What is the NYC Small Business Resilience Grant Program ?
The NYC Small Business Resilience Grant Program is a $10,000 grant to help eligible small businesses in the Arts, Entertainment, Recreation, Food, or Accommodation sectors and/or located in an LMI area, recovering from the economic hardships that occurred because of the COVID-19 pandemic
The NYC Small Business Resilience Grant Program is funded by the NYC Department of Small Business Services (SBS) and administered by Lendistry.
Who is Lendistry?
B.S.D. Capital, Inc. dba Lendistry is the designated third-party grant administrator of the Program. Lendistry hosts and manages the portal for the Program’s grant application, processes and reviews each grant application, and will make grant payments to approved applicants. Lendistry and its authorized representatives may communicate directly with applicants to provide notifications on the status of their applications and request any additional information or documentation necessary to help applicants comply with the Program requirements, including their business bank account information.
Visit lendistry.com to learn more about Lendistry.
Who is eligible and who can apply for a grant?
The eligibility requirements for the NYC Small Business Resilience Grant can be found HERE.
Is a business eligible to apply if they are a sole proprietor?
Yes. Both Sole proprietors that meet the eligibility requirements can apply for the grant.
Are start-up businesses eligible for the grant?
Yes. Provided that such start-up business began operating on or before October 19th, 2019, and meets the rest of the eligibility requirements for the grant.
Are Non-Profits eligible for grants?
No. Non-profit organizations are not eligible for the NYC Small Business Resilience Grant.
How does a business calculate a 25% reduction in revenue?
To calculate the revenue decrease of at least 25%, the business can compare the revenues reported on the 2019 and 2020 business financials. The business can choose to compare either:
- Quarterly financials for 2019 and 2020 (e.g., Q1 2019 and Q1 2020); or
- 2020 tax returns and 2019 tax returns
To verify the loss of revenue, the business will need to upload the financial documents that show the decrease.
How does a business apply for the grant?
Eligible businesses can apply for the NYC Small Business Resilience Grant by following the steps listed HERE.
How is “Small Business” being defined?
“Small business” means a business concern or other organization that: (1) has no more than 500 employees, or if applicable, the size standard in the number of employees established by the federal Administrator of the Small Business Administration for the industry in which the business concern or organization operates, and (2) is a small business concern as defined in section 3 of the Small Business Act (15 U.S.C. 632).
How is “LMI Small Business” being defined?
“LMI small business” means a small business that physically operates from a census tract determined to be low-to-moderate income by the United States Department of Housing and Urban Development (HUD). An LMI (Low to Moderate Income) community is a US Census Tract where the Median Family Income is less than 80% of the Metro Area Median Family Income (for tracts in metro areas) as determined by the US Department of Housing and Urban Development.
A business can determine if they are located in an LMI area by looking up their address HERE.
How much grant money can a business receive?
Each grant award will be exactly $10,000.
If a business receives an award, will they have to pay it back?
No. The NYC Small Business Resilience Grant program disburses funds to businesses that have met the eligibility and documentation requirements, these funds are provided as one-time grants. Unlike loans, such as those issued under the Payment Protection Program, grants received and used properly do not require repayment by the recipient.
What are the eligible uses for which the grant funds can be used?
The grant funds must be used for small business operational expenses incurred between March 3, 2021, and December 31, 2024. Examples of expenses include: payroll and benefits, mortgage, rent, utilities, and other operating costs.
What are the required documents for the grant application?
1. Application Certification
2. Valid Government Issued ID
3. 2019 Business Tax Return
4. Proof of decrease in revenue from 2019 to 2020
- 2020 Business Tax Return *or*
- 2019 and 2020 Quarterly Financials
5. NYS 45 (only if annual revenue is more than $3 million)
How will an applicant know that Lendistry has all the application information to be considered for the grant?
The applicant will receive a confirmation email within two business days from [email protected] to confirm the application has been received. If more information or documents are needed, Lendistry may contact the business owner by email, phone and/or text (if authorized) to verify the information they submitted. Individual questions can be directed to Lendistry’s call center at 888-959-6471.
What entities are NOT eligible for the grant?
The following entities are ineligible for the grant:
1. a non-profit organization;
2. a church or other religious institution;
3. a recipient of one or more awards under the Small Business Administration’s Restaurant Revitalization Fund or Shuttered Venues Operators Grant;
4. a business or enterprise that is engaged in any activity that is illegal under federal, state, or local law;
5. a government entity (other than an entity owned and/or operated by a Native American tribe) or elected official office;
6. a business where any owner with more than 10% ownership :
a. has within the last three-years been convicted of or had a civil judgment rendered against such owner;
b. has had begun any form of parole or probation;
c. is presently indicted for or otherwise criminally or civilly charged by a government entity (federal, state or local)
If a business was profitable in 2019, but unprofitable in 2020 are they eligible to apply for a grant?
Yes. In order to be eligible for the grant, the business must provide documentation that shows at least a 25% decrease in revenue from 2019 to 2020. If the business was not profitable in 2020, the business can still be considered eligible for the grant.
If a business has closed permanently but was open on March 1, 2019 are they eligible for a grant?
No. In order to be eligible for the grant, the business must have been in operation since October 1, 2019, and continue to be in operation as of the date of the application. If the business temporarily closed and has reopened, the business can be considered eligible for the grant.
How long will this program last?
The grant will be available to eligible businesses while funding is available. Please note that applications will be reviewed and funded based on the schedule below. Funding may not be available for all rounds and businesses should check the status of their application and this website for updates.
Round 1: only eligible businesses with less than $1 million in revenue will be funded
Round 2: only eligible businesses with less than $3 million in revenue will be funded
Round 3: eligible businesses of all revenue sizes will be considered for funding
Is a business that applied for and received a Paycheck Protection Program loan in 2020 or 2021 eligible to apply for this grant?
If a business saw a revenue increase in 2020 are they eligible for this grant?
No. In order to be eligible for the grant, the business must provide documentation that shows at least a 25% decrease in revenue from 2019 to 2020.
Is a business that applied for and received an SBA Restaurant Revitalization Fund Grant eligible to apply for this grant?
A business is not eligible to apply for this grant if the business applied AND received a Restaurant Revitalization Fund Grant from the SBA. If a business applied for a Restaurant Revitalization Fund Grant from the SBA but did not receive the grant, then the business can apply for the NYC Small Business Resilience Grant.
Is a business that applied for and received an SBA Shuttered Venue Operators Grant eligible to apply for this grant?
A business is not eligible to apply for this grant if the business applied AND received a Shuttered Venue Operators Grant from the SBA. If a business applied for a Shuttered Venue Operators Grant from the SBA but did not receive the grant, then the business can apply for the NYC Small Business Resilience Grant.
Can a personal bank account be linked to the grant application?
No. If a business is awarded a NYC Small Business Resilience Grant, they must have a business bank account in order to receive the $10,000 grant.
Do businesses have to pay taxes on the grant proceeds?
If awarded the grant, the business should be prepared to receive a 1099 and report the amount on the business taxes unless otherwise advised.
If a business has multiple owners do all owners need to apply for the grant?
No. Only the primary business owner should apply for the grant. A business may only receive one grant.
If an applicant has multiple businesses, can they apply for a grant for each business?
Only one application per Business EIN will be considered for the grant.
How can a business check the status of their application?
Once a business has started their application, they can log into their Lendistry account and check the status of their application. See the screenshot for reference:
Once a business has been approved for the grant, how long will it take for the funds to be deposited into the business bank account?
Once Lendistry has provided the applicant with an approval notice via email, the business owner should allow at least 2 business days for the funds to show in their business checking account.
If I am a ride-share driver (Uber/Lyft/Cab/Limo) do I need to submit my NY State Drivers license as my form of ID?
Yes. You must submit your NY Drivers License along with your TLC License.