Image Credit: Small Business Services
New federal relief funds are available for minority-owned, female-owned, and other small businesses. On January 13, 2021, Mayor Bill de Blasio and NYC Department of Small Business Services (SBS) Commissioner Jonnel Doris launched Fair Share NYC. The campaign aims to support small businesses and to keep thousands of New Yorkers employed by connecting small business owners to federal relief funds.
The federal funds include the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) Advance. The PPP is a forgivable loan program to help businesses keep their workforce employed during the Coronavirus crisis and the EIDL is a grant for small businesses in low income communities. Fair Share NYC will supply technical assistance to businesses seeking to access the $284.45 billion in PPP loans from the new COVID-19 relief package approved in the Coronavirus Response and Relief Supplemental Appropriations Act of 2021. The new loan package provides additional funding opportunities for businesses that did not receive PPP money in the first round of loans. In particular, the additional funding highlights minority-owned and women-owned businesses. Fair Share NYC also emphasizes funding for “very small” businesses and lending through community-based lenders. Through Fair Share NYC, the City offers free recourses to help businesses obtain loans. The recourses will be available in multiple languages and include:
– Webinars to review the PPP and EIDL Advance programs;
– One-on-one assistance to discover which funding option is best for each business;
– One-on-one assistance on filling out the application;
– Connections to PPP lenders; and
– Information on additional federal recourses
Mayor de Blasio stated, “PPP loans can be a lifeline for hard-hit small businesses in all five boroughs, and New York City will do everything we can to connect these businesses to the resources they deserve. I encourage every New Yorker to shop local and help these community anchors get back on their feet in the weeks and months to come.”
SBS Commissioner Jonnel Doris stated, “[s]mall businesses are the backbone of our economy and SBS is committed to keeping them resilient.” Mayor Bill de Blasio said, “PPP loans can be a lifeline for hard-hit small businesses in all five boroughs, and New York City will do everything we can to connect these businesses to the recourses they deserve.”
Small businesses can visit nyc.gov/ppp or call 888-SBS-4NYC to learn more.
By: Sarah Cobble (Sarah is the CityLaw intern and a New York Law School student, Class of 2022.)