Mayor Bill de Blasio and NYC Department of Small Business Services Commissioner Jonnel Doris announced good news that over $155 million will be allocated for small business recovery and job training in the city.
The following is a description of four policies we advocated, which are included in the City’s plan (read more). When applications open, and all the details of the programs become available, we’ll share it. Your support of the NYC Hospitality Alliance allows us to keep fighting for our industry!
NYC Small Business Loan Fund: The NYC Small Business Recovery Loan program is a $100 million fund, partly funded with private capital, dedicated to helping small businesses retain staff and keep their doors open. Using census tract data to target communities hardest hit by COVID-19, New York City will provide low-interest loans of up to $100,000 to approximately 2,000 small businesses.
Small Business Grant Program: The $100 million Small Business Grant Program will provide direct support to small businesses to boost our recovery and put New Yorkers back to work. It will include $50 million in rental assistance for small businesses in the arts, entertainment, recreation, food services, and accommodation sectors, and an additional $50 million focused on small businesses in low- to moderate income communities, using census tract data, to hire staff or meet unpaid expenses incurred since March 2020.
Commercial Lease Assistance Program: The existing Commercial Lease Assistance program will receive $10.4 million to provide expanded free legal services to help businesses sign, change or terminate leases, or address a commercial lease issue. This funding will help to expand outreach to small businesses in the 33 hardest hit neighborhoods identified by the Mayor's Taskforce on Racial Inclusion & Equity (TRIE) that were disproportionately impacted by the COVID-19 pandemic.
Accelerate Small Business Reopening/Opening: The City will allocate $5 million to establish a small business recovery "one-stop shop" service to help businesses meet requirements for opening/reopening inspections, licensing and permitting as the COVID-19 pandemic subsides.