KINGSTON, NY – Ulster County has received $ 1 million to provide direct financial assistance to struggling small businesses through federal CARES funding from the Office of Homes and Community Renewal, according to the office of the County Executive Pat Ryan.
Qualifying businesses must have 25 or fewer employees and must be owned by someone with limited income or employ a majority of people who meet limited income thresholds, Ryan’s office said. He said priority points will be awarded to businesses owned by women, minorities or veterans.
Businesses will receive a maximum of $ 35,000 each to cover expenses such as rent, payroll and equipment.
âDuring the pandemic, we saw big box stores and multinational corporations continue to thrive as our small businesses struggled,â Ryan said in a statement. âIn Ulster County, we are redoubling our efforts to support our local businesses. This $ 1 million in funding from the CARES Actâ¦ will provide the tools necessary not only to help our businesses stay afloat, but also to grow and grow. “
The CARES (Coronavirus Aid, Relief and Economic Security) law was approved by Congress last year and signed by then-President Donald Trump in response to the economic fallout from the COVID-19 pandemic.
More details on funding, as well as a complete application, should be posted online at www.ulstercountyny.gov in the next weeks. To take the first step towards financing, companies should use the pre-application form on bit.ly/3zU96De. Questions regarding the pre-application should be sent by email to [email protected]
âWe know that small businesses are the backbone of Ulster County’s economy, so it made perfect sense to seize this opportunity on behalf of our community,â County Economic Development Director Tim Weidemann said. , in a press release. âIn particular, we know that the restaurant industry has been hit hard by the COVID pandemic, and our office has personally heard from many companies that have been unable to access other sources of relief funding. We sincerely hope that this funding will be a tool to bridge the gap and help small business owners stabilize their finances.