Overview
The New York State 2021–22 Executive Budget passed in March includes $1 billion in financial relief for small businesses. The funding initiatives include:
$800 million for the Pandemic Small Business Recovery Grant Program,
$25 million for the Restaurant Resiliency Program,
$40 million to Arts & Cultural Organizations,
$100 million NYC Musical and Theatrical Production Tax Credit, and
$35 million Restaurant Return to Work Credit.
The $1 billion Business Pandemic Recovery Initiative is administered by the Empire State Development Corporation (ESD).
Access to these programs is crucial for the 27th District so my office and I have compiled information on each program and will keep you updated as more details and applications are finalized.
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Established when Joe Biden signed the American Rescue Plan Act of 2021 and administered by the Small Business Association (the SBA), the $28.6 billion Restaurant Revitalization Fund (the Fund) was created to help restaurants, bars, and other businesses weather the COVID-19 pandemic. On May 3
rd, the SBA began accepting applications from businesses seeking financial assistance. Two days later, it was reported that roughly 186,000 businesses had applied, and on May 10
th the SBA announced that it already planned to send $2 billion to 16,000 establishments across the country, raising concerns that the Fund could soon run out of money.
Maloney Announces Over $28 billion in Economic Relief for Restaurants Written by Office of Rep. Sean Maloney
Rep. Sean Patrick Maloney
(NY-18) announced that restaurants in the Hudson Valley can now apply for direct relief through the American Rescue Plan’s $28.6 billion Restaurant Revitalization Fund. Applicants should register on the U.S. Small Business Administration application portal.
“Not only to restaurants help drive our economy here in New York, but they’re also deeply rooted in our Hudson Valley community. The past year has put unprecedented strain on the restaurants we know and love, but now, help is here,” said
Rep. Maloney. “I am proud the relief I fought for is now available to restaurants across America. This funding is going to help jumpstart our economy – because when our restaurants thrive, our community thrives.”
The Small Business Administration has opened the application process for a funding program.
By
Timothy Malcolm
5/6/2021 at 11:26am
Houston-area restaurants hoping to recoup some of their pandemic-related financial losses can apply for a Restaurant Revitalization Award through the U.S. Small Business Administration. The application period opened on Monday.
All restaurants, food stands, food trucks, food carts, caterers, bars, and lounges are eligible, as long as they re not permanently closed. Moreover, breweries, brewpubs, tasting rooms, bakeries, wineries, and distilleries are also eligible as long as they can prove though documentation that on-site sales comprised at least 33 percent of 2019 gross receipts. For businesses opening in 2020, the original business model should have contemplated at least 33 percent of gross receipts in on-site sales, says the SBA s guide to the application process.
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Jason Mock Wed, 05/05/2021 - 5:59pm
Jason Mock | San Marcos Area Chamber of Commerce President & CEO
Wednesday, May 5, 2021
One of the hardest hit sectors in San Marcos and across our country has been our restaurants and bars. During the pandemic we’ve seen them adapt to all the changes the government placed in their way. Some were successful, others struggled.
This week the federal government opened the Restaurant Revitalization Fund program that provides emergency assistance for eligible restaurants, bars, and other qualifying businesses that have been impacted by COVID-19. These funds are targeted to open the hardest hit sectors, but people feel the $28.6 billion could run out in weeks.