County Launches New Small Business Assistance Program
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August 24, 2020
By Barrett Seaman—
County Executive George Latimer Monday announced the availability of funds for small businesses and non-profits specifically for the purchase of personal protective equipment (PPE) or installing equipment (air cleaners) necessary to prevent the spread of COVID-19. Individual grants may not exceed $10,000. Loans will be available up to $25,000.
The program will be run through the county’s Industrial Development Agency (IDA), which will draw the funds from the State Disaster and Emergency Loan and Grant Program. Deferred and/or uncharged interest will be exempt from New York State taxation but may be subject to federal taxation.
To qualify for either a grant or loan, applicants must establish that they were a financially viable entity prior to March 7, 2020, the date when Governor Andrew Cuomo declared a disaster emergency. Eligible entities must also conduct business in the area served by the IDA, been negatively impacted by COVID-19 and have less than 51 employees.