Small Business Tax Credit for COVID Related Expenses

ALBANY, NY (NEWS10) – From purchasing PPE and HVAC equipment to purchasing cleaning products and hand sanitizers, businesses had to adapt during the pandemic to protect themselves and their families. customers. Now, to help offset some of these COVID-related expenses, small businesses with 100 employees or fewer can apply for a tax credit.

“The maximum tax credit they can get is $ 25,000. We have a minimum that they must have at least $ 2,000 to get a $ 1,000 tax credit, “explained Paul Matrosz, director of economic incentives for Empire State Development. Evaluation fees must be disclosed.

The state budget has been allocated $ 250 million for this program.

Melissa Fleschchut, president of the New York State Restaurant Association, said she believed it would be useful for small businesses.

“I think most restaurants will be able to take advantage of that, we’ve had a lot of COVID-related expenses,” Fleschchut said. “It can be used for things like having to erect a barricade, perhaps between the pits or as a cash register as a COVID expense. Or if you had to extend your meals in the open air and spend it. ,

For those who wish to apply for the tax credit, they must first complete a screening process on the Empire State Development website.

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