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The COVID Relief Grant Program for Enterprises will begin on Thursday.Money may not be taxed

Starting Thursday, a $ 800 million application will be accepted as a state grant to help the smallest businesses recover from a pandemic.

The Legislature will approve Governor Andrew M. Cuomo’s proposal to exempt the COVID-19 Pandemic SME Reconstruction Grant Program from state income tax.

Senator Anna Kaplan (Democrat-Senator Great Neck), who chairs the Small Business Committee, and Senator Michael Wyland, a Democratic majority spokesman, said Tuesday, before the end of the regular session of Congress on Thursday. Said that the bill would be passed.

When Kuomo announced a bill to exempt the relief subsidy for Coronavirus Disease (COVID-19) from state taxes, the bill would “put all dollars in corporate pockets and help rebuild the New York economy.” It can be useful. “

Grants of $ 5,000 to $ 50,000 are provided to micro-enterprise and small arts and cultural organizations.

This money will be used for pandemic employee wages, rent and mortgage payments, taxes, utilities and other operating expenses refunds from March 1, 2020 to April 1, 2021. .. And other personal protective equipment, and improved ventilation systems to slow the spread of the coronavirus during the period.

The amount of the grant is based on the applicant’s total income in 2019.

For more information NYSBusinessRecovery.ny.gov..

Cuomo estimated on Tuesday that more than 330,000 companies would be eligible for the grant. He said applications from women, veterans, companies owned by members of minority groups, or companies in poorer areas will be prioritized.

The COVID Relief Grant Program for Enterprises will begin on Thursday.Money may not be taxed

Source link The COVID Relief Grant Program for Enterprises will begin on Thursday.Money may not be taxed

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