Governor Cuomo and the State Legislature announced an agreement on the state’s FY 2022 budget, which includes $1 billion in small business and arts relief and recovery assistance for which the NYC Hospitality Alliance and others advocated.
$1 Billion in Small Business and Arts Relief
By NYC Hospitality Alliance
We are working through the polices and will provide details of how these programs will work, eligibility requirements and how and when these benefits will become available in the near future. Here is an overview:
COVID-19 Pandemic Small Business Recovery Grant Program: Provides $800 million in grant funding for small businesses including for-profit arts and cultural institutions impacted by the COVID-19 pandemic.
New York Restaurant Resiliency Grant Program: $25 million in grant funding to support restaurants that provide meals to distressed and under-represented communities.
Arts and Cultural Organization Recovery Grant Program: $40 million to provide grants through the New York State Council on the Arts to eligible arts and cultural nonprofit organizations to assist in the recovery from the COVID-19 pandemic.
Restaurant Return-To-Work Tax Credit: Provides up to $35 million in tax credits to support restaurants hard hit by the pandemic through 2021.
New York City Musical and Theatrical Production Tax Credit: Provides up to $100 million in tax credits to jump start the industry and support tourism activity in the City.
Extend and Enhance the Musical and Theatrical Production Credit for Four Years: In order to support musical and theatrical productions that occur in the State but outside of New York City, the Budget extends this credit for four years through 2025 and increases it by $4 million to $8 million.
Click here to read more about the budget in the governor’s press release.