Resources & Information for Lower Manhattan Businesses Impacted by Hurricane Sandy
BUSINESS LOAN AND MATCHING GRANT PROGRAM APPLICATIONS AVAILABLE MAY 20, 2013
The City has announced that $72 million of a total $293 million allocation for business relief from a Federal Sandy relief package will be available to small businesses in the form of loans and matching grants. Small businesses that experienced direct damage from Hurricane Sandy will be able to access loans of up to $100,000 and matching grants of up to $60,000. Loans will have a 1% interest rate and must be repaid in five to seven years. The application period will be available on May 20, but information on the program as well as a checklist of the requirement documents for the application are available now.
You can find more information by calling 311 or by visiting the NYC Business solutions website here: http://www.nyc.gov/html/sbs/nycbiz/html/home/home.shtml. The City’s Department of Small Business Services will oversee the loan and grant program with assistance from the New York Business Development Corporation. Business owners will work directly with an account manager at the NYC Business Solutions Center to apply for the loan and matching grant program.
The $293 million in business relief programs funded through the City’s Federal aid plan includes $72 million in business loans and grants, as well as:
• $90 million for investments in business resiliency;
• $90 million for “Game-Changer Investment Competition” to reward innovative ideas for spurring economic development in hard hit areas; and
• $41 million for a competition to develop resilient technologies.
You can also access the Mayor’s press release on the Federal approval of the Sandy relief funds at www.nyc.gov/mayor.
SANDY EMERGENCY AID PACKAGE APPROVED BY CONGRESS
New York City will receive an initial $1.7 billion from a $51 billion disaster relief package approved by the federal government to assist New York, New Jersey, Connecticut, and other Northeast states affected by the storm. The mayor’s office has announced that $1 billion of this initial installment will be distributed directly to homeowners and business owners affected by the storm in the form of grants and loans, including:
o $350 million on grants to low-, moderate- and middle-income owners of single-family homes,
o $250 million on grants and low-interest loans to help repair up to 12,790 units of low-, moderate- and middle-income housing in multifamily homes and rental buildings,
o $100 million in grants to up to 1,300 businesses,
o $140 million on competitions to help utilities protect their networks against future storms, and to jump-start economic development in business districts heavily affected the storm
The city is currently working with the federal government to receive federal approval for the programs and expects to start accepting applications for grants and loans in late April or early May. Please check back for details on these programs and how they can assist Lower Manhattan businesses and residents.
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. Eligible fees already paid may also be refunded if applications are received by May 31, 2013. 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.
TEMPORARY SPACE FOR DISPLACED BUSINESSES
Brookfield Office Properties is donating 100,000 SF of office space to displaced non-profits and small businesses at 250 Vesey Street, Brookfield Place (formerly known as World Financial Center). The space is free of charge and is equipped with tables, chairs, internet, and cellular connectivity. Interested organizations can contact Mark Kostic at email@example.com or 212-417-2516.
Lower Manhattan businesses temporarily displaced should contact the Real Estate Board of New York or visit their website at http://www.rebny.com for a list of office spaces available to displaced tenants.
Short-term "swing" office space is available in all five boroughs. NYCEDC has identified private commercial space that will be offered at no rent to businesses displaced by Hurricane Sandy. Temporary space is also available at no rent at Brooklyn Army Terminal and the Sunshine Bronx business incubator. Additionally, NYCEDC has received offers of other free services and supplies for impacted businesses. For a full list of these resources, including location and contact info for available spaces, visit http://www.nycedc.com/donations.
RECOVERY RESOURCES FROM THE U.S. SMALL BUSINESS ADMINISTRATION (SBA)
The US Small Business Administration offers two types of disaster-relief loans to businesses.
- Business Physical Disaster Loan helps businesses and not-for-profits in disaster areas replace or restore damaged property. The application filing deadline was April 27, 2013. Applications received after this date will require an applicant’s written explanation for the late filing.
- Economic Injury Disaster Loan is similar but helps address economic damage (e.g. lost revenue), regardless of physical damage. Application filing deadline: July 31, 2013.
Click here for a flyer with more information.
Apply online at https://disasterloan.sba.gov/ela. For more information, call (800) 659-2955, email firstname.lastname@example.org, or visit www.sba.gov. Deaf and hard-of-hearing individuals may call (800) 877-8339. General assistance is also available during weekdays at the Manhattan Small Business Development Center at Pace University, 163 William Street, or by calling (212) 618-6655 or by email, email@example.com.
RECOVERY RESOURCES FROM NEW YORK CITY’S ECONOMIC DEVELOPMENT CORPORATION AND DEPARTMENT OF SMALL BUSINESS SERVICES
Emergency Loan Fund and the NYC Matching Grant
The City of New York and Goldman Sachs are providing $15 million in emergency loans to help businesses damaged by Hurricane Sandy. Businesses that are approved for a loan and have been displaced for 3 weeks or more from their workplace can also receive up to an additional $10,000 through a matching grant. Each emergency loan will be the sum of costs for replacement/repairs to facilities or equipment, and/or the working capital needed to restart or continue business operations, up to $25,000. There will be no payment on emergency loans required for the first six months. Following this, loans will have a 1% interest rate on a monthly amortization schedule for the following twenty-four months. There are no fees associated with the emergency loans.
Click here for more information.
To apply for emergency loans and get information about resources, visit the Lower Manhattan Business Solutions Center at 79 John Street, visit www.nyc.gov/html/sbs/nycbiz/, or call 212-618-8914. Hours of operation are Monday-Friday, 8:30 am to 5:30 pm.
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 firstname.lastname@example.org.
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.
If you are looking for information on whether your building has power, we recommend contacting your property owner or building manager directly.
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.
Subscribe to our newsletter
Learn more about what is happening in Lower Manhattan. From our email and print newsletters to the latest maps and guides, we will keep you up to date.