NYC launches Fair Share to connect small business owners to federal relief funds

Moses Kuwema

Mayor Bill de Blasio and NYC Department of Small Business Services (SBS) Commissioner Jonnel Doris on Wednesday launched Fair Share NYC, a targeted campaign to connect small business owners to federal relief funds.

Federal funds include the Paycheck Protection Program (PPP), a forgivable loan to help businesses keep their workforce employed, and the Economic Injury Disaster Loan (EIDL) Advance, a grant of up to $10,000 for businesses in low-income communities.

“PPP loans can be a lifeline for hard-hit small businesses in all five boroughs, and New York City will do everything we can to connect these businesses to the resources they deserve,” said Mayor Bill de Blasio.

“I encourage every New Yorker to shop local and help these community anchors get back on their feet in the weeks and months to come.”

“New York City’s economic recovery must be inclusive, so it is imperative that we help the diverse local businesses throughout the City survive and thrive," said Deputy Mayor for Housing and Economic Development Vicki Been.

“Fair Share NYC provides critical resources to ensure our small businesses have a fair shot in receiving the needed federal funds."

“Small businesses are the lifeblood of New York City’s economy," said J. Phillip Thompson, Deputy Mayor for Strategic Policy Initiatives and Co-Chair of the Racial Inclusion and Equity Taskforce.

“Fair Share NYC will help these businesses secure the federal dollars they need to stay open and keep thousands of New Yorkers employed.”

“Small businesses are the backbone of our economy and SBS is committed to keeping them resilient,” said Jonnel Doris, Commissioner of the NYC Department of Small Business Services (SBS).

“Meeting this goal requires that we all work together, and we are grateful to our federal partners for bringing these critical dollars to the City’s neediest business owners.”

Fair Share NYC aims to provide technical assistance to businesses seeking to access $284.45 billion in PPP loans that was recently approved in the Coronavirus Response and Relief Supplemental Appropriations Act of 2021.

This new package provides additional funding for businesses that did not receive PPP money in the first round, especially minority- and women-owned businesses. It also earmarks funding for “very small” businesses and lending through community-based lenders.

The City is offering free resources through Fair Share NYC to help businesses secure loans. Resources include: Daily webinars to review the PPP and EIDL Advance programs and offer guidance on how to apply; One-on-one assistance to find the best financing option for each business and get help filling out the application; Connections to PPP lenders; and Information about additional federal resources.

Resources will be available in multiple languages, including Spanish and Chinese. Small businesses should visit nyc.gov/ppp or call 888-SBS-4NYC for more information.