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Small businesses may be eligible for $50,000 with new state grants

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BINGHAMTON (WBNG) -- The New York State COVID-19 Pandemic Small Business Recovery Grant Program is currently open for small businesses hit hard by the pandemic.

Grant amounts will be based on a business's annual gross receipts from 2019. Businesses can receive up to $50,000 and verification of eligibility will be conducted by the Empire State Development.

Senior Business Advisor at the NYS Small Business Development Center at Binghamton Center Michelle Catan says many businesses will qualify for the grant but there are a few things to consider before applying.

"You do have to show a profit on your tax return in 2019 to be eligible for this," Catan said. "As well as a 25% decrease in your gross revenue in 2019 compared to 2020. Those are the two major things you gotta look at as well as being a small business which is 100 or fewer employees."

Applications are currently open and there is no deadline to apply.

To see if your business qualifies, click here.

Steph Shtoyko

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