NEW YORK (WKBW) — Tuesday New York Governor Andrew Cuomo presented the proposed state budget for the fiscal year 2022.
The governor addressed the impact COVID-19 has had on all aspects of life, including small businesses and restaurants. He announced help could be on the way as part of a $130 million pandemic recovery and restart program.
Included in the recovery and restart program is a $50 million small business rehiring credit, a $50 million credit for restaurants most impacted by the COVID-19 crisis such as New York City restaurants and those impacted by Orange and Red Zone closures and a $30 million credit for the music, arts and theater industry.
"Restaurants paid a really high price for what happened during COVID, many businesses were hurt, I believe restaurants would be at the top of the list," said Cuomo. "Even when other businesses reopened we still restrained restaurants because of the social gathering aspect of the business, but I did that with a very heavy heart."
The proposal would establish or enhance the following tax credits:
- Small Business Return-To-Work Tax Credit: Provides $50 million in tax credits to support certain highly impacted small businesses impacted by COVID-19 in the hiring of additional workers through 2021. This would help employers hire workers faster than they normally would, helping reduce unemployment and getting workers back on the tax rolls. The credit is $5,000 per employee and up to $50,000 per business. Small businesses must have experienced a minimum 40 percent revenue or employment loss to qualify.
- Restaurant Return-To-Work Tax Credit: Provides $50 million in tax credits to support highly impacted restaurants hard hit by the pandemic through 2021. This credit is for restaurants that were hardest-hit by pandemic restrictions, in New York City and other areas in which restrictions were implemented. Restaurants would receive the credit immediately if they choose. The credit would be $5,000 per employee and up to $50,000 per business.
- New York City Musical and Theatrical Production Tax Credit: Provides $25 million in tax credits for the jump start of the industry and the support of tourism activity in New York City.
- Extend and Enhance the Musical and Theatrical Production Credit for Four Years: In order to support highly impacted musical and theatrical productions that occur in the State but outside of New York City, the Budget extends this credit for four years through 2025 and doubles it to $8 million.
You can watch the governor's full budget address below.
