New York $25K Tax Credit For Small Businesses For Covid

Small businesses in New York can apply right now to get some money back for the costs they had to pay because of the COVID-19 pandemic.

Companies that spent thousands of dollars to follow safety rules will get a tax credit from the state.

The COVID-19 Capital Costs Credits Program in New York State is now accepting applications. 

This program is meant to help small business owners who spent thousands of dollars to follow the state's emergency orders.

President of the Capital Region Chamber Mark Eagan says this will help many businesses that are still struggling to get back to 100%.

The programme gives tax credits of up to $25,000 to eligible business owners for costs related to COVID-19, such as:

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1. Supplies to clean or protect against the spread of COVID-19 2. Costs of making space bigger or more specific to accommodate social distance

3. HVAC equipment 4. Costs associated with more outdoor activities and more outdoor space 5. Tools and machinery to make contactless sales easier

Eligible businesses must be headquartered in New York State, have 100 or fewer employees, and $2,000 in eligible costs between January 1, 2021 and December 31, 2022.

The tax credit will be given to the first person who asks for it until the money runs out. Applications have been open since last Tuesday, and they will be until March 31, 2023.