Small Business Recovery Program

Announcement:

The deadline for all new applications to be submitted and all in progress application to confirm their continued interest for the NY Rising Small Business Program was May 1, 2015. If you have questions regarding your application, please contact your nearest Small Business Development Center.
 
All currently active applications must provide all application documents (as outlined on the Applicant Document Checklist) to their SBDC no later than July 1, 2015 in order to continue to pursue assistance.

About the Program:

Rendering grants of $50,000 or more, the Small Business Recovery Program provides support to independently-owned and operated small businesses that suffered loss as a result of Superstorm Sandy, Hurricane Irene or Tropical Storm Lee. Grants may cover eligible, unmet rehabilitation, repair, replacement and mitigation needs as a result of an eligible storm after accounting for all Federal, State, local and/or private sources of disaster-related assistance, including, but not limited to, flood insurance proceeds. The grant program is administered by the State in partnership with intermediaries.

As of March 2015, the program has awarded more than $30 million to more than 750 impacted businesses.

 
Eligibility: (Full eligibility requirements are outlined in the Program Policy Manual)

• Have unmet, eligible, rehabilitation, repair, replacement and mitigation needs as a result of an eligible storm after accounting for all other Federal, State, local and/or private sources of disaster-related assistance, including, but not limited to, flood insurance proceeds.

• All applicant businesses must be defined as a small business by the U.S. Small Business Administration (SBA).

• All applicant businesses must have impacted premises in one of the eligible disaster affected counties:
  • Superstorm Sandy: Nassau, Orange, Putnam, Suffolk, Sullivan, Ulster and Westchester counties
  • Hurricane Irene: Albany, Clinton, Columbia, Delaware, Dutchess, Essex, Franklin, Greene, Hamilton, Herkimer, Montgomery, Nassau, Orange, Ostego, Putnam, Rensselaer, Rockland, Saratoga, Schenectady, Schoharie, Suffolk, Sullivan, Ulster, Warren and Washington counties
  • Tropical Storm Lee: Broome, Chemung, Chenango, Delaware, Fulton, Herkimer, Oneida, Orange, Ostego, Schenectady, Schoharie, Tioga, Tompkins and Ulster counties

• To view the Program Policy Manual, click here

 
Grant Assistance:

• Grants up to $50,000 to cover eligible uncompensated losses may be offered for all affected businesses
• Additional grant assistance of up to $50,000 may be provided for eligible businesses that suffered damage under specific circumstances and can demonstrate that they are at risk of closure or significant employment or revenue loss.
• Additional grant assistance of up to $50,000 may be provided for eligible businesses in the Coastal Fishing and Seasonal Tourism industries located in one of New York State's designated disaster areas, and which suffered eligible uncompensated losses as a direct result of Superstorm Sandy, Hurricane Irene or Tropical Storm Lee.
• In conjunction with repairs to an eligible impacted business, additional grant assistance may be available to cover mitigation expenses of up to an average grant amount of $100,000 to prevent damage from future storms.
• All grants will be made on a cost-incurred basis for all eligible expenses, as verified by a certification of loss from the SBA, the business's insurance company or other verified source. Some activities already undertaken as part of a business' recovery efforts may be eligible for funding, subject to review and applicability of program rules and guidelines.

Superstorm Sandy Fishery Disaster Relief Program

To read more about this program, click here.