New York City launched a $ 100 million grant program for small business owners Wednesday that targets low- and moderate-income communities.
Small Business Services Commissioner Jonnell Doris projects the grant will benefit 10,000 small businesses, plus it builds on more than $ 500 million in assistance already provided to businesses during the pandemic.
“These businesses are really the backbone of our economy, and not just our economy, but the culture of our city, the fabric of our city. These businesses drive who we are as New Yorkers. So we have to support them,” said Doris.
The New York City Small Business Resilience Scholarship promises to provide immediate funding to small businesses in the arts, entertainment, recreation, lodging and food sectors to help them recover.
The program offers financial support through a program designed for communities most affected by COVID, as well as underserved communities identified by census tract data, which continue to suffer the ravages of the pandemic.
“We are specifically targeting those communities because of the financial struggles they have had. Many of them are trying to get federal grants and other types of assistance. It has been difficult for them,” said Doris.
Businesses can apply for a $ 10,000 grant. The funds can be used for payroll and benefits, mortgage, rent, utilities, and other operating costs.
Companies planning to apply for the grant must:
- Have been in operation before October 1, 2019.
- Demonstrate loss of income between 2019 and 2020.
- Not have received a federal grant from the Enclosed Venue Operators Grant Program or Restaurant Revitalization Fund.
Businesses can learn more about the New York City Small Business Resilience Scholarship at covidresilience.nyc.
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