Small businesses and small not-for-profit corporations negatively impacted by COVID-19 pandemic can get financial assistance through a new program from the Westchester County Industrial Development Agency (IDA).
Under the program, which is through the State Disaster and Emergency Loan and Grant Program, the IDA is providing grants to small businesses and small not-for-profit corporations in an amount not to exceed $10,000. The proceeds must be used for the purpose of acquiring personal protective equipment or installing equipment necessary to prevent the spread of COVID-19.
The IDA is also offering loans through the administration of the State Disaster Emergency Loan Program to small businesses and small not-for-profit corporations in an amount up to $25,000. Deferred and/or uncharged interest will be exempt from New York State taxation but may be subject to federal taxation.
To apply for the programs, click on the following link: https://westchestercatalyst.com/ida-loans-and-grants/
To qualify for either a grant or loan, an eligible entity must establish that it was a financially viable entity prior to March 7, 2020, date on which Governor Andrew Cuomo signed Executive Order 202 declaring a disaster emergency. Eligible entities must also conduct business in the area served by the IDA, been negatively impacted by COVID-19 and have less than 51 employees.
The IDA is administering the program with assistance from Community Capital New York, a certified Community Development Financial Institution. Applicants will be advised of whether they have been approved or denied for a loan or grant within one month of their submission of a completed application.