Friend,
As Americans continue to stay home in an effort to "flatten the curve" of COVID-19 infections, the American economy has essentially been shut down. Small businesses across the country have had to temporarily close their doors, causing owners, workers, and communities to suffer unprecedented losses. The recently passed CARES Act will provide important momentary relief, but more will have to be done to ensure that future aid can go directly to the small business owners of New York and their employees.
About 98 percent of the 220,000 businesses located in New York City are small businesses. They employ more than half of the City's private sector workforce. In New York State, less than 35 percent of small businesses are minority-owned. In New York City, 52 percent of self-employed workers are immigrants. A significant majority of New York's small businesses face financial challenges, experience funding gaps, and rely on their own finances to keep their business running. When they seek financial support, 60 percent of New York's small businesses receive less than the amount they applied for, and many can't access any aid at all. Being a small business owner in New York City has never been easy, and this pandemic has only made it harder.
I'm working as hard as possible to put all small businesses on an equal playing field when bringing them the support they desperately need, through low-interest loans, grants, fee waiving, and incentive programs. Right now, a lack of data from the Trump Administration over who is receiving business loans has left us questioning whether funding is going to those the program was intended to serve. The Administration must show a greater commitment to transparency before Congress can allocate billions of additional dollars. To expand opportunities for the most underserved businesses, regardless of their prior banking status, we must increase the role of mission-based lenders such as community banks, and we need to prioritize underserved communities with targeted aid.
Relief is needed for workers, too. As businesses are forced to close, workers are already being left without paychecks for extended periods of time. We must provide even more aid and protections to ensure that they can pay their rents and buy groceries and other necessities.
In addition to small businesses, I am working to protect Americans' stimulus checks from debt collectors, strengthen our nation's workforce development system, address PPE shortfalls, and make sure that the most vulnerable among us get the protection they need. In the coming weeks, Americans will continue to struggle, and I will continue to fight as hard as possible for comprehensive solutions that get every person the relief they need.
Best,
Nydia
