Do You Qualify for a Westchester Small Business Loan?
Westchester County Executive George Latimer announced the creation of a new grant program for small businesses affected by the COVID-19 pandemic. The program, called Westchester County Business FIRST: Financial Investments for Recovery and a Sustainable Tomorrow, will provide $10 million in funding for small businesses and non-profits that have experienced hardships due to the pandemic. Qualifying small businesses and non-profits may apply for grants of up to $49,000.00.
To be eligible for the program, a business or non-profit must have 99 or fewer employees and must have their primary business location in Westchester County. In addition, eligible businesses and non-profits must be in good standing with Westchester County and must be able to demonstrate at least 25% losses in revenue from March 7, 2020 until the present due to COVID-19. The organization must have been a financially viable operation as of March 7, 2020. Finally, the organization must have been open as of February 1, 2020, currently be in business, or be temporarily closed with plans to reopen for business in 2020.
Awardees of the Westchester County Business FIRST grant may use the grant money toward employee salaries, employee benefits, rent or mortgage payments, marketing, technology to enable alternative work options, and to address other temporary COVID-19-related restrictions on their business activities.
Applications are being accepted between September 21 and September 30, 2020. At Tesser, Ryan & Rochman LLP, our attorneys can assist you in determining your eligibility for the FIRST grant program, as well as assisting with the application process. If you believe your business or non-profit is eligible, please contact our office at (212) 754-9000.