The New York City Department of Small Business Services (SBS) recently announced the Small Business Resilience Grant. This new grant is designed to help NYC’s small businesses offset operational expenses to mitigate economic hardships due to the Covid-19 pandemic. This grant program will provide $10,000 grants to eligible small businesses in:
- Low-to-moderate income (LMI) areas as defined here
- The arts, entertainment, and recreation sectors; and/or
- The accommodation and food services sector
- Operate in New York City
- Meet the statutory definition of “small business” (i.e., have 500 or fewer employees, or, if applicable, the size standard in number of employees established by the U.S. Small Business Administration)
- Be in operation since October 1, 2019, and in operation at the time of submission of the application
- Demonstrate at least a 25% reduction in gross receipts or revenue in either: (a) comparable quarters in 2019 and 2020, or (b) the 12-month 2019 calendar year and the 12-month 2020 calendar year
- Be in substantial compliance with applicable Federal, State, and local laws, rules, and other legal requirements
- Be current or in repayment on all Federal, State, and City taxes (including delinquency repayment, prior to December 31, 2019)
- Have not received a grant from either the Shuttered Venue Operators Grant Program or the Restaurant Revitalization Fund
Applicant must use the $10,000 grant to mitigate economic hardships that occurred as a result of the COVID-19 pandemic by using the grant funds to offset operational expenses incurred between March 3, 2021, and December 23, 2024, for the small business that is the basis for the Applicant’s eligibility for the grant.
Examples of appropriate uses for a grant include:
- supporting payroll and benefits costs
- costs to retain employees
- mortgage, rent, or utilities costs
- other operating costs.
This program will be administered by Lendistry.