COVID-19

State Disaster Emergency Grant / Loan program

The City of Yonkers Industrial Development Agency is dedicated to helping our City’s businesses succeed and thrive during the most difficult times. New York State has created a new state disaster emergency loan program which aims to support the short-term viability of both small businesses and not-for-profit corporations, with fewer than 51 employees, by allowing the Yonkers Industrial Development Agency (“YIDA”) to:

  1. Provide grants of up to $10,000 to be used for the purchase of personal protective equipment (PPE) and/or installations to prevent the spread of COVID-19; and
  2. Make loans of up to $25,000 to businesses negatively impacted by COVID-19.

COVID-19

State Disaster Emergency Grant / Loan program

The City of Yonkers Industrial Development Agency is dedicated to helping our City’s businesses succeed and thrive during the most difficult times. New York State has created a new state disaster emergency loan program which aims to support the short-term viability of both small businesses and not-for-profit corporations, with fewer than 51 employees, by allowing the Yonkers Industrial Development Agency (“YIDA”) to:

  1. Provide grants of up to $10,000 to be used for the purchase of personal protective equipment (PPE) and/or installations to prevent the spread of COVID-19; and
  2. Make loans of up to $25,000 to businesses negatively impacted by COVID-19.

What are the eligibility requirements?

  • The business must have been a financially viable entity prior to March 7, 2020
  • The business must conduct business in the City of Yonkers
  • The business must have 50 or fewer employees, including owner(s); and
  • The business must have been negatively impacted by COVID-19

For other resources
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The City of Yonkers

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What do I need to apply?

You will need to complete the online application below and submit the following supporting documentation:

  • 2019 business tax returns (or most recent year filed)
  • 2019 personal tax returns (or most recent year filed)
  • Business Financial Statements as of 12/31/19
  • Income and expense statements for past 12 months
  • EIN verification letter
  • Copy of Driver’s License or State issued identification

GRANTS

YIDA may provide grants to small businesses and not-for-profit corporations in an amount not to exceed $10,000, The proceeds of which must be used for the purpose of acquiring personal protective equipment or installing equipment necessary to prevent the spread of COVID-19.

LOANS

YIDA may provide loans to small businesses and not-for-profit corporations negatively impacted by COVID-19 in an amount up to $25,000. The loan does not require repayment during the grace period, which ends 60 days following the end of the state disaster emergency declaration, and must be paid in full not later than one year after the end of the grace period. There is no fee or penalty for prepayment or early payment of the loan, and no interest will be charged on the principal amount. Deferred and/or uncharged interest shall be exempt from New York State taxation, but may be subject to federal taxation.

Loan Application

Please note that applying for either program does not guarantee that you will receive a grant or loan.

When reviewing an application the following shall be considered regarding the applicant: (1) its creditworthiness prior to March 7, 2020; (2) the negative impact the shutdown has had on its operations and finances; (3) how it plans to use the funds; (4) ties to the applicable community and the applicant’s impact on the area served by YIDA; (5) assurance that efforts will be made to retain jobs during the time at which Executive Order 202 of 2020 remains in effect; and (6) other sources of funding available. Please note that eligible entities in a “highly distressed area”, as that term is defined in Section 854 (18) of the General Municipal Law, shall receive priority funding.

List of Approved Grants/Loans