As New York City begins its recovery from Hurricane Sandy, business owners face daunting challenges. They need to know what programs are available to help them recover from the effects of the storm.
Here are some key sources of assistance that are coordinated by the New York City Department of Small Business Services and the New York City Economic Development Corporation:
- For small to mid-sized businesses that are facing business interruption, NYC Business Emergency Loans will be available, with loans capped at $10,000. For information, click on this link or call 311.
- For businesses facing displacement, the City is making short-term “swing” office space available at the Brooklyn Army Terminal, free of charge for 30 days. EDC has about 40,000 square feet of space at the Terminal that is now available for this use. Learn more.
- For businesses requiring other emergency assistance the SBS Business Outreach Team and Emergency Response Unit is available to help impacted small businesses. Learn more.
- For mid-to-large-sized businesses that need to undertake rebuilding, an emergency sales tax letter from New York City Industrial Development Authority (IDA) is available to allow businesses to avoid payment of New York City and New York State sales taxes on materials purchased for rebuilding. Please contact Shin Mitsugi at email@example.com for information.
In addition, the following Federal Aid Programs for State of New York Disaster Recovery are available:
- The Federal Emergency Management Agency (FEMA) provides loans for business property losses not fully compensated by insurance, and for small businesses, small agricultural cooperatives and most private, non-profit organizations of all sizes that have suffered disaster-related cash flow problems and need funds for working capital to recover from the disaster. To learn more contact the Federal Emergency Management Agency (FEMA) at www.disasterassistance.gov or by calling (800) 621-3362.
- In addition, the U.S. Small Business Administration (SBA) provides loans to individuals, families and businesses in an area whose property has been damaged or destroyed following a Presidential-declared disaster (such as Hurricane Sandy), and whose losses are not covered by insurance. To learn more, contact the SBA’s Disaster Assistance Customer Service Center by calling (800) 659-2955.
Further information about these programs and others is available in Senator Kirsten Gillibrand’s Guide to Disaster Assistance and Relief Funding and Senator Charles Schumer’s Hurricane Sandy recovery website.
Also the Renaissance Economic Development Corp. is sponsoring two recovery initiatives. Click here for more info.