% loss of gross receipts in a year-to-year revenue comparison as of December 31, 2020, to the same period in 2019.
• 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 $250,000 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.