
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.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Since his inauguration two months ago, Donald Trump’s administration and the Congress it controls have indicated important upcoming policy changes. These changes will impact financial services policies and priorities. The changes will particularly affect cryptocurrency, as well as banking rules and regulations. Key Regulatory Changes in Cryptocurrency For example, in the burgeoning cryptocurrency business environment, […]
Author: Dan Brecher
The retail sector has experienced a wave of bankruptcy filings over the last year. Brick-and-mortar businesses in financial distress include big-name brands like Big Lots, Party City, The Container Store, and Vitamin Shoppe. When large retailers seek bankruptcy protection, they are not the only businesses impacted. Landlords can be particularly hard hit. While commercial landlords […]
Author: Brian D. Spector
The bankruptcy legal landscape presents both challenges and opportunities for businesses navigating financial distress. Understanding current bankruptcy trends can help businesses make more informed and strategic decisions. Corporate Bankruptcy Filings Trending Upwards Bankruptcy filings continued to trend upwards in 2024. According to statistics released by the Administrative Office of the U.S. Courts, personal and business […]
Author: Brian D. Spector
In December, the U.S. Securities and Exchange Commission (SEC) announced charges against two privately held companies for failing to file a Form D notice, which is generally utilized for exempt securities offerings. Here, the SEC’s enforcement sends a strong message: compliance with regulatory requirements is not optional and failure to comply can have significant consequences. […]
Author: Kenneth C. Oh
On February 14, 2025, the Office of General Counsel (OGC) of the National Labor Relations Board (NLRB) under Acting General Counsel William B. Cowen issued Memorandum 25-05, “New Process for More Efficient, Effective, Accessible and Transparent Case handling.” The Memorandum rescinds nearly all of the Memoranda issued by his direct predecessor, Jennifer Abruzzo, setting the […]
Author: Matthew F. Mimnaugh
If you purchase real property from a foreign person or entity, you may be required to withhold taxes from your payment to the seller under the Foreign Investment in Real Property Tax Act (FIRPTA). The federal tax law is designed to ensure that foreign sellers pay any applicable capital gains tax on profits realized from […]
Author: Jesse M. Dimitro
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!