Author: Frank V

It’s been just a year since the Throggs Neck Business Improvement District (the BID) opened its doors at 3800 East Tremont Avenue.  In those brief twelve months since then, extraordinary improvements have been provided to our community. 

We moved rapidly to address key issues.

The BID hired a private security firm to patrol the area and enhance safety, supplementing the work of the dedicated men and women of the 45 Precinct.

In addition, the BID hired a private sanitation firm to ensure that the neighborhood became the cleanest it has ever been, adding to the efforts of the NYC Dept. of Sanitation.

To enhance the local appearance, the BID convinced city agencies to plant new trees.  We beautified existing tree pits with new plants and mulch.

A widely distributed newsletter was established, giving business owners the latest information on vital areas such as available loans, grants, how to avoid fines, and profiling local businesses.

Holiday lights were acquired and erected to entice shoppers and diners.

BID personnel assisted local business and property owners with a myriad of problems.

The BID purchased advertising highlighting neighborhood enterprises.

All this was done as COVID-19 ravaged our city, state, and nation. BID personnel and Board members didn’t let that slow down their ambitious efforts! In fact, Bob Jaen and Frank Vernuccio went door-to-door distributing face masks, hand sanitizers, and face shields. And of course, we didn’t forget our first responders, as the BID arranged to have a tree planted in their honor at a touching ceremony at Derosa-O’Boyle Triangle.

Our Second Year is just beginning, and great plans are being made for further accomplishments.

From the Restaurant Revitalization Fund

When do you think the grant program will begin accepting applications? We believe it will take some time for the SBA to develop the necessary guidance to applicants and the actual application for restaurant owners to apply for a grant.

Which businesses are eligible to receive a grant through this program? All food service or drinking establishments, including restaurants, caterers, brewpubs, food stands, food trucks, taprooms, and tasting rooms, that are not part of an affiliated group with more than 20 locations.

Which businesses are NOT eligible? ● Businesses part of an affiliated group over 20 locations are not eligible, even if some businesses have different names. ● Businesses that have pending applications under the Save our Stages program are not eligible. ● State or local government-operated businesses are not eligible.

How do businesses calculate the amount of grant funding they can expect to receive from the SBA?

Prior to 2019 = (2019 revenue) − (2020 revenue + PPP loans)

During 2019 = (12 × 2019 revenue ÷ months open in 2019 ) − (2020 revenue + PPP loans)

During 2020 = eligible expenses incurred

Do businesses use gross or net revenue to calculator grant amounts? Businesses use gross revenue.

Do my Employee Retention Tax Credit (ERTC) or EIDL Loan affect total grant amounts? No, only PPP funds are deducted from the total. Using EIDL and ERTC loans do not disqualify businesses from participating in the program.

What is the maximum grant amount? The maximum grant amount is $5 million per individual restaurant and $10 million per restaurant group.

Are the grants treated as taxable income by the IRS? No

What are the expenses that are eligible for the grant? Payroll and benefits (not including employee compensation exceeding $100,000/year), mortgage (no prepayment), rent (no prepayment), utilities, maintenance, supplies (including protective equipment and cleaning materials), food, operational expenses, covered supplier costs as defined by the SBA under the Second Draw PPP program, sick leave, and any other expenses deemed essential by the Administrator.

How long does the coverage period last for this program? Grants can be spent on eligible expenses from 2/15/20 through 12/31/21 and the Administrator may extend the period through two years from enactment if conditions warrant.

What if I cannot use my full grant on eligible expenses? Any funds not used (or not used on eligible expenses) must be returned to the government.

What happens if the $28.6 Billion runs out? It is our hope that Congress will refund the grant pool when it is empty but there is no guarantee that they will.

Which businesses will receive priority from the SBA? $5 billion of the $28.6 billion total is reserved for restaurants with less than $500,000 in gross receipts in 2019 for the first 60 days of the program. The first 21 days of funds will only be made available to restaurants women or veteran-owned, or socially and economically disadvantaged businesses

Should I take the Second Draw PPP or wait for the RESTAURANTS Grant? Due to demand, there is no guarantee that you will be able to receive a RESTAURANTS grant, so it is our recommendation that you exhaust all federal programs that are available to restaurants while you are eligible.

TRAINING

Do you ever wish that you or your employees had more skills to do work more effectively?

MaiiC is offering a no-cost curated selection of over 30 online trainings for industrial businesses and their employees on Coursera. These courses were curated by our MaiiC business leaders. You or your employees could receive industry certifications at no cost!

Many of our MaiiC employers have already taken advantage of this FREE program, enrolling their employees in classes such as: supply chain logistics, business analysis and process management, cyber security in manufacturing, and intro to digital manufacturing with Autodesk fusion 360.

You can view all the offerings here. https://www.coursera.org/programs/maiic-upskilling-program-kyl73 

If you are interested in the course offerings either for yourself or any of your employees, please email Alyssa Thomas at AThomas@sbs.nyc.gov and we will send you an email invite to get started right away!

The State has announced that indoor dining can increase to 50% capacity in New York City beginning on Friday, March 19.