New York's Top Business Leaders Unveil Economic Relief and Recovery Plan

New York's Top Business Leaders Unveil Economic Relief and Recovery Plan

The East Midtown Partnership, as part of the NYC BID Association, has joined prominent New York City industry leaders in restaurants, nightlife, retail, real estate, economic development and tech to advocate for urgently-needed relief to save the city’s small business community. In addition to the BID Association, the group is comprised of the Bronx Chamber of Commerce, Brooklyn Chamber of Commerce, Greenwich Village Chelsea Chamber of Commerce, Manhattan Chamber of Commerce, New York City Hospitality Alliance, NYS Latino Restaurant, Bar & Lounge Association, New York State Restaurant Association, Queens Chamber of Commerce, Staten Island Chamber of Commerce, Tech:NYC and The Real Estate Board of New York (REBNY).

The coalition is calling for swift action on the following items:

  • INSURANCE: Business interruption insurance claims related to COVID-19 should be required to be paid, or a specialized business recovery fund should be established to promptly pay claims;
  • PAYCHECK PROTECTION PROGRAM (PPP): Amend the Paycheck Protection Program of the CARES Act to allow the loan to be forgivable if businesses hire back needed staff at a minimum of six months after they fully reopen; allow a larger allocation of the money to be used for rent or other expenses; expand the stimulus funding so it is available over a longer period of time, and require all participating banks to accept and qualify applications from any small business without requiring existing accounts or loans.
  • SALES TAX:  Iinvestigate the fiscal implications of converting restaurants, nightlife establishments and retail stores’ sales tax collection into grants.
  • RENT AND MORTGAGES: Allow commercial tenants and property owners make arrangements per their circumstances to help both parties weather this crisis, and establish a government backstop during this emergency which could include direct federal financial assistance, rent and mortgage forbearance, and/or a property tax deduction for landlords who provide rent concessions to their tenants.

Read the full press release here:

Icon NYC Business Leaders Unveil Economic Relief & Recovery Plan (599.7 KB)