HAPPY NEW YEAR, FAB BUSINESSES!
Welcome to 2021. It’s been a shocking, difficult, and unprecedented journey, but we’ve made it to the new year! Although we lost a few of our neighbors on the corridor, we will try our best to honor them and the spirit of the neighborhood by looking ahead and marching forward. Along the way, FAB FULTON pledges to be a consistent resource for you, advocate on your behalf, and provide assistance and useful information.
New developments for the top of the year include a fresh round of PPP (Paycheck Protection Program) funding for small businesses; a second stimulus bill was signed by the President and should be available via application early this month. In brief, here’s what you need to know about PPP Part 2, a simplified breakdown from Forbes Magazine:
- Businesses can get a second loan
- Minority-owned bizs have access to earmarked funds
- PPP expenses are tax-deductible
- Forgiveness process is easier
How to prepare for the upcoming application period? NYC Small Business Services suggests gathering these important documents:
- Copy of Photo ID for all owners who own 20% of the business or more⠀
- 2019 and 2020 Profit and Loss Statements to show revenue loss during 2020⠀
- 2019 Business Tax Returns⠀
- Articles of Incorporation / Business Organizational Documents⠀
- Payroll Reports with a list of gross wages, paid time off, and taxes assessed for all employees for all 12 months of 2020 ⠀
- 2020 Employer IRS Documents (including one of the following for all 4 quarters of 2020): Form 941: Employer’s Quarterly Federal Tax Return; Form 944: Employer’s Annual Federal Tax Return (for smallest employers); Form 940: Employer’s Annual Federal Unemployment (FUTA) Tax Return ⠀
- Form W-3: Transmittal of Wage and Tax Statements ⠀
- Documentation to support Health Insurance and Retirement expenses incurred as a part of payroll expenses (for example, a statement from insurance or retirement company)
If you were the previous recipient of a loan and are interested in this second round, we urge you to get in touch with your bank for details on the application and deadlines. (Locally, Ridgewood Savings Bank is a great resource; see their info and tips here.) If you’ve not applied before or have questions since your last application, we invite you to join IMPACCT Brooklyn for an important discussion on PPP second round guidelines and forgiveness. Register here for their online webinar, scheduled for Thu., January 14 at 3 pm.
RAISING THE BAR RESTAURANT RECOVERY FUND ANNOUNCED
In a partnership between New York State, Diageo Wine & Spirits, Southern Glazer Wines & Spirits, and The National Development Council (NDC), a program has been established to support full-service restaurants. Restaurants can apply to the Fund for reimbursement grants up to $5,000 starting Monday, January 11, 2021. Details here.
NEW YEAR, NEW LAWS
Many legislative moves last year were in quick response to the pandemic. Local media outlet Fort Greene Patch recently highlighted a few new mandates that affect small businesses in New York City and State.
Sick Leave
On January 1, employees can start using the leave time they have been accruing since last September under the new sick leave law. The law requires employers with five or more employees or a net income of more than $1 million to provide paid sick leave to employees. Employers with fewer than five employees and a net income of $1 million or less are required to provide unpaid sick leave to employees.
Outdoor Dining
A new law extends the current Open Restaurants program in NYC through Sept. 21, 2021. And, once it expires, it requires the city to set up a permanent program that allows for the use of roadway seating as outdoor dining areas.
Commercial Evictions
New York State extended the moratorium on commercial evictions and foreclosures through January 31, 2021. Governor Andrew Cuomo’s Executive Order 202.81 extended the previous deadline of January 1, 2021; we hope to see this extended again, as the coronavirus pandemic continues to affect the operation of small businesses.
CUYLER GORE NEEDS YOU!
Join the NYC Parks virtual scope meeting on Tue., Jan. 12 at 6:30 pm to share and discuss your ideas for the future of Cuyler Gore Park!
The community is invited to offer their feedback to help the park designers understand the public space and how it can better serve the neighborhood.
Registration is required to attend this online meeting; sign up here, and share with your neighbors!
NEED MORE PPE?
We still have a number of masks available for small businesses and their staff. Send us an email to schedule a pick-up.
WHO CAN GET THE VACCINE?
According to the New York City Department of Health, as of this week, the following groups are eligible for the COVID-19 vaccine:
✅ All outpatient and ambulatory frontline, high-risk health care providers who provide in-person patient care or other staff in a position where they have direct contact with patients of any age. This includes hospital and community-based ambulatory care, primary care, and outpatient behavioral health service providers; phlebotomists; physical and occupational therapists; and specialty clinics, including dialysis centers
✅ All frontline, high-risk public health workers who have direct contact with patients
✅ Nursing home and other long-term care facility residents and staff
✅ Health care workers at COVID-19 testing sites
✅ High-risk hospital and Federally Qualified Health Center staff
✅ Emergency medical service (EMS) frontline personnel
✅ Medical examiners and coroners
✅ Funeral workers who have direct contact with infectious material and bodily fluids
✅ Staff and residents in group living facilities run by the New York State Offices for People With Developmental Disabilities, Mental Health, and Addiction Services and Supports
✅ Urgent care providers.
✅ Staff administering the COVID-19 vaccine
✅ Staff at dental practices of all types
Beginning soon, physical therapists, home health care workers, contract tracers, and others will be eligible to get the vaccine. Head here to learn more or to find out where to get vaccinated (visit nyc.gov/covidvaccine).
While we await more details about wider vaccine distribution, continue to require your staff and employees to get tested regularly for COVID-19, as well as diligently follow the safety protocols in place, including wearing face coverings, washing hands, and spacing for social distance.
WARMLY, FAB FULTON
We’re putting the final touches on something colorfully special for the FAB FULTON district! Stay tuned for a winter campaign to uplift our spirits and beckon neighbors and visitors to shop and explore our area. We partnered with a revered local institution and are very proud of the results; look out for more details, coming soon…
ABOUT FAB FULTON
The Fulton Area Business Alliance (FAB FULTON) is a non-profit organization that advocates for and collaborates with small businesses and property owners along Fulton Street in Brooklyn’s neighborhoods of Fort Greene and Clinton Hill to maintain a safe, clean, and welcoming community while securing resources and partnerships for initiatives that enhance and promote the district.
This post contains links to the articles and information referenced in our latest FAB BIZ BLAST email communication. You can subscribe to future newsletters; sign up here for the FAB FULTON BIZ BLAST to get the latest information and resources for FAB FULTON Businesses!
