Council Member Yassky, chair of the Council's Committee on Small Business, unveiled a brochure that simplifies the tax relief plan for small business by breaking down information from the 1,000 page law into three areas: grants, tax credits, and lending opportunities. The stimulus package provides $288 billion in tax relief to individuals and companies.
"Our short-term recovery and long-term prosperity depend upon the success of New York City's small businesses and entrepreneurs," Council Member Yassky said. "This brochure brings all of the opportunities available through the stimulus package together so that small business owners, busy just trying to stay afloat these days, can navigate benefits and incentives available with ease."
"Local businesses are a necessity for economic stability," said Council Member Elizabeth Crowley. "As we face great challenges, we must reevaluate how we spend our money. The best way to contribute to our economy and to a sustainable city is to buy locally grown, produced and manufactured goods. The federal government is creating public and private partnerships with the Stimulus dollars. It is essential that we make sure that entrepreneurs and local businesses of all sizes are aware of how to bring those dollars to our neighborhood's main streets."
Small businesses are the backbone of the City's economy, about 95 percent of businesses in NYC are considered small businesses, and throughout the City, in every borough, these businesses are feeling the drastic effects of the credit crunch. President Obama's new plan includes purchasing up to $15 billion of Small Business Administration loans through the TARP Program, temporarily raising guarantees to up to 90 percent in SBA's loan program, and temporarily eliminating certain SBA loan fees. These actions will make it easier for small businesses to access credit through their community and regional banks in New York.
Yassky and the Chambers of Commerce have also launched a petition at councilmemberyassky.com, which calls on the federal government to do more for small businesses, particularly in the areas of increased capital access, better access to healthcare, and increased training and education opportunities.
"While I do believe that we need to do more for our small businesses, President Obama's American Recovery & Reinvestment Act lays the groundwork for economic recovery, and we hope that this guidebook will provide the roadmap to get us there. That said, our petition should help organize and mobilize small businesses that need further assistance."
Both the guidebook and petition are available at councilmemberyassky.com. For a hard copy of the stimulus guidebook, please contact Council Member Yassky's office at (212)-788-7348.
