Small businesses in the Bronx get just 1
percent of COVID-19 relief loans
BY JASON COHEN
As many Bronx businesses
continue struggling fi nancially
during COVID-19, it
seems they won’t be getting
any help from the city.
As of April 26, 1 percent of
the Department of Small Business
Services (SBS) COVID-19
loans were given to Bronx
businesses, compared to 66
percent distributed to Manhattan
and 3 percent of all
SBS grants were given to the
Bronx, compared to 53 percent
in Manhattan.
A total of $80,000 in loans
were awarded to the borough,
leaving elected offi cials
and community leaders displeased.
Michael Brady, executive
director of the Third Avenue
BID, expressed his frustrations
on Twitter.
“When will the redlining of
our borough end?” Brady said.
“Haven’t we suffered enough
from disenfranchisement.
The positive cases, the mortality
rates, and now this shameful
business news. When will
it end?”
Councilman Mark Gjonaj,
the chair of the small business
committee, shared his
sentiments.
“With $39 million to 200K
business NYC Mayor is telling
small businesses to go to hell
and the Bronx to drop dead!”
Gjonaj said on Twitter. “We
know many of our #smallbusinesses
are in the #outerboroughs
yet we are seeing
a huge #disparity as the
#CityofTwoTales disclosed
that only 1% of @NYC_SBS
Covid-19 small business aid
has gone to the Bronx.”
Reginald Johnson, chief of
staff for Gjonaj, said the next
steps are for the nine Bronx
council members to write a
letter to SBS demanding an
explanation.
However, an SBS spokesman
explained that while
they did outreach citywide for
these programs, only 4.3 percent
of the applicants came
from the Bronx.
BRONX TIMES R 6 EPORTER, MAY 8-14, 2020 BTR
“SBS stood up two programs
in record time to assist
small businesses as
they faced the challenges related
to this pandemic,” the
spokesman said. “We have
worked hard to promote our
services in all fi ve boroughs
as we seek to provide aid. We
are working around the clock
to process applications and
get entrepreneurs the funds
they desperately need.”
On March 27, SBS unveiled
a loan and a grant for
small businesses affected by
COVID-19.
Small Business Continuity
Loan Fund
This investment was a
public-private partnership
between Goldman Sachs
10,000 Small Businesses,
Tapestry, Inc.’s Coach Foundation
and Pursuit to provide
loans to small businesses affected
by COVID-19.
Businesses with fewer
than 100 employees who have
seen sales decreases of 25
percent or more were eligible
for loans of up to $75,000
to help retain employees and
ensure business continuity.
The loan could be deployed
for a variety of uses, including
working capital, inventory
or other investments.
As part of the application,
businesses were required
to demonstrate a revenue
decrease by providing documentation
such as pointof
sales reports, bank statements,
quarterly sales tax
fi lings, 2019 tax returns or
CPA-certifi ed profi t and loss
statements.
Employee Retention
Grant Program
You own or are authorized
to represent a small
business that employs one
to four employees;
You have been in operation
for at least six months;
Your business has experienced
a revenue decrease
of at least 25 percent
following the impact of
COVID-19;
Upon receipt of the grant
funds, you commit to keeping
your one to four employees
employed at your business.
Chair of the Small Business Committee
for the City Council, Mark
Gjonaj is pissed that the Bronx is
only getting 1 percent of the small
business loan and grant money
File photo
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