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REMAURO CALLS FOR CITY TO INVEST $2.4 BILLION IN SMALL BUSINESS RECOVERY

REMAURO CALLS FOR CITY TO INVEST $2.4 BILLION IN SMALL BUSINESS RECOVERY
Press Release
For Immediate Release
January 25, 2021
Contact: Jen Remauro | 718 612-5654 | [email protected]gmail.com

REMAURO CALLS FOR CITY TO INVEST $2.4 BILLION IN SMALL BUSINESS RECOVERY
 $10,000 grants to 240,000 small businesses citywide would serve as foundation of NYC’s recovery
 
Only miniscule amounts of existing funds have gone to Staten Island businesses; City contributing little to overall programs

Staten Island, NY: Leticia Remauro, candidate for Staten Island Borough President, is calling on Mayor de Blasio and the City Council to invest $2.4 Billion in the next fiscal budget for small business recovery grants. 
 
Remauro’s call comes following NYC Small Business Services Commissioner Jonnel Doris’ shocking testimony at the January 22, 2021 City Council Committee on Small Business revealed that New York City’s contribution to small business aid – for 240,000 businesses citywide – has been a paltry $4 million dollars. 
 
“New York City’s pathetic response to the ongoing public health crisis has clearly been to count on others – Albany or D.C. – to fund what City Hall should instead be doing,” said Remauro. 

Remauro was one of the small business owners Committee Chairman City Councilman Mark Gjonj invited to provide testimony at the hearing. 

Said Remauro, “I was disturbed to learn that nearly one year after we were shut down, Staten Island small businesses only received 4% of the $25 million SBS’ doled out through their Employee Retention Grant Program and only 3% of the $23 million through the Continuity Loan program. To add insult to injury, Staten Island small businesses and organizations designed to help small businesses didn’t receive a dollar from the other four programs SBS made available. This must be corrected immediately.”

In her testimony, Remauro noted that the practice of awarding assistance by zip code is resulting in businesses being left out when it comes to receiving help from the City.

“Small businesses in every zip code – especially smaller family owned shops – are suffering because they lack the capital needed to stay afloat during shutdowns. Many have mortgaged their homes, cashed in retirement savings and borrowed money to keep their businesses afloat. Most operate on a tight profit margin so when the city cuts their business capacity it effectively forces us into bankruptcy, leaving big corporations to thrive.” 

“Small businesses are the backbone of our economy,” Remauro continued. “In order for us to recover, New York City must make a substantial investment in the survival of small business. I am requesting that the Mayor and City Council provide a $10,000 grant to the 240,000 small businesses that exist in New York City and who are struggling to remain open.”
In addition to the $10,000 grant for small business, Remauro is calling for a 2 year tax abatement on all commercial property valued at $10 million or less to negate the triple net leases and to help landlords who are struggling to collect rents.

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Video Highlights
Funding Breakdown | 00:30 – 00:58
NYC investment in Small Business | 1:00:15 – 1:08:30
Remauro Testimony | 2:56:00