
Michael J. Sheppeard
Partner
212-784-6939 msheppeard@sh-law.comFirm Insights
Author: Michael J. Sheppeard
Date: September 3, 2020
Partner
212-784-6939 msheppeard@sh-law.comNew York City’s comptroller Scott Stringer recently unveiled a plan to help the city’s small businesses deal with the impact of COVID-19. The comptroller’s recommendations include a series of tax credits for retailers, restaurants, entrepreneurs, and other hard-hit small businesses.
“Every small business in New York City that hasn’t yet closed is fighting for survival,” Stringer said. “The city must deliver much-needed relief to help businesses reopen, stay open, and revive high-vacancy corridors that have been devastated by the pandemic.”
As highlighted in the report, entitled “Save Main Street: A Crash Program to Help Save NYC Small Businesses,” New York City small businesses have been hit particularly hard by the pandemic. At least 2,800 small businesses have closed permanently between March 1 and July 10, including 1,289 restaurants and 844 retail establishments. For those small businesses remaining, revenues have dropped 26.4 percent since early January.
The comptroller’s action plan to help NYC businesses includes several tax-related proposals. It also includes recommendations for supporting existing small businesses as well as fostering new business and entrepreneurship. Below are some highlights:
Recommendations for Supporting Small Businesses
Recommendations for Supporting New Business and Entrepreneurship
COVID-19 continues to create challenges for New York City businesses, and we expect that the City will continue to roll out programs to provide assistance. The comptroller’s plan is a preview of what some of those might look like; however, the recommendations would all require action by local and often state officials.
If you have any questions or if you would like to discuss the matter further, please contact me, Michael Sheppeard, or the Scarinci Hollenbeck attorney with whom you work, at 201-896-4100.
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