There is currently $800 million up for grabs for commercial tenants with fewer than 100 employees. The funding is available through Empire State Development (ESD). In order to be eligible for the funds, the small business has to establish that they lost at least 40% of their income during the COVID-19 emergency. The funds can be spent on anything, including rent or utilities. Some groups had been advocating for a program through which property owners would have to waive 20% of rent arrears in exchange for the state paying the other 80% but so far, this has been rejected. If you are a commercial tenant who wants to see if you are eligible for funding, or a property owner who needs help negotiating with your commercial tenants or helping them apply for relief, please contact us today to see how we can help.
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