Assemblyman William Colton (D – Gravesend, Bensonhurst, Bath Beach, and Dyker Heights) says that there is an economic recovery loan program called New York Forward Loan Fund (NYFLF) which is aimed at supporting New York State small businesses, nonprofits, and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE.

“This past holiday weekend was designated as a day to shop at small businesses. I personally support small businesses and I urge people to make holiday purchases in our neighborhood stores. Small businesses are providing the lifeline for our neighborhoods since they hire so many neighborhood people, which is very important. Everyone should consider shopping at the neighborhood businesses, instead of online, wherever it is possible. Small businesses are greatly damaged by the COVID-19 crisis. I think that the commercial promotion idea for small businesses is something that we should consider doing on a constant basis,” Colton stated.

“The government must look for ways to help small businesses to survive during this crisis. The state programs should be increased and made it easier for the applicants. The New York Forward Loan Fund (NYFLF) is a program that loans money at interest rates between 2 to 3% to small businesses under 20 employees, nonprofits, and small landlords,” Colton continued.

“Brooklyn Borough President Eric Adams’s proposal to suspend the city’s 4.5% sales tax for purchases at small businesses for the rest of 2020 should be considered but it must be thought out thoroughly to be sure that the increased growth in revenue for small businesses will offset any revenue losses to the city. My office at 155 Kings Highway, Brooklyn, NY 11223 is available to help neighborhood businesses to apply for the New York Forward Loan Fund (NYFLF) program. We need to find ways to help these neighborhood businesses survive the COVID-19 crisis. If we all work together, then we can find ways to keep our neighborhood businesses alive,” Colton added.