Syracuse, N.Y. -- Gov. Kathy Hochul today expanded the eligibility requirements for a pot of $800 million meant to help small businesses recover from losses during the Covid-19 pandemic.
Now, small businesses with revenues up to $2.5 million can apply for money through the COVID-19 Pandemic Small Business Recovery Grant Program. That’s up from a $500,000 threshold set by former Gov. Andrew Cuomo.
Additionally, the limit for businesses that received Federal Paycheck Protection Program loans has been increased from $100,000 to $250,000, according to Hochul’s office.
The small business program started in June. So far, $48 million has been awarded to more than 2,380 businesses, according to the governor.
The money is being administered by the state’s Empire State Development Corp. and Lendistry, a minority-led financial institution selected to administer the program. That will continue.
Previously ineligible small businesses may start applying today. Those applications will start being processed on Sept. 8.
More about the eligibility rules and application process can be found here.
Got a story idea or news tip you’d like to share with a Syracuse-area reporter? Please contact me through email, Twitter, Facebook or at 315-470-2274.