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Governor Hochul announces billion dollar small business bailout, bolsters New York’s economic recovery
New tax credit will provide relief for small businesses with COVID-related capital expenditures
Small Business Lending Initiative will provide accessible loans to growing small businesses
Governor to propose legislation permanently allowing take-out drinks to be sold in bars and restaurants
Governor Kathy Hochul today announced a new $ 1 billion small business bailout under State of State 2022. Small businesses, which account for 98% of all businesses in state, are the backbone of New York’s economy, and as part of the governor’s plan, the state will support these entities through a variety of initiatives focused on growing the businesses of the future, helping new businesses in difficulty. get established and give tax breaks. Additionally, to support New York’s restaurant industry, an industry that has been particularly hard hit by COVID-19, the governor will introduce legislation to permanently allow the sale of take-out drinks for bars and restaurants throughout. the state.
“The return of New York depends on the recovery and the success of our small businesses”, Governor Hochul said. “Since the pandemic struck, small business owners have faced unprecedented challenges. New York is here with a simple message: Help is on the way.
As a former small business owner, Governor Hochul understands the challenges small businesses face, even in the best of times. Governor Hochul is also keenly aware of how the pandemic has tested New York’s small businesses and what is needed right now to support the recovery of our small businesses.
To help small businesses at this critical time, Governor Hochul’s $ 1 billion bailout will include targeted programs strategically designed to meet the needs of small businesses and to ensure that disadvantaged, minority-owned and small businesses. owned by women are thriving throughout the state.
The billion dollar bailout includes:
- Financing for the small businesses of the future: This initiative will support venture capital and risk debt awards to fast-growing, venture capital-backed startups that are establishing or staying and expanding in New York State. This funding will help emerging small businesses in the innovation sector, including minority and women-owned businesses often overlooked by private sector venture capital investments. Through this program, New York State will continue to be the center of small business innovation and growth.
- The COVID Capital Investment Tax Credit for Small Businesses: This initiative will provide a tax credit to small businesses that have incurred COVID-related capital expenditures, including upgrades, renovations, machinery and equipment related to COVID-related safety improvements.
- Start-up financing for small businesses: This initiative will provide flexible grants to small start-up businesses to help those that have recently opened their doors, despite the COVID pandemic. Priority will be given to socially and economically disadvantaged small business owners.
- Small Business Loan Initiative: This initiative will offer reduced interest rates and loans available to growing small businesses. As part of this effort, this initiative will seek to bridge the disparities in the traditional lending market, which often prevent small businesses, especially socially and economically disadvantaged small businesses, from accessing loans to expand their businesses or close. larger government contracts.
- The Excelsior Procurement Opportunities Initiative – This initiative will provide state-supported funding and technical assistance to enable small businesses – especially those that are socially and economically disadvantaged – to secure federally funded contracts linked to the Federal Investment Law and $ 1.2 trillion in infrastructure employment. This initiative will also include the creation of an Excelsior Contracting Opportunities Council – comprising Empire State Development, the State Department of Transportation, the Thruway Authority, the Metropolitan Transportation Authority and the Port Authority of New York and New Jersey – to ” Identify strategies to encourage greater participation of minority and women-owned small businesses in future federally funded infrastructure projects across the state.
- Definitively legalize the sale of take-out drinks for bars and restaurants: Take-out drinks have been a vital source of income for New York City bars and restaurants during the pandemic, helping many small businesses across the state pay their rents or mortgages. Governor Hochul will permanently allow the sale of take-out drinks for off-premises consumption to continue to support the recovery of bars and restaurants.
Governor Hochul will also provide $ 100 million in tax relief to 195,000 small businesses by expanding eligibility and increasing a tax return adjustment that lowers a small business’s gross income.
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