Council Member Elizabeth S. Crowley and Council Member David Yassky, Chair of the Council’s Committee on Small Business, today issued a guidebook that will help small business owners navigate the benefits made available to them in the American Recovery & Reinvestment Act of 2009. The stimulus package provides $288 billion in tax relief to individuals and companies, but it is difficult to understand the particular programs made available in the 1,000 page law.
“Small businesses are the lifeblood of the City’s economy, and during these difficult economic times, it is critical that small business owners understand all of the benefits and programs that are available to them through the federal stimulus package,” Council Member Yassky said. “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.”
“Local businesses are a necessity for economic stability,” said Council Member Elizabeth Crowley. “As we face great challenges, we must revaluate 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 this economy – about 95% of businesses in NYC are considered small businesses - and throughout this City, in every borough, these businesses are feeling the drastic effects of the credit crunch. The guidebook will bring the stimulus incentives directly to the New York City small business owner – incentives ranging from tax breaks for purchasing new equipment and hiring veterans, to training vouchers for small business owners’ employees, and special incentives for installing energy efficient windows.
They were joined by representatives of the Manhattan, Queens, Brooklyn, and Bronx Chambers of Commerce on the steps of City Hall on Sunday, where the groups applauded the Council’s efforts in this area and pledged to distribute the guidebooks to their members.
To get copies of the guidebook, please contact Council Member Crowley’s office at (718) 366-3900.