Herkimer County has been awarded $500,000 for local businesses: Here's who's eligible
The Herkimer County Industrial Development Agency has been awarded $500,000 in Coronavirus Aid, Relief and Economic Security (CARES) Act funding to distribute to local businesses in Herkimer County for the purpose of retaining or providing new jobs to county residents.
The IDA applied for the funding in the early summer and the state awarded it June 23, according to Victoria Adams, the IDA's Administration and Grant Coordinator.
"I have been quite busy this morning speaking with businesses and emailing," said Adams. "There is quite a lot of interest so far, which is awesome."
Who's eligible for CARES Act funding?
According to a release by the IDA, the funding is to help businesses alleviate costs and expenses that have come about as a result of the pandemic, as well as to facilitate job growth and retention for low- to moderate-income residents. Grants will range in size from $25,000 to $100,000 and for every $85,000 of funds received, a business must provide proof that it will result in the creation or retention of at least one permanent, full-time job.
The funding will be applicable to businesses involved in manufacturing, warehousing and distribution, agriculture, high technology, research and development and "traditional and innovative small business endeavors," according to the IDA's Program Guidelines. The guidelines define small businesses as those that have less than 25 full-time employees, one or more of which owns the business at the time of application.
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What can businesses use CARES Act funding for?
The funding can be used to cover expenses made in marketing adaption, improvement of the business' safety measures, workforce training, air quality improvements and efficiency improvements. Adams said the grant money can be used to reimburse expenses made in these areas dating back to March 2020.
Adams said while applications will be considered primarily on a first-come first-serve basis, priority will also be given to companies that haven't received previous aid and given to businesses that can create or maintain the most jobs.
How can eligible businesses apply?
"Their first step [applicants] is to have a conversation with me," said Adams. She said that preliminary conversation serves to identify businesses' eligibility based upon "the number of employees they have, the structure of their business and if they're in Herkimer County."
For businesses looking to create jobs, they must share their employee payrolls and NYS-45 forms on a quarterly basis to the IDA.
"Once it shows that they have added the employees, then that means they [have] satisfied their requirement for adding positions," said Adams.
For businesses looking to retain jobs, they must submit the same forms through the next quarter to show that the position is still being provided.
Adams also said although the money has already been awarded, the IDA does not actually receive any of the funds until they have a concrete plan for its usage laid out before the state.
"We don't receive any money until we request it for an individual project," said Adams. "So we don't just get a lump sum of money."
Adams estimates the CARES Act money will be create or maintain 10 to 13 full-time positions throughout the county. Funds must be distributed by June 2023, and any leftover funding will be returned to the state.
This article originally appeared on Times Telegram: IDA has $500K in CARES Act grants for Herkimer County small businesses
