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.

FAQs

What is an acceptable proof of loss?

Either an objective determination of loss (from the U.S. Small Business Administration, private insurance carrier or public adjuster) or an SBDC Business Advisor site visit and a local record of storm impact.

What are the steps to apply?

Identify your nearest Small Business Development Center: http://stormrecovery.ny.gov/business-centers
Schedule an appointment to have an initial phone consultation with a Business Advisor.

During the initial consultation, your Business Advisor will provide an overview of the Program, review basic eligibility guidelines, discuss documentation required to apply and answer any questions you may have.

How long does it take to complete an application?

Applications are usually completed over the course of several meetings with an SBDC Business Advisor. The length of the application process can vary based upon available documentation, nature of the business, verifying eligible costs and previous assistance received along with other factors.

Can I use funds to reimburse myself for costs I have already incurred and paid for?

Assistance funds may only be used for expenses that qualify as an “Unmet Need” (please refer to Unmet Need FAQ for more information). Reimbursement assistance may be provided for eligible business losses. All reimbursement expense requests must include an invoice/receipt and proof of payment.

How long will this Program be available?

Currently, there is no application deadline. However, there is a finite amount of funding available, and the Program funds must be expended in two years. We encourage all business owners to apply at the earliest convenience.