Governor Kathy Hochul Announces New Billion-Dollar Rescue Plan for Small Businesses in New York State

After an extremely challenging few years for small businesses, help is on the way!!

New York Governor Kathy Hochul announced a new billion-dollar rescue plan that includes a number of initiatives to help small businesses grow amidst unprecedented challenges.

Funds Available to Cover the Cost of COVID-Related Safety Enhancements

According to Hochul’s plan, tax credits will be available for small businesses that had COVID-related capital expenses, including retrofits, renovations, machinery, and equipment associated with COVID safety enhancements.

Already, numerous businesses across the country have implemented the use of Austin Air purifiers to enhance covid-related safety protocols, as the benefits are unmatched.

• Austin Air uses a combination of both carbon and Medical Grade Certified HEPA Material technology proven to remove up to 99% of all airborne contaminants as small as 0.1 microns.

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• The Bedroom Machine has an extra level of protection against Covid-19 because it contains a HEGA carbon cloth to not only capture viruses but also deactivate them.

Plan Offers Additional Funding Opportunities for Small Businesses

This new rescue plan will give particular attention to disadvantaged, minority-owned, and women-owned small businesses in New York State.

“New York’s comeback depends on the recovery and success of our small businesses, “Governor Hochul said. “Since the pandemic hit, small business owners have been struggling with unprecedented challenges. New York is here with a simple message: help is on the way.”

Other initiatives outlined in Hochul’s plan include:

• Funding for small, fast-growing businesses that either locate to or remain in New York State.

• Seed Funding, in the form of grants, will be available for small businesses in their early stages, to help them get off the ground in the midst of a pandemic.

• A Small Business Lending Initiative will offer low-interest, easy-to-access loans to help small businesses expand.

• The Excelsior Contracting Opportunities Initiative will help small businesses better position themselves to secure federally funded contracts.

• In addition, restaurants and bars, a sector that has been hit particularly hard over the last few years, will benefit from new legislation allowing the sale of to-go drinks.