NYC Comptroller Scott Stringer. Image credit: Office of the New York City Comptroller

Eighty-five percent of the survey respondents expect to go out of business within six months. On July 10, 2020, New York City Comptroller Scott M. Stringer released a comprehensive analysis of the economic hardships minority and women-owned enterprises (M/WBEs) are facing during the COVID-19 pandemic. In response to the survey findings, Comptroller Stringer announced new accountability measures to ensure the City is meeting its M/WBE goals. (read more…)

Council Member Rafael Espinal Jr./Image Credit: John McCarten and New York City Council

The law will help provide more opportunities for small businesses to remain in the City. On February 23, 2020, Introduction 1408-B was enacted into Local Law 35 of 2020. Introduction 1408-B requires developers to set aside affordable retail space for non-chain retailers within large City-funded affordable housing developments. The requirement will apply to certain affordable housing developments of at least 750,000 square feet that receive $15 million or more in City funds. The law, sponsored by Council Member Rafael Espinal, Jr., was proposed in response to the challenges local retailers face to remain in the City such as the recent increases in retail space rent and competition from chain stores.

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Mayor Bill de Blasio. Image Credit: NYC Mayor’s Office.

Small businesses will now receive free legal services for issues related to a business lease. On February 6, 2018, the de Blasio administration announced the launch of the new Commercial Lease Assistance Program, which will offer assistance to small business owners with lease negotiation, landlord issues, lease renewal, and eviction notices. Non-franchise businesses that meet an income requirements will be eligible for this program. (read more…)