New York State announced the American Rescue Plan Act, which awarded $501.5 million in federal funds through the State Small Business Credit Initiative (SSBCI). The initiative is managed by the U.S. Department of Treasury and provides funds to support programs for small businesses, with emphasis on those still struggling from the economic impact of the COVID-19 pandemic.
Governor Kathy Hochul stated: “Small businesses are the backbone of our economy, and far too many small business owners are still feeling the economic toll of the pandemic. This historic funding will be a game changer, serving as a crucial lifeline for small businesses, fueling innovative growth, and helping uplift the most vulnerable communities across New York State.”
Source: 13 WHAM