New York Governor Unveils Small Business Rescue Plan

The “Billion Dollar Rescue Plan” includes $2.3 billion in tax relief for small businesses and property owners.

Source :

January 6, 2022

Author : Patty Rodriguez

As part of her first State of the State address, New York Governor Kathy Hochul announced a variety of initiatives aimed at improving the recovery process for small businesses in her state, which make up 98 percent of enterprises.

"New York's comeback depends on the recovery and success of our small businesses," Governor Hochul said. "Since the pandemic hit, small business owners have been struggling with unprecedented challenges. New York is here with a simple message: help is on the way."

The first initiative aims at getting venture capital and venture debt awards to local startups. “This funding will assist emerging small businesses in the innovation sector, including minority- and women-owned companies often overlooked by private-sector venture investments,” the press release states.

Another initiative seeks to offer tax credits to small businesses with pandemic-related capital expenses like retrofits and renovations to enhance safety from the coronavirus.

The third initiative listed aims to provide seed funding to new businesses in the form of flexible grants, with priority given to disadvantaged businesses.

Another plan will provide lower interest rates and accessible loans to “expanding” small businesses and seek to “address disparities in the traditional loan market.”

The Excelsior Contracting Opportunities Initiative will provide “state-backed funding and technical assistance” to small businesses, particularly disadvantaged ones, to help them get federally-funded contracts related to the national Infrastructure Investment and Jobs Act. The initiative will create a council of multiple agencies to craft strategies to increase participation in infrastructure contracting among minority and women-owned businesses.

Gov. Hochul also announced that the state would permanently legalize to-go drinks from bars and restaurants to help support their recovery.

Finally, the governor is going to provide $100 million in tax relief for nearly 200,000 small businesses by “widening eligibility and increasing a tax return adjustment that reduces a small business's gross business income.”

Category : Minority Business Enterprises Women Business Enterprises Diversity Outreach Economic Stimulus Entrepreneurialism State Government Taxes and the IRS

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