City Comptroller John C. Liu released the following statement about the new loans and tax relief for businesses affected by Hurricane Sandy that were approved today by the NYC Industrial Development Agency (IDA) and the Build NYC Resource Corporation. Comptroller Liu is a voting member of both the IDA and Build NYC:
“Small businesses have suffered the brunt of the structural and economic damage wrought by Superstorm Sandy,” Comptroller Liu said. “Indeed, many are at risk of going under. The small business relief approved today is a worthy public-private partnership that will hopefully help stricken entrepreneurs to begin to get back on their feet.”
BACKGROUND:
Two programs that offer financial assistance to businesses were approved today by the City’s IDA and Build NYC:
• The Hurricane Emergency Loan Program (HELP) will provide $10 million in loans capped at $25,000 each for businesses in an area affected by Hurricane Sandy. No payments are due for the first six months of the loans, during which time they are interest free; the loans carry a 1% interest rate thereafter.
The loans are funded with $1 million from Build NYC, $4 million from the IDA, and $5 million from Goldman Sachs.
• The Hurricane Emergency Sales Tax Exemption Program (HESTEP) will help business affected by Sandy make repairs, renovate, and replace damaged equipment by providing up to $25 million in sales tax
exemptions on purchases of building materials and machinery. The tax exemptions will be limited to 250 businesses, each receiving exemptions of up to $100,000.
For more details on the programs and how to apply, please check the City’s website:
http://www.nyc.gov/html/sbs/
“Small businesses have suffered the brunt of the structural and economic damage wrought by Superstorm Sandy,” Comptroller Liu said. “Indeed, many are at risk of going under. The small business relief approved today is a worthy public-private partnership that will hopefully help stricken entrepreneurs to begin to get back on their feet.”
BACKGROUND:
Two programs that offer financial assistance to businesses were approved today by the City’s IDA and Build NYC:
• The Hurricane Emergency Loan Program (HELP) will provide $10 million in loans capped at $25,000 each for businesses in an area affected by Hurricane Sandy. No payments are due for the first six months of the loans, during which time they are interest free; the loans carry a 1% interest rate thereafter.
The loans are funded with $1 million from Build NYC, $4 million from the IDA, and $5 million from Goldman Sachs.
• The Hurricane Emergency Sales Tax Exemption Program (HESTEP) will help business affected by Sandy make repairs, renovate, and replace damaged equipment by providing up to $25 million in sales tax
exemptions on purchases of building materials and machinery. The tax exemptions will be limited to 250 businesses, each receiving exemptions of up to $100,000.
For more details on the programs and how to apply, please check the City’s website:
http://www.nyc.gov/html/sbs/
************************************************************
No comments:
Post a Comment