Business Relief & Recovery in the Final NYS Budget Deal
The FY 2022 Enacted Budget includes a $1 Billion small business, arts, entertainment and restaurant relief package to help businesses and other organizations recover from the impacts of the pandemic.
Bob Duffy, President & CEO of Greater Rochester Chamber of Commerce, said, "Including support for some of our hardest hit industries was crucial in this budget, and the Governor and Legislature delivered. Greater Rochester Chamber is glad to see hundreds of millions of dollars set aside to support small businesses, restaurants, MWBE’s, and the performing arts. We are continuing to advocate for decreased taxes and mandates on small businesses and other industries so as to encourage job creation and business expansion.”
Small Business and Arts Relief and Recovery Assistance:
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.
Minority and Women-Owned Business Development and Lending Program: $1.37 million
Greater Rochester Chamber will release a more in-depth review of the NYS Budget, including implications for business, in the coming days. For questions, please reach out to Marc.Cohen@GreaterRochesterChamber.com.