World Trade Center Grant Program

The CPA Journal, June 2002 | Go to article overview

World Trade Center Grant Program


On January 23, the Empire State Development Corporation (ESDC) announced the World Trade Center Business Recovery Grant Program, designed to provide assistance to certain businesses that were economically affected by the events of September 11. Depending on their location and size, businesses located downtown can receive up to $300,000 in grant assistance.

A business is eligible if it meets the following criteria:

* It is a for-profit business entity, or a not-for-profit organization as defined by the IRC, and is not involved in religious or political activities; and

* It maintained an office in the eligible area (see below) as of September 11, 2001, and continues or intends to resume its operations in NewYork City;

* It employs fewer than 500 full-time permanent employees; and

* Its revenues or expenses were derived from operations in the eligible area and it had at least one full-time permanent employee that worked in the eligible area.

The eligible area is the entire area of downtown Manhattan below 14th Street. This consists of four separately defined areas that determine the maximum available grants.The grant amounts are based on annual gross revenues and the business' location within the eligible area:

* Eligible businesses located in the 14th Street-Houston Street area: the lesser of 0.8% of annual gross revenues for the fiscal year ending prior to September 11, 2001, or $50,000.

* Eligible businesses located in the Houston Street-Canal Street area: the lesser of 1.2% of annual gross revenues for the fiscal year ending prior to September 11, 2001, or $100,000.

* Eligible businesses located in the South of Canal Street area: the lesser of 2% of annual gross revenues for the fiscal year ending prior to September 11, 2001, or $150,000.

* Eligible businesses located in the restricted zone (area bounded by Chambers Street, Broadway, and Rector Street): the lesser of 4% of annual gross revenues for the fiscal year ending prior to September 11, 2001, or $300,000. …

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