Small Businesses in the Mohawk Valley have borne the effects of the COVID-19 pandemic in multiple ways including loss of business revenue, loss of contracts, supply chain disruptions, business closure due to determination of “non-essential” status, loss of employee output due to social distancing requirements, addition operating costs incurred for various PPE, remote work resources, and other overhead business costs.
The Oneida County Small Business Grant Program, made available through the CARES Act funding, not only can assist small businesses that may have been disqualified by other programs, but also helps to address the additional cash flow needs for a complete post-pandemic recovery.
Eligible business losses and expenses due to COVID-19 will be assessed and quantified through any of the following metrics:
• Lost gross business sales revenue between FY 2019 [before COVID] and FY 2020 [during COVID]; year-to-year revenue losses will be evaluated on a per-case basis, with evaluation as to overall effect on business finances and operations;
• Loss of a significant sales contract during FY 2020 that will impact sales for 2021 and beyond; percentage of sales to stressed industries [ex. Aerospace, travel, tourism] may also be considered in evaluating existing vs. future business financial stress;
• Established COVID-related losses must exceed all previous Federal, State, or other forgivable loan and grant amounts received as well as any funds secured from this program; such excess amount can be considered as eligible for reimbursement under this program;
• Eligible COVID-related operating expenses can be eligible whether already paid or aged and outstanding and may be considered in retrospect up to 1/21/20 and until date of application;
• Future capital and working capital investments that are undertaken to respond and rebound from prior COVID-related losses may be eligible expenses under this program; such capital investments can be supported up to 40% of their total cost and based upon Low- to Moderate-Income individuals (LMI) jobs either retained and/or created.
Financial hardship documentation will consist of audited financial statements, Federal business tax returns, contractual documents and NYS employment documents of the applicant firms.
Grant reimbursements will be made within the following parameters:
• Total grant reimbursement will be the lesser of the award amounts earned for: 1) all eligible created and retained jobs, or 2) all eligible COVID-related operating expenses made prior to application and up to 40% of eligible future COVID-related capital investments;
• $25,000 credited for each new FTE job created within the grant term; $5,000 will be credited for each existing FTE job documented at time of application. 51% of all created and/or retained jobs, in aggregate, must be held by, or made available to, Low- to Moderate-Income individuals (LMI) as defined by HUD to be deemed eligible for reimbursement;
• Created FT & PT jobs must be retained for at least one calendar quarter after reimbursement; retained jobs must remain on the payroll through full grant reimbursement;
• Grant reimbursements can and will be made on a pro-rata basis during the term of the grant, though multiple reimbursement requests must be spaced at least 30 days apart;
• Minimum grant award will be $10,000 – maximum grant award will be $150,000