Recently, a piece of big good news has been going around New York! We all heard about the New York State Covid-19 Pandemic Small Recovery Grant Program. This was formed to provide flexible grant assistance to the businesses that faced financial hardship during the pandemic. But what is new in this? Because now the amount has been increased to $10,000 this time! But before applying, a few aspects of this grant need to be acknowledged to make the process easier for you. Hence, we present you with yet another piece of writing where you will find the answer to all your queries about the NYC Small Business Resilience Grant.
Are you eligible for this?
Before you apply for this grant, you must know if you are qualified for this or not. Firstly, and obviously, your business needs to be inside New York City. The businesses could be anything. You can have your store or be a real estate agent, mechanic, plumber, or even if you use your car as an Uber service, you are eligible for this. Also, the authority has a designated map that marks the low-income area of New York. If your business organization falls under that map, you are bound to get this grant no matter which business you have. However, suppose you have a restaurant, hotel, theater, or any sort of entertainment business. In that case, you will be qualified for this even if your company does not fall under the low-income area. But the most important thing to remember is, your income needs to be reduced by 25%, and you must have valid documents to show that. Otherwise, it is a tough call!
How can you make use of this money?
This money can be used for your business’s rent, utility, operating cost, or whatever payment you have daily. The most important thing is, you do not have to give this back. So, you are free to even invest back in your business without the worry of returning it.
The City Wants Everyone to Recover
The city wants everyone to be held back and move with an even bigger force. And hence, the application for this grant has already begun and will continue till the end of this month. But as we know, the stock is limited. Hence, you have more chances to get it as soon as you apply. And you will get approved through email.
NYC small business recovery grant is a once-in-a-lifetime opportunity for all the New Yorkers who are struggling to revive their business once again. To ensure that all the companies get their due help, the accountants are providing all the possible assistance. Ahad and Co. is no different. We have our very own in-house experts who have helped businesses around New York with all sorts of accounting-related matters. So, for any kind of assistance regarding this grant, feel free to reach out Ahad&Co.