Governor Cuomo Announces $3.5 Billion in Assistance for Renters and Small Businesses

May 25, 2021

$2.7 Billion Rental Assistance Program to Provide Funding for Eligible Households Experiencing Financial Hardship; Online Applications Accepted Starting June 1

$800 Million Small Business Recovery Grant Program to Provide Funding to Small Businesses to Help Them Recover From the Economic Impact of the Pandemic; Online Applications Accepted Starting June 10

Phase Two of the Reimagine, Rebuild, Renew Campaign Will Launch Tuesday, May 25 to Make Small Businesses and Residents Aware of the Many Relief and Recovery Programs Available 

Governor Andrew M. Cuomo today announced $3.5 billion in assistance for renters and small businesses experiencing financial hardship as a result of the COVID-19 pandemic.

The rental assistance program makes up to $2.7 billion in emergency rental assistance available for struggling New Yorkers impacted by the COVID-19 pandemic. Applications for the program will be accepted starting June 1 for eligible New Yorkers who are behind on their rent and have suffered financial hardship due to COVID-19. Administered by the state Office of Temporary and Disability Assistance, the New York State Emergency Rental Assistance Program will provide assistance with up to 12 months of past-due rent, 3 months of prospective rental assistance and 12 months of utility arrears payments to eligible New Yorkers, regardless of immigration status. The program is expected to serve between 170,000 and 200,000 households.

The small business recovery grant program makes up to $800 million in funding available for small businesses to help them recover from the economic impact of the pandemic. Applications for the program will be accepted starting June 10 for small and micro businesses and small for-profit independent arts and cultural organizations to help them recover from the economic impact of the pandemic. Flexible grants up to $50,000 will be made available to eligible small businesses and can be used for operating expenses, including payroll, rent or mortgage payments, taxes, utilities, personal protective equipment, or other business expenses incurred during the pandemic. Over 330,000 small and micro businesses are potentially eligible for this program, including 57 percent of the State's certified MWBEs.

Read the full press release here.