New Coronavirus Assistance Money Available for New York Small Businesses

New Coronavirus Assistance Money Available for New York Small Businesses

While PPP aimed primarily to keep employees on company payrolls and keep businesses open, the new program looks to help small firms recoup some of the costs they incurred at the height of the pandemic. The program is different from the federal PPP in a key way, according to Jim Lozano, a partner at the BST & Co. accounting and consulting firm. “They are trying to get them through this next stage of recovery,” Lozano said.

Grants can pay for a wide range of expenses, including payroll, commercial rent or mortgage payments, local property or school taxes, insurance premiums and utility costs. The program is designed to help small businesses cover expenses from March 1, 2020, to April 1, 2021.

Also covered are costs of personal protective equipment for workers and consumers; heating, ventilation, and air conditioning; and other machinery or equipment and supplies needed to comply with pandemic protocols. More than 330,000 small businesses are eligible for the $800 million program, according to the Cuomo administration.

Another difference is the money from the state will be grants rather than loans. PPP monies were loans although they could be forgiven if businesses used the money for certain purposes such as maintaining their payrolls. Lozano said his company has been busy helping businesses file the paperwork needed for PPP loan forgiveness. The application site will be powered by Lendistry, a minority-led community development financial institution. That’s notable as state officials estimate that 57 percent of the state’s certified minority- or woman-owned businesses are eligible for the program.

Unlike, PPP, business operators can apply online and don’t need to go through a bank. To be eligible, a company must have 2019 or 2020 gross receipts between $25,000 and $500,000 per year. The company also must have had at least $1 profit in 2019 and suffered at least a 25 percent loss in gross receipts in 2019-2020. 

The News Highlights

  • New Coronavirus Assistance Money Available for New York Small Businesses
  • Check the latest News news updates and information about business, finance and more.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Forget Bitcoin.  Become a Millionaire This Way |  personal finances

Forget Bitcoin. Become a Millionaire This Way | personal finances

10 stocks we like better than Bitcoin To be clear, this isn’t to say you shouldn’t invest any money in Bitcoin. But it still pays to put the bulk of your ...
End of extra unemployment benefit and hiring companies |  The business

DDA Not Looking for Economic Opportunities Far Away | The business

“Infill also saves on a lot of other costs. For example, you don’t need new service areas for police and the fire department,” Stam said. “(There’s also) ...
The Crypto Daily - Movers and Shakers - April 2, 2021

New Orleans, Baton Rouge People in News area for June 20, 2021 | business news

Gervasi has more than 30 years of human capital leadership experience, including eight years as chief human resources officer for The Hartford Financial ...
Create snap packages for your own programmes on Linux

Create snap packages for your own programmes on Linux

Packaged in this way, the distributor is currently primarily delivering server services and software that receive frequent updates. The lightweight Ubuntu ...
Using the GUI APP, you may download YouTube videos on Linux Mint 20.1.

Using the GUI APP, you may download YouTube videos on Linux Mint 20.1.

Snap Youtube Downloader for Linux Mint 20.1 The steps are given here can be used for other Linux systems such as Ubuntu, CentOS, RHEL, Debian, Elementary, ...
6 Best Smart Speakers To Buy In Australia in the year 2021

Get two Echo Dots for $50 ahead of Amazon Prime Day

Echo Dot With Amazon Prime Day only a few days away, there are a bunch of early deals that Prime members can take advantage of. Two Echo Dots will cost you ...
Health Fusion: harnessing your body’s killer cells to attack breast cancer

Health Fusion: harnessing your body’s killer cells to attack breast cancer

For comments or other podcast episode ideas, email Viv Williams at vwilliams@newsmd.com. Or on Twitter/Instagram/FB @vivwilliamstv. Follow the Health ...
UMMS Launches Campaign to Change UP Health Care in Prince George’s and Southern Maryland – Maryland Matters

UMMS Launches Campaign to Change UP Health Care in Prince George’s and Southern Maryland – Maryland Matters

In a phone interview before the hospital’s ribbon-cutting ceremony, U.S. Rep. Anthony Brown (D), a champion for the project, called its opening “a big win.” ...
Morristown Central School District leaving St. Lawrence-Lewis Health Insurance Consortium |  education

Morristown Central School District leaving St. Lawrence-Lewis Health Insurance Consortium | education

“But the plan overall is 9% under budget with regard to medical. Prescription drugs are starting to rise 3%. It’s usually a handful of prescription drugs that ...
Show next
Compsmag - Latest News from tech, business and health
Logo