Governor Wants Small Business COVID Grants Tax-Free
New York Governor Andrew Cuomo wants to waive the taxes on COVID Pandemic Small Business Recovery Grants.
The Democrat has proposed legislation that would make $800-million in pandemic recovery grants available to small and micro businesses and small for-profit independent art and cultural organizations tax-free.
The program will provide a minimum of $5,000 up to $50,000 in funding to help the small organizations recover from the economic impact of the pandemic with priority going to socially and economically disadvantaged business owners. In his announcement, the Governor said over 330,000 small and micro businesses are potentially eligible for the program.
The money could help cover payroll, rent or mortgage costs, mechanical equipment, personal protection and health equipment, utilities, insurance or even local and school taxes.
The businesses, of course, have to be located in New York State.
Applications open June 10.