Published by:
on: Tuesday, July 16th, 2002

A new grant program that has emerged is the WTC Business Recovery Grant Program. To be eligible for assistance through the WTC Business Recovery Grant Program, applicants must show a business lease, deed or permit that was in effect on September 11th in the areas described below, as well as a new business lease, deed or permit, if relocated, that confirms the on-going viability of the enterprise. EDC will require applicants to certify information provided as to economic losses resulting from disaster and applicable compensation from insurance payments and government grants. EDC will reduce any grant award to ensure that it does not exceed an applicant�s net economic loss after compensation from insurance payments that have been received and will be received in the future and government grants provided for the same purpose.

Eligibility criteria and assistance levels are as follows:

� 14th Street/Houston Area: Businesses on or south of 14th Street, but not in one of the areas described below, will be eligible for compensation for two days of gross revenues, with a maximum award of $50,000.

� Houston/Canal Area: Businesses on the south side of a line running east from the western end of Clarkson Street, south of the centerline of Clarkson Street to the intersection with Washington Avenue, then west of the centerline of Washington Street to the intersection with West Houston Street, then south of the centerline of West Houston Street to the intersection of the Avenue of the Americas, then south of the centerline of East Houston Street to the bank of the East River, but not in the areas described below, will be eligible for compensation for three days of gross revenues, with a maximum award of $100,000.

� South of Canal Area: Businesses in the area on the south side of the line beginning at the intersection of the Hudson River with the Holland Tunnel, and running then east to Canal Street, then running along the centerline of Canal Street, to the intersection with Rutgers Street, and then running along the centerline of Rutgers Street to the East River, but not in the are described below, will be eligible for compensation for five days of gross revenues, with a maximum award of $150,000. Businesses with 10-200 employees may also be eligible for an additional incentive program.

� Restricted Zone: Businesses in the Restricted Zone within which all pedestrian and vehicular traffic was prohibited on September 19th (the area bounded by the area running east on Chambers Street from the Hudson River to Broadway, then running south on Broadway to Rector Street, then running west on Rector Street to the Hudson River) will be eligible for assistance equal to 10 days of gross revenues, with a maximum of $300,000. Businesses with 10-200 employees may also be eligible for an additional incentive program.

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