COVID-19 Bulletin: Tax Credits Available for COVID-Related Costs
Small businesses can now apply for a new tax credit to help offset COVID-19 costs. The $250 million COVID-19 Capital Costs Tax Credit Program will cover up to 50% of eligible expenses, for a maximum benefit of $25,000.
Eligible expenses must have been incurred between January 1, 2021, and December 31, 2022, and include:
- Supplies for disinfecting or otherwise stopping transmission
- Replacing lost perishable goods
- Sneeze guards
- Sanitizer
- Air purifiers
- Signage
- Barriers for social distancing
- Contactless pay equipment and software
- Outdoor space expansion
- Remote work capability
Eligible small businesses have under 100 employees and gross receipts less than $2.5 million.
Due to the limited appropriation for this program, businesses are encouraged to apply as soon as possible here.
Related Posts
9.9.21 COVID-19 Bulletin: Biden To Mandate “Vax or Test” Requirement for Large Employers
Yesterday, Governor Kathy Hochul announced she would repeal the state’s mask mandate, effective today. However, her announcement did not proactively address how the repeal coincided with the NY HERO Act, which would have required employees in most workplaces to continue masking.
8.2.21 COVID-19 Bulletin: Cuomo Makes Recommendations on Vaccination Efforts
Yesterday, Governor Kathy Hochul announced she would repeal the state’s mask mandate, effective today. However, her announcement did not proactively address how the repeal coincided with the NY HERO Act, which would have required employees in most workplaces to continue masking.
9/24/21 Webisode: Navigating the New Federal Vaccine Mandate for Employers
President Joe Biden recently announced a new mandate requiring all employers with 100 or more employees to ensure their workforce is fully vaccinated or require weekly testing of unvaccinated workers.
5.3.21 COVID-19 Bulletin: NYS Will Lift Capacity Restrictions
Today, the State Legislature is passing a short-term budget extender, indicating a continued lack of consensus on a budget deal. The extender allows the state government to continue operations while buying time for the Governor and Legislature to reach an agreement on a number of outstanding issues. As we