Page 65 - FDI Alliance International Magazine Summer 2020 Digital Interactive Issue

US CITIES BEST PRACTICES

ASSISTING SMALL BUSINESSES

DURING THE PANDEMIC

The COVID-19 pandemic has caused millions of The cities below have dispensed some of the best → HALTING OR DEFERRING FINANCIAL BURDENS:
small businesses throughout the nation to shutter. coronavirus relief grants in the United States. can find essential resources and tools. The top Connecticut, Iowa, and Maryland granted that demanded banks halt foreclosures.
Doors closed when local and state governments Some small businesses are currently generating city-run sites are updated frequently with news deferral of tax payments and offered folding
put social distancing orders in place. Other small → New York City, NY little to no revenue. The prospect of paying taxes, relating to small businesses and give step-by-step deadline extensions for business-related taxes. → Seattle, WA
businesses chose to temporarily shut down on Mayor Bill de Blasio created a relief plan to give utility bills, and licensing fees pose a threat to their guidance on how to apply for SBA loans, contact The Seattle Mayor halted the evictions of small
their own accord to help stop the spread of the up to $75,000 in interest-free loans to small ability to keep their doors open and pay their local SBA-approved lenders, and local business → San Francisco, CA businesses and banned late rent fees for two
deadly coronavirus. businesses in New York City with fewer than 100 workers. Some cities have legislation in place to support organizations. Business owners in San Francisco can delay months amid the outbreak. The mayor also
employees and have experienced at least a 25% help lessen financial burdens and responsibilities. their first-quarter business tax fees for 2020 until asked landlords to negotiate payment plans
What happens next? Small businesses employ drop in sales. NYC also has a grant in place for Below are the cities that created the most useful February 2021. The city is also suspending its with their commercial tenants undergoing the
information websites for their local business
tens of millions of people. Preventing permanent micro-businesses (a business with fewer than five → Seattle, WA owners. collection of business licenses and annual permit backlash of city-wide shutdowns.

closings of these small businesses requires a employees) where the city will offer concessions On March 13, Seattle’s Office of Finance and fees. → San Francisco, Los Angeles, Rancho
federal response. So far, the federal government covering 40% of the payroll fees for two months. Administrative Services postponed business and → Boston, MA Cucamonga, & Marin County, CA
has allocated more than $350 billion in occupation tax filing and payment. Boston created a resource page for small → Seattle, WA All four of these cities in Ventura Country have
The city of Seattle allowed companies with
emergency lending power to the Small Business → Boston, MA businesses that includes a guide on how to decided to halt evictions to help save as many
Administration (which sounds like a lot, but it’s The city of Boston established the Small Business → Phoenix, AZ smoothly transition from a brick & mortar business $5 million or less of taxable income to defer small businesses as possible. Of course, landlords
payment of city business license taxes.
far less than what’s needed to meet the scope of Financial Relief Fund to help those most impacted Phoenix ordered utility companies to keep to a takeout and delivery business. won’t be able to wait forever for payments, but it
the COVID-19 crisis). US cities and states have by the COVID-19 pandemic. The municipality businesses’ lights on and water running while the was proven to have helped a number of small
stepped in to help fill the void and support small provided three types of grants ranging from pandemic persists. Other cities around the US, → Birmingham, AL → EVICTION & FORECLOSURE: businesses stay afloat.
businesses and workers. $2,500 relief grant to $10,000 relief grant. The including New Orleans and St. Louis, followed Birmingham’s small business resources site shares So many small businesses are unsure of how or
grant money can be used to help pay off debts, suit as the public health crisis continued. information and sources with small businesses. when they will have the means to pay rent. Several Local authorities around the US are diving
Many state and local governments have already payroll, and cover lost revenue and other working The site also measured local interest in creating cities have taken measures to prevent small into their “rainy day” funds. Creating benefit
jumped in to help, provide immediate assistance, capital expenses. → Atlanta, GA a ‘meal preparation network’ for Birmingham businesses from facing eviction as the COVID-19 packages for businesses hurt by COVID-19 is
and tie over small businesses until relevant federal Atlanta Mayor, Keisha Lance Bottoms, signed a restaurant owners. crisis continues. Kansas, Iowa, Pennsylvania, crucial to ensuring the well-being and financial
relief is available. → Lakewood, OH bill sponsored by Atlanta City Council Members Rhode Island, and New York have implemented freedom of so many Americans. Cities and states
We are highlighting the US cities that have shown The City of Lakewood, Ohio, was quick to the that let the city temporarily suspend rent for → Oakland, CA state-wide legislation limiting or suspending continue to help relieve the financial, emotional,
the best practices in assisting small businesses punch and launched a Small Business Rent Relief concessions and car rental companies for four The city of Oakland created a web portal where commercial evictions and foreclosures. In and physical burdens of the pandemic - but what
during the COVID-19 pandemic. Fund on March 23. Grants are up to $3,000 months. Instead of paying rent, companies used local business owners can instantly learn about Kansas, Governor Laura Kelly issued an order happens when the funds run out?
and intended to reimburse rent payments. the money to provide financial relief to employees the local, state, and federal support available to
→ GRANTS & LOANS: who experienced pay cuts and fewer hours. them during the pandemic.
→ Hillsboro, OR RONNIE L. BRYANT, CECD, HLM, FM
Small businesses need cash, and they need it fast. Hillsboro set up two rounds of funding, totaling
Financial relief is critical to keep small businesses $1,000,000 in relief funds through its Small → CREATING RESOURCES AND INFORMATION: → TAX DEFERRALS: Principal | Ronnie L Bryant, LLC
afloat during the disastrous economic effects Business Emergency Relief Program. The Hillsboro The IRS did approve deferral on income tax
of the pandemic. The best programs will give program gave priority to small businesses that serve Of course, small businesses are in dire need payments until July 15, which of course helped
small business owners outright grants to help larger groups of people. Bars and restaurants of financial relief; however, there is a lot of small business owners. But is that enough relief? Ronnie@RLBryantLLC.com www.rlbryantllc.com
replace some of their lost profits. Grant money were among the highest recipients. Both rounds information available for small businesses online Cities and states are also letting businesses delay
can help cover costs like rent, salary, utilities, and of funding were depleted on the day applications that can also provide another kind of support. tax payments to help decrease the monetary 2215 Whitford Lane, Charlotte, NC 28210
other critical expenses. Naturally, the demand for opened. Cities across the nation are building simple, easy- burden during the pandemic. For example,
grants is incredibly high. to-use websites where small business owners

65. FDI ALLIANCE INTERNATIONAL