Assemblyman Cymbrowitz Urges Storm-Damaged Businesses To Apply For City Aid

The following is a press release from the offices of Assemblyman Steven Cymbrowitz:

Assemblyman Steven Cymbrowitz (D-Brooklyn) is encouraging local businesses impacted by Hurricane Sandy to apply for financial support and other resources offered by the city.

“The magnitude of the damage suffered by many businesses, especially those in the flood zone, is enormous,” Assemblyman Cymbrowitz said. “While the federal government is offering its own assistance through FEMA, I also urge affected businesses, including non-profits, to investigate all or part of this package put together by the City of New York.”

The city is offering the following assistance to businesses that have sustained storm damage:

• Emergency loans of up to $10,000 for small and mid-sized businesses that have been interrupted as a result of the storm.
• For larger businesses that were damaged, temporary City and State sales tax deferment on materials needed for rebuilding.
• For businesses displaced from their locations, we’re offering temporary office space free of charge at the Brooklyn Army Terminal for the next 30 days.
• EDC has about 40,000 square feet of space at the Terminal that is now available for this use.
• Loans up to $2 million are also available for business property losses not fully covered by insurance – and for businesses that have had cash flow problems caused by the storm and need funds to get back on their feet. (This applies to small businesses, agricultural co-ops, and most nonprofits, regardless of size.

For more information, contact NYC Business Solutions by calling 311 or going to www.nyc.gov.