Coronavirus Update: County IDA Launches Financial Assistance Program
WHITE PLAINS, NY -- (August 24, 2020) – The Westchester County Industrial Development Agency (IDA) today officially launched a new program designed to ensure the short-term viability of both small businesses and not-for-profit corporations negatively impacted by COVID-19. The program allows the IDA to provide financial assistance through the State Disaster and Emergency Loan and Grant Program. Under the program, the IDA is providing grants to small businesses and small not-for-profit corporations in an amount not to exceed $10,000. The proceeds must be used for the purpose of acquiring personal protective equipment or installing equipment necessary to prevent the spread of COVID-19. The IDA is also offering loans through the administration of the State Disaster Emergency Loan Program to small businesses and small not-for-profit corporations in an amount up to $25,000. Deferred and/or uncharged interest will be exempt from New York State taxation but may be subject to federal taxation. To apply for the programs, click on the following link: https://westchestercatalyst.com/ida-loans-and-grants/ To qualify for either a grant or loan, an eligible entity must establish that it was a financially viable entity prior to March 7, 2020, date on which Governor Andrew Cuomo signed Executive Order 202 declaring a disaster emergency. Eligible entities must also conduct business in the area served by the IDA, been negatively impacted by COVID-19 and have less than 51 employees. “The COVID-19 pandemic is having a terrible impact on the financial viability of Westchester County’s small businesses and small not-for-profits. This important program, which we developed with the State, will provide much-needed assistance at a time when the County is beginning to re-emerge from this unprecedented economic collapse,” said Westchester County Executive George Latimer. “Our small businesses and small not-for-profits represent a vital part of Westchester’s economy. It is crucial that we provide these two sectors with grants and loans to help them through this very challenging downturn. The IDA is pleased work with the State in offering these assistance programs,” said Westchester County IDA Board Chair Joan McDonald. The IDA is administering the program with assistance from Community Capital New York, a certified Community Development Financial Institution. Applicants will be advised of whether they have been approved or denied for a loan or grant within one month of their submission of a completed application. The IDA will endeavor to fund the Grants or loans within 7 to 10 business days following receipt of an approval letter.