Albany County COVID-19 Small Business Grant Program
Frequently Asked Questions
Question: Can I submit my application without all the documentation (Drivers’ license, Profit and Loss Statement, etc.)?
Answer: Your application may be submitted without supporting documentation, but it will not be reviewed until all necessary documentation is received.
Question: I don’t have a 12/31/2020 balance sheet prepared as of yet. I haven’t completed my profit and loss statement covering 1/1/2020 – 12/31/2020.
Answer: 9/30/2020 balance sheet will be accepted in lieu of the 12/31/2020 balance sheet. A profit and loss statement covering 1/1/2020 – 9/30/2020 will be accepted in lieu of a 1/1/2020 – 12/31/2020 profit and loss statement.
Question: The application asks about the number of full-time and part-time employees. As of what date?
Answer: Please provide your current number of full- and part-time employees.
Question: The application requests my annual business revenue. Does this refer to my 2019 revenue, or my 2020 revenue? Are you requesting information about how much money I made prior to COVID, or during COVID?
Answer: Please provide your most recent annual revenue; 2020 is preferred.
Question: The application asks about “average monthly payroll.” How should this be calculated? What period? Are you looking for monthly payroll prior to COVID or during COVID?
Answer: Please provide your current monthly payroll.
Question: What if my business started during COVID? How can I demonstrate loss of revenues?
Answer: If a business started amid COVI, there’s no way the applicant can show they have lost 25% of revenues due to COVID because there’s nothing to compare it to. Unfortunately, they would not be eligible?
Question: What if my business started just a couple months before COVID? How would I demonstrate loss of revenues?
Answer: Present the revenues you received prior to COVID and compare them to the revenues you received after COVID (in mid-March and/or after shutdown.)
Question: In the application, it says that your business must be sales tax generating. What if I don’t generate sales tax? Would I still be eligible?
Answer: Generating sales taxes is a requirement of eligibility. Unfortunately, if your business doesn’t generate sales tax, you would not be eligible for this grant.
Question: What is the deadline for applications to be received?
Answer: In order to be considered for this program, you must submit your application no later than 5pm on January 19, 2021. We will not be able to consider any applications submitted after that point.
Question: When will awards be made? When will recipients be notified whether they received a grant?
Answer: The Community Loan Fund and Albany County are working together to ensure the quick and efficient distribution of funds. Our goal is to notify all applicants of final decisions and distribute awards by early February.