Is your Throggs Neck BID-area business or organization planning a special sale or event? Let us know and we will help get the word out in our social media and newsletter!
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BID Can Help
The TN BID has beautified its tree pits! Take a walk along East Tremont Avenue and enjoy the view of gorgeous plantings.
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HEALTH FAIR POSTPONED
THE JUNE 10 THROGGS NECK BID HEALTH FAIR HAS BEEN POSTPONED.
Smoke traveling south from the current wildfires in Canada has impacted air quality in NYC and the Northeast. As a result, The NYS Department of Environmental Conservation has issued an Air Quality Health Advisory citywide, which has been extended until 11:59 PM on 6/7. Conditions have worsened since last night, and air quality has been deemed unhealthy for sensitive groups. The NYC Department of Health and Mental Hygiene and NYC Emergency Management advise everyone to limit outdoor activity as much as possible, including outdoor dining.
Preparedness Actions:
– Check the air quality forecast from local media outlets & the National Weather Service as conditions may change.
– Vulnerable populations, including those with heart or respiratory problems, children & older adults may be especially sensitive to current air quality conditions and should stay indoors.
– If you are an older adult or have heart or breathing problems and need to be outside, wear a high quality mask (e.g. N95 or KN95).
For more information, visit the National Weather Service at https://www.weather.gov/okx/ or the Department of Environmental Conservation at http://www.dec.ny.gov/cfmx/extapps/aqi/aqi_forecast.cfm
The Throggs Neck BID in partnership with State Senator Nathalia Fernandez will present a FREE health and wellness event on Saturday, June 10, from 9am–1pm at the Derosa O’Boyle Triangle, near the public library, at 3025 Cross Bronx Expressway, North Service Road. Experts in physical, mental, spiritual and financial health will be there. FREE snacks and free games and face painting will be available for children. See you there!
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Minimum Wage Increase
An increase has been made to New York’s minimum wage. For most New York State employers it becomes effective Jan. 1, 2026. The minimum wage for NYC (as well as Westchester and Long Island) will continue to be higher that the rest of the state. Also, the tip credit for tipped food service workers was preserved and will be adjusted so that the cash wage remains at 2/3 of the full minimum wage. See the attached chart for specific information.
Are you a Veteran seeking exciting business ownership opportunities and looking to leverage your skills in the entrepreneurial world? We have great news for you! We are thrilled to invite you to an exclusive event, “Franchising 101: Veteran Opportunities in Franchising,” hosted by the International Franchise Association Foundation in partnership with the New York City Department of Veterans’ Services and New York City Small Business Services. Date: May 31, 2023 Time: 11:30 AM – 1:30 PM Venue: Small Business Services, One Liberty Plaza – 11th Floor Conference Room New York, NY 10006 Discover the secrets to franchise business ownership at our event, providing essential insights on assessing franchise brands, securing financing, and achieving success. Learn about the extraordinary synergy between the skills of entrepreneurial Veterans and franchising opportunities. Surprisingly, Veterans, comprising only 7% of the U.S. population, represent a remarkable 14% of all U.S. franchisees. This event proudly features the International Franchise Association Foundation VetFran program, enlightening Veterans, and franchisors about this unique match. Additionally, Veterans are more inclined to hire fellow Veterans, expanding the impact of franchising within the Veteran community. Join us to access exclusive incentives and discounts available through the VetFran program, equipping you with the tools to navigate your entrepreneurial journey, regardless of your preferred industry or franchise exploration. Agenda: 11:30 AM – Arrival 11:45 AM – Lunch 12:30 PM – Franchising 101: Veteran Opportunities in Franchising This is an exceptional chance to network with like-minded individuals, industry experts, and key representatives from the New York City Department of Veterans’ Services. Don’t miss out on this valuable opportunity to unlock new possibilities and shape your entrepreneurial journey. To secure your spot, register now at bit.ly/NYC-Veteran. Space is limited, so we encourage you to RSVP promptly. Register at: https://share.hsforms.com/17ceWQwPzT0Cbwrv6YN37rwc6sv4 |
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Avoid Tax Scams
Important information from the Bronx Tax Man!
There are many scammers on social media and emailing small business owners. Most of these are law firms claiming they know the loop holes and will help you get money. However the laws are clear cut, either you qualify or you don’t. The IRS will be conducting audits on the small businesses who attempt to submit claims. The appealing thing is that small businesses (if they qualify) can obtain up to $26,000 per employee for the qualified affected periods.
The basic rule for the Credit says that as a business your sales MUST have DECREASE 50% from 2019 to 2020 or 20% from 2019 to 2021 for the same quarter in question. For example 1st QTR (January through March) 2019 to 2020. If your sales did not decrease, then you most likely do not qualify.
Another requirement is if the small business had obtain the PPP (Payroll Protection Program) the payroll that was used in those grants cannot once again qualify for the ERC. Therefore, once audited, those small businesses will be responsible to pay back any credit received. The other negative aspect is that unlike the PPP, the Employee Retention Credit causes a domino effect whereas the small business will have to file amended payroll taxes, amended corporate taxes to reduce the payroll for the qualifying year, and if an S-Corp or LLC, will then also have to file amended personal taxes to increase their income for that year. All of these consequences are never mentioned.
Furthermore, if the solicitation company who assist the small business to obtain the supposed ERC credit takes a fee of 25% or so, you have no guarantees that if you are audited and owe these funds back to the IRS, that they will be in business to refund you the fees they took from you.
This is quickly becoming one of the biggest scams hitting small businesses across America. Unfortunately, until the Internal Revenue Service completes there audits, the world will not know the negative consequence that these scamming companies are causing.
Below is a link to the IRS website explaining more details. However small business owners Beware of these scammers who make the ERC so appealing that you feel like a fool if you do not apply.
There is so much more that can be said about this credit and the scams, but the small business community should be on high alert for these scammers making these deals so sweet and appealing before you are left footing the bill and facing audit consequences for years to come.
Street Naming Ceremony for James “Jim” E. McQuade: The Schuyler Hill family invites you to come on Monday, May 22nd, 2023, at 1:00pm on the corner of E Tremont Avenue & Sommer Pl for the dedication ceremony of our beloved Jim McQuade. Jim was a founding member of the Throggs Neck BID
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Small Business Grant
PepsiCo’s Accion Opportunity Fund is one of the nonprofit partners of the Impacto program, a PepsiCo Foundation philanthropic effort created to empower Hispanic business owners in the food industry to overcome systemic disparities and grow their enterprises.
In 2023, Impacto will provide Hispanic entrepreneurs with a full suite of free program offerings, including one-on-one and group coaching, learning and networking opportunities, and a $10,000 small business grant.
In order to be eligible, applicants must:
· Self-identify as Hispanic
· Own at least 50% of a local business whose primary purpose is to serve food
· Currently operate a business location in one of the Impacto markets: Albuquerque, Chicago, Dallas, El Paso, Houston, Las Vegas, Los Angeles, Miami, New York City, or San Antonio
· Have a business bank account
· Have been operational for at least two years (since June 1, 2021)
· Have 2022 annual revenue less than $1,000,000
Applications for the Impacto program can be completed online in English or Spanish at https://aofund.org/program/impacto/ The deadline to apply is 5pm ET on Friday, June 16th.
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Salsa at Bridges
Local favorite BRIDGES BAR (4100 East Tremont Avenue) will hold SALSA evenings Thursday at 7pm, along with a Happy Hour until 10pm, and complimentary buffet. Dress to Impress!