Lower Manhattan Update 11-15-12
Lower Manhattan experienced a significant impact from Hurricane Sandy, but the recovery process has begun. The Downtown Alliance has compiled this information to help businesses, retailers, residents, and commercial property owners. Please email us at email@example.com with any questions.
As the recovery process continues to make significant strides, the Downtown Alliance is producing a daily email that provides you with all of the updates that could affect your home, business or office in Lower Manhattan with information from various agencies including New York City, New York State, MTA, Port Authority, Con Ed and more. If you would like to subscribe, please click here.
MTA Status (Subways, Buses, Metro North, LIRR)
SBA/FEMA ASSISTANCE IN LOWER MANHATTAN
SBA and FEMA assistance site will be stationed in Lower Manhattan every day this week. FEMA and SBA staff will be on hand to answer questions and help small business owners and residents apply for benefits.
Tuesday, November 13th through Friday, November 16th:
1 Pace Plaza (Spruce Street entrance), Manhattan
10:00AM to 7:00PM
STATE SMALL BUSINESS EMERGENCY LOAN FUND
Governor Cuomo announced that the New York Bankers Association (NYBA) and the New York Business Development Corporation (NYBDC) have agreed to establish a $10 million small business emergency loan fund to provide immediate financial assistance for businesses impacted by Storm Sandy. Under the fund, businesses will be able to apply for loans of up to $25,000 immediately by going to www.esd.ny.gov or calling 1-855-NYS-SANDY.
The emergency loan program will provide low-interest loans of up to $25,000 to small businesses in an expedited manner to help in the recovery efforts. The New York Business Development Corporation will manage and operate the loan program in coordination with Empire State Development (ESD).
Through the program, small businesses in affected communities will be eligible to receive loans of up to $25,000 that will be interest and payment-free for the first six months and then at one percent interest for the following two years. Eligible businesses can use the funding to cover the costs of replacement and repairs to facilities or equipment or as working capital needed to restart or continue business operations.
The emergency loan program is for independently owned and operated businesses that have fewer than 100 employees and are located in the counties designated as disaster areas: Orange, Putnam, Rockland, Sullivan, Ulster, Westchester, Nassau, Suffolk, and the five boroughs of New York City.
To be eligible to receive funding through the program, companies must have filed 2011 business tax returns and have experienced direct damage or economic hardship as a result of Sandy. Applications will be available within the week and businesses are expected to begin to receive funding five to seven days after submitting a complete application and the required documentation.
Created in 1955, NYBDC is a consortium of banks committed to supporting economic development and job growth opportunities in New York State by providing government guaranteed and conventional loans to small businesses at all stages of development. NYBDC works with its member banks to provide creative, responsive and cost effective financing solutions when a conventional alternative is not available through long-term working capital, equipment, and real estate loans to a variety of businesses located in New York State, either in participation with, or as an adjunct to, the banking industry.
FEMA EMERGENCY ASSISTANCE FOR HOMEOWNERS
Governor Cuomo announced that FEMA will issue Emergency Assistance for New Yorkers whose homes were affected by Hurricane Sandy. At the Governor’s request, FEMA will bring in contractors in order to perform basic repairs so that residents can return to their homes while more long term repairs are in progress. Only residents in the federally-declared declared counties are eligible to participate in this program. Homeowners in these localities who want to apply for assistance should contact their county or local officials to receive contractor support. Homeowners must be registered with FEMA, which they can do by calling 800-621-FEMA (3362).
FEMA has developed a two-step approach to helping individuals make necessary repairs to their homes. They will use the newly developed Sheltering and Temporary Essential Power (STEP) program in conjunction with the existing Individuals and Households Program (IHP) in order to keep individuals in their homes, therefore avoiding the need to find long term sheltering or housing solutions. These programs can be accessed by individuals at the same time; participation in one does not preclude individuals from participating in the other.
The Individuals and Households Program provides assistance to individuals and households affected by a disaster to enable them to address necessary expenses and serious needs, which cannot be met through other forms of disaster assistance or insurance. Forms of housing assistance under IHP include temporary housing, repair, replacement, and semi-permanent/permanent housing construction.
Sheltering and Temporary Essential Power (STEP) program:
– Enables families to remain in, or return to, their homes, as a form of shelter while permanent repairs are completed.
– The program consists of three distinct elements:
1) Residential Electrical Meter Repair
2) Temporary Essential Electrical Measures
3) Rapid Temporary Exterior Repairs
– Examples of eligible repairs include: patching windows or exterior doors, tarp on the roof, minor electrical work, necessary inspections for habitability.
– State and local governments are eligible applicants for direct federal assistance and/or reimbursement of eligible costs under the STEP program.
– Individual homeowners can then use FEMA traditional Individual Assistance to make permanent repairs to their homes.