Westchester County IDA Launches Financial Assistance Program for Small Businesses and Nonprofits Affected by COVID-19
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The Westchester County Industrial Development Agency (IDA) today officially launched a new program designed to ensure the short-term viability of small businesses and nonprofits adversely affected by COVID-19. The program enables IDA to provide financial assistance through the Disaster and Emergency State Loans and Grants Program.
Under this program, the IDA provides grants to small businesses and small not-for-profit corporations in an amount not exceeding $ 10,000. The product should be used for the purpose of acquiring personal protective equipment or installing equipment necessary to prevent the spread of COVID-19.
IDA also provides loans through the administration of the Disaster Emergency Loan Program to Small Businesses and Small Nonprofits for up to $ 25,000. Deferred and / or unbilled interest will be exempt from New York State tax but may be subject to federal tax.
To be eligible for a grant or loan, an eligible entity must establish that it was a financially viable entity by March 7, 2020, when Governor Andrew Cuomo signed Executive Order 202 declaring an emergency. disaster. Eligible entities must also be operating in the area served by the IDA, have been negatively affected by COVID-19, and have fewer than 51 employees.
“The COVID-19 pandemic is having a terrible impact on the financial viability of small businesses and small nonprofits in Westchester County. This important program, which we have developed with the state, will provide much needed assistance as the county begins to emerge from this unprecedented economic collapse, ”said George Latimer, Westchester County Director.
“Our small businesses and small nonprofits are a vital part of Westchester’s economy. It is crucial that we provide these two sectors with grants and loans to help them get through this very difficult recession. IDA is pleased to work with the state to deliver these aid programs, ”said Joan McDonald, chair of the Westchester County IDA Board of Directors.
IDA administers the program with assistance from Community Capital New York, a certified community development finance institution. Applicants will be notified of the approval or denial of a loan or grant within one month of submitting a completed application. IDA will endeavor to fund grants or loans within seven to 10 business days of receiving a letter of approval.