Queens small businesses to receive $15M grant
under new program launching in early January
Photo via Flickr
TIMESLEDGER | QNS.10 COM | JAN. 1-JAN. 7, 2021
The PPP is a $349 billion federal
loan under the Coronavirus Aid,
Relief, and Economic Security Act
passed in March. It was designed to
provide a direct incentive for small
businesses to keep their workers on
the payroll. However, during the first
rollout in April, many small businesses
were bypassed as larger corporations
received the loan. The program
was closed in August.
After eight months, Congress on
Monday, Dec. 21, voted to approve
a long-sought $900 billion COVID
stimulus package that provides relief
for small businesses. The package includes
more than $284 billion for first
and second forgivable PPP loans, expanded
PPP eligibility for nonprofit
organizations and news outlets, and
modifications to the program to serve
small businesses, nonprofits and independent
restaurants.
In the meantime, the Queens
Small Business Grant comes at a time
when businesses are hanging on by a
thread, as indoor dining is banned in
New York City to slow the spread of
COVID-19.
The grant is “no-strings attached
dollars” for businesses in low-income
communities who need it the most
to survive during the winter season,
Patchett said.
“We know this winter will be really
hard and this is about making
sure we can save as many businesses
as we can,” Patchett said. “The next
few months have determined whether
businesses will make it or not through
January to March.”
Community organizations based in
different parts of the borough will provide
technical assistance to the grant
applicants to ensure they receive the
funds. According to Patchett, they’re
hopeful that the program will help a
lot of businesses get through a very
difficult winter.
“We’re really thrilled that we have
the opportunity to provide this lifeline
to Queens businesses, particularly
to those in the neighborhoods and
populations hardest hit by COVID,”
Patchett said.
The program, Richards said, prioritizes
the needs of the communities often
left behind during a critical time,
as they work to rebuild the borough’s
economy.
“This ensures that we have an
antidote to make sure we’re never
back here again. We’re rebuilding
back smart and assisting communities
that really would suffer from
the most blight perhaps, who really
have much more of the population of
low wage workers and getting them
back on their feet sooner or later,”
Richards said. “This is what the government
should be doing, to keep our
businesses afloat.”
Reach reporter Carlotta Mohamed
by e-mail at cmohamed@schnepsmedia.
com or by phone at (718) 260–4526.
BY CARLOTTA MOHAMED
Queens small business owners
and vendors impacted by COVID-19
will receive support from a new program
that is slated to launch in early
January.
Queens Borough President Donovan
Richards and James Patchett,
president of the New York City Economic
Development Corporation
(NYCEDC), are partnering with several
community organizations for the
Queens Small Business Grant Fund
that aims to provide a lifeline for
businesses struggling through the
pandemic.
The participating partners include
Accompany Capital, Ascendus, BOC
Capital, Greater Jamaica Development
Corporation, Pursuit, Renaissance
EDC and the Queens Chamber
of Commerce. The new grant program
is made possible through a generous
$17.5 million donation from the Steven
and Alexandra Cohen Foundation
Inc., a nonprofit organization that is
committed to inspiring philanthropy
and community service.
“This is a real shot in the arm for
businesses during a period when we’re
seeing people struggling to pay their
rent, have a meal at home, provide
food for their kids, and people waiting
on pantry lines,” Richards said. “This
is a really good start and I am proud to
partner with NYCEDC on such a great
program.”
The program aims to support businesses
that are minority-owned or
those located in a low- to moderate-
income community, and communities
hit hard by COVID-19. According to
NYCEDC, $15 million will be allocated
for small businesses, each of which
may receive up to $20,000 to support
operational expenses. An additional
$2.5 million will be reserved for further
small business support in spring.
Having done a tour in southeast
Queens, East Elmhurst and Astoria,
meeting with dozens of small business
owners, Richards said they’re expecting
to conduct more tours through
business corridors across the borough.
“You hear the same common theme:
we are holding on by the margins, need
rental assistance and there have been
staff layoffs,” Richards said. “There
is no borough hit harder than Queens
during the pandemic, and we’re not
only feeling the impact health-wise
but also in our business community.”
According to Richards, although
the Paycheck Protection Program
(PPP) provided a loan, people were
cautiously optimistic about the new
program and didn’t know enough
about it.
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