New York State has announced a new refundable tax relief program for small businesses that target COVID-19-related expenses. The funds will be distributed on a first-come, first-serve basis until depleted.
The COVID-19 Capital Costs Tax Credit Program is open to small independently owned businesses in New York State that have 100 employees or less, have gross receipts of less than $2.5 million in the 2021 tax year, and incurred at least $2,000 in eligible costs between 1/1/2021 and 12/31/2022.
This financial assistance program helps small businesses burdened with a range of operational costs stemming from the COVID-19 pandemic, from structural changes and building upgrades to health-related supplies and materials.
For details, click here: https://esd.ny.gov/covid-19-capital-costs-tax-credit