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Business Finance

HAVING TROUBLE APPLYING TO THE PAYCHECK PROTECTION PROGRAM? LAW STUDENTS ARE HERE TO HELP

Since April 3, small-business owners have had the opportunity to apply for funds allocated through the Paycheck Protection Program (PPP) — the legislative initiative that provides 100% federally guaranteed loans to companies with less than 500 employees. But for those of you who might be struggling to connect with your local lender or finding time to apply, there’s help available. Reach out to Columbia Law School’s Tim Wu. The professor has banded together a team of law students to help small-business owners apply for funds.

You can reach Wu’s staff by emailing Manhattan Borough President Gale Brewer’s office.

This program is important because it can potentially help both businesses and employees stay afloat in the coronavirus-hit economy. One of the key measures within the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the PPP loans may be forgiven if borrowers maintain their payrolls during the COVID-19 pandemic or restore their payrolls afterward.

The U.S. Chamber of Commerce issued a Small Business Guide and Checklist which outlines what’s eligible for PPP loans, including:

—Any small business concern that meets the Small Business Administration (SBA) size standards (either the industry-based sized standard or the alternative size standard)

—Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of: 500 employees, or That meets the SBA industry size standard if more than 500

—Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs fewer than 500 per location

—Sole proprietors, independent contractors and self-employed persons

Independent contractors and self-employed individuals can apply- starting April 10.

By – Downtown Alliance 

Categories
Featured News NYC

Tips For Kicks: Help Those In The Service Industry Directly Affected by COVID-19

New York is eerily quiet now, the usual bustle and clamour of the bars silenced. You can even hear birds chirping in the trees; a peaceful juxtaposition to the collective despair currently facing New York City’s service industry. Hundreds of thousands of hardworking servers, cooks, bartenders, co-ordinators and baristas are suddenly stranded without any source of income. Because of the nature of their jobs, those in the service industry cannot work from home and have had their hours cut or eliminated for the foreseeable future. Many are reliant on tips to survive, with thousands of food servers and bartenders otherwise earning under the standard minimum wage with no access to health care. As New York’s hospitality industry wrestles with the COVID-19 crisis, public, private, and non-profit sectors are striving to ensure that the city’s 321,000 food and beverage workers maintain some economic security and access to healthcare.

These are people holding up the fabric of our society. This crisis affects literally everyone who has ever eaten in a restaurant, gotten their hair professionally done, had a mani-pedi, ordered a cup of coffee, or gotten a drink at a bar.

Ivy X, a law student who works for a major talent industry, immediately organized Tips For Kicks NYC, a GoFundMe focusing solely on tipping service industry workers.

“Think about how much you tip for a coffee, a meal, a haircut, or a live band playing at a bar,” she says. You donate however much you want. It goes into a pot and is divided among applicants who have been immediately impacted.”

Tips For Kicks has almost met their initial goal of $1000, but more is encouraged and everything goes straight to the recipients as a regular tip jar would.

HOW SOON TO DONATE:
The campaign will run through Saturday, March 28th to ensure that workers can get their tips ASAP.

HOW TO APPLY FOR AID:
You must be an NYC resident who relies on tips to supplement your income. You must apply by Monday, March 23rd to be considered.

Email the following to tipsforkicksnyc@gmail.com :
• Proof of employment
• A short description of the nature of your work
• Your Venmo handle

All applicants will be notified whether they are approved through email.

SEE MORE:

Le Poisson Rouge Asking For Assistance For Its Employees/Operational Expenses

CM Chin Calls For Emergency Assistance To Frontline Senior Center Workers