The COVID-19 pandemic has severely impacted the tourism industry globally, and New York State is no exception. To support the recovery of the tourism industry in New York State, Governor Cuomo announced the establishment of the NYS Tourism Recovery Fund in his 2021 State of the State address.
What is the NYS Tourism Recovery Fund?
The NYS Tourism Recovery Fund is a $25 million initiative to provide financial assistance to small businesses in the tourism industry that have been affected by COVID-19. The fund aims to help these businesses recover from losses incurred during the pandemic and support them in rebuilding their operations.
How will the fund be used?
The fund will be distributed as grants of up to $50,000 to eligible small businesses that contribute to New York’s tourism industry. These businesses include hotels, restaurants, tour operators, and other tourism-related companies with up to 100 employees.
Who is eligible for funding?
To be eligible for funding, a business must meet certain criteria set by Empire State Development (ESD), which administers the program. The eligibility criteria include:
- The business must have been in operation on or before March 1, 2019.
- The business must have a minimum of one employee and a maximum of 100 employees.
- The business must have gross revenues of less than $5 million per year.
- The business must be able to demonstrate a loss of revenue due to COVID-19.
How can businesses apply for funding?
Businesses can apply for funding through ESD’s online application portal. The application process involves providing information about the business’s financial situation and how it has been impacted by COVID-19. Businesses will also need to provide evidence of their eligibility, such as tax returns and financial statements.
What is the deadline for applications?
The deadline for applications is April 26, 2021. However, businesses are encouraged to apply as soon as possible as the funds will be distributed on a first-come, first-served basis.
Conclusion
The NYS Tourism Recovery Fund is a much-needed initiative to support small businesses in New York’s tourism industry that have been severely impacted by the COVID-19 pandemic. Eligible businesses are encouraged to apply for funding before the April 26th deadline to take advantage of this opportunity and help rebuild their operations. With this support, New York’s tourism industry can recover and thrive once again.
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