Slow rollout for New York small business relief program leaves millions of dollars untapped

The vast majority—94%—of dollars are still sitting in a New York fund meant to help the state’s smallest businesses recover, two and a half months after applications opened.

Just $48 million of the $800 million total have been awarded from the Covid-19 Pandemic Small Business Recovery Grant Program, according to the state.

To push out more funding, Gov. Kathy Hochul made three changes to the program. Now, companies can apply that make up to $2.5 million, five times the previous threshold of $500,000. More firms who already received Paycheck Protection Program dollars are also eligible; in the early version, companies that had received more than $100,000 in PPP

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