Resources & Information for Lower Manhattan Businesses Impacted by Hurricane Sandy
BUSINESS LOAN AND MATCHING GRANT PROGRAM APPLICATIONS AVAILABLE
The NYC Department of Small Business Services has worked with the federal government to make changes to the Hurricane Sandy Business Loan and Grant Program, including making grant-only funding available.
Businesses with an unmet need greater than $100,000 are eligible for a grant of up to $100,000 and matching loans/grants up to $1.1 million. Businesses that qualify for a severe need may be eligible for a grant of up to $1.1 million and matching loans/grants above $1.1 million. Loans will have a 1% interest rate and must be repaid in five years. There are no fees associated with these loans or grants. Funding may be used for moveable equipment, inventory and or working capital.
You can read more about the changes in Mayor Bill de Blasio’s announcement here and on the NYC Business Solutions website. For program eligibility requirements and additional information, please contact an NYC Business Solutions center directly or call 311. NYC Business Solutions centers are listed at www.nyc.gov/nycbusiness.
SMALL BUSINESS STOREFRONT IMPROVEMENT PROGRAM
Note: The Storefront Improvement Program has reached enrollment capacity but applications are still being accepted in the event that more funding shall become available.
The NYC Department of Small Business Services has announced a new $1 million program to provide funding for façade improvements for eligible small businesses and property owners impacted by Hurricane Sandy and located in New York City Evacuation Zones 1 through 6. To be eligible, interested parties need to apply as a group with a minimum of five business/property owners, located within a quarter-mile radius and applicants must employ fewer than 100 individuals in all locations. Selected participants will consult with the program architect and be awarded up to $20,000 for eligible improvements. Applications must be received on or before November 1, 2013 and will be reviewed on a first-come, first served basis, with consideration being given to geographic distribution and need.
To determine your New York City Evacuation Zone, please visit http://maps.nyc.gov/hurricane/.
FEE RELIEF FOR BUSINESS RECOVERY FROM THE CITY OF NEW YORK
The city is now waiving fees related to repair and reconstruction for businesses impacted by Hurricane Sandy. Fees from the following city agencies may be waived: Department of Buildings, Department of Consumer Affairs, Fire Department, Department of Environmental Protection, Landmarks Preservation Commission, Department of Small Business Services, and the Department of Transportation. Eligible applicants must be located in Hurricane Evacuation Zones A or B, a Business Recovery Zone, or in a building that was issued a red, yellow, green plaque during the Department of Building’s structural damage assessment. Applicants must complete an application and submit to the Restoration Business Acceleration Team to receive a fee waiver by October 31, 2013. Fees will be waived until December 31, 2013. More information and applications are available on the Restoration Business Acceleration Team’s website: http://www.nyc.gov/html/nbat/html/rbat/fee_relief.shtml.
REOPENING ASSISTANCE FROM NYC RESTORATION BUSINESS ACCELERATION TEAM (NBAT)
The city of New York has established the NYC Restoration Business Acceleration Team (RBAT) to assist businesses affected by the storm and help them reopen sooner through coordinating services, permitting and inspections. Client managers are assigned to businesses and will serve as a single point of contact for information and coordinating appointments and interactions with various city agencies. Please contact RBAT by calling (212) 788-6722 or completing and emailing this Superstorm Sandy form to email@example.com.
RECOVERY RESOURCES FOR NON-PROFITS
The NYC Nonprofit Recovery Loan Program will provide interest-free loans ranging from $5,000 to $100,000 to New York City nonprofits impacted by Hurricane Sandy and will cover losses associated with the disruption of operations and property damage. The loans are intended to fill the gap between expenditures required for recovery and revenues expected from insurance payments, grants, pledges, FEMA disbursements, etc. Priority will be given to nonprofits that suffered the most severe losses and/or were located in areas most affected by Hurricane Sandy. For more information and access to the application, please visit https://rlp.fcny.org/rlp/about/ or email the Fund for the City of New York at LoanTeam@fcny.org.
FEDERAL DISASTER ASSISTANCE, FEMA
Anyone affected by Sandy – homeowners, renters, and businesses – can apply for federal disaster assistance. They can register at www.DisasterAssistance.gov or by calling 1-800-621-3362.
Shared Work Program
The Shared Work Program is available to employers concerned that they mean need to lay off full-time employees due to a temporary business downturn. Through this program, an employer can reduce the hours worked by full-time employees and the employees would receive Shared Work Benefits to help offset the lower wages. For more information, please call the New York State Department of Labor at (518) 457-5807 or visit http://www.labor.ny.gov/ui/employerinfo/shared-work-program.shtm.
Those with questions about insurance / filing insurance claims should call the NYS Department of Financial Services emergency hotline. Call 1-800-339-1759 to speak to an expert. Hours of operation are 8AM to 8PM weekdays, 9AM to 4PM weekends or fill out the SBS inquiry form at http://www.nyc.gov/html/sbs/nycbiz/html/contact/manager.shtml, or fill out the SBS inquiry form at http://www.nyc.gov/html/sbs/nycbiz/html/contact/manager.shtml .
Several services are offering free legal assistance to those affected by Hurricane Sandy. Types of assistance typically include help with insurance claims, preparing powers of attorney, help with guardianships, and preparing new wills and other lost legal documents. For more information, please visit www.abanet.org/disaster/, www.disasterlegalaid.org/, or www.lsc.gov/
US INTERNAL REVENUE SERVICE (IRS) TAX RELIEF
Individuals and businesses located in federally-declared disaster areas can postpone gains on reimbursement by 2 years for business property. You receive a gain on reimbursement when your insurance award or other reimbursement exceeds the value of the property that was lost.
Casualty losses can also be deducted against income in the prior tax year, and certain disaster relief grants are not taxable.
For more information, visit www.irs.gov/pub/irs-pdf/p2194.pdf or call a local Taxpayer Assistance Center at (212) 719-6631 or the IRS at 1-866-562-5227.
DOWNTOWN ALLIANCE BACK TO BUSINESS GRANT PROGRAM
The Downtown Alliance's Back to Business Grant Program has been completed providing nearly $1.6mm to 105 businesses impacted by Hurricane Sandy.
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