Editor’s Note: Governor Kathy Hochul along with Key NYS Public Officials are urging consumers to shop local to keep tax dollars in New York. So consider Small Business Saturday on November 26 for your seasonal shopping. The Governor’s release, issued yesterday:
Governor Kathy Hochul today alongside Empire State Development, and the Departments of Labor, Taxation and Finance, and Agriculture and Markets encouraged all New Yorkers to support their local small businesses on “Small Business Saturday” November 26, 2022. Small businesses make up 98 percent of New York State’s economy and generate millions of jobs throughout the Empire State, and by choosing to shop locally Saturday, and every day, New Yorkers are investing in their neighborhoods, strengthening their communities, and keeping tax dollars within New York State.
“Small Business Saturday is an opportunity for all New Yorkers to play a role in strengthening our economy, creating vibrant neighborhoods, and keeping communities connected,” Governor Hochul said. “New York’s small businesses are the core of our economy, and because this community was among the hardest hit at the height of the pandemic, my administration has been squarely focused on its recovery. I encourage New Yorkers to take advantage of all that these businesses have to offer and shop locally this Saturday.”
Empire State Development President, CEO and Commissioner Hope Knight said, “Every time you visit your favorite restaurant or gift shop and buy something new, you are supporting a local small business. Small businesses are the fabric of our communities and when they thrive, we all thrive. ESD has continued to offer support to our small and micro businesses through many programs during the pandemic and beyond but we cannot do it alone–the support of everyday customers is integral, and we encourage New Yorkers to shop your local small businesses this Saturday, and every day.”
New York State Labor Commissioner Roberta Reardon said, “Small businesses are the cornerstones of communities. By shopping at these businesses, we are supporting families, jobs, and New York State’s diverse economy. I encourage New Yorkers to shop small and shop often this Small Business Saturday and throughout the entire holiday season.”
Department of Taxation and Finance Acting Commissioner Amanda Hiller said, “Small businesses were hit hard during the pandemic and are only now beginning to recover. To aid that process, the state has a full array of business tax credits and incentives. I urge small business owners to explore these credits and incentives on our website. I also encourage New Yorkers to shop small this weekend and throughout the year.”
State Agriculture and Markets Commissioner Richard A. Ball said, “New York is home to more than 33,000 family farms that produce world-class food and beverages products. Our hardworking farmers take great pride in feeding their neighbors and fellow New Yorkers, and are truly vital to our state. This holiday season, I encourage you to give thanks for the delicious meals and thoughtful gifts you share with family and shop local to support your community’s producers.”
Small Business Saturday celebrates the entrepreneurial spirit of small business owners and invites shoppers to visit local stores at the beginning of the busy holiday shopping season. The small business sector is a major contributor to the foundation of New York’s economy, employing more than 40 percent of New York’s private sector workforce. Today, New York State has more than 549,000 small business firms, employing more than three million people.
New York State’s Support for Small Business
Under Governor Hochul’s leadership, New York State is providing more than $1 billion worth of assistance through an array of programs and initiatives designed to support small business growth and help entrepreneurs maximize their opportunities for success.
Recently Governor Hochul announced New York State has been awarded $501.5 million in federal funding through the State Small Business Credit Initiative (SSBCI), a program through the federal American Rescue Plan Act. Managed by the U.S. Department of Treasury, SSBCI provides funds to support programs for small businesses, with a focus on recovery from the economic effects of COVID-19 and allowing socially and economically disadvantaged individuals (SEDI) -Owned Businesses the opportunity to succeed in the post-pandemic economy. New York’s $501.5 million in SSBCI funding includes a main allocation of $377.1 million, as well as $124.4 million for socially and economically advantaged (SEDI) businesses. Learn about New York State’s suite of SSBCI programs here. Other programs to help small business include:
- The $200M New York State Seed Funding Grant Program launched in September. This program is designed to provide assistance to early-stage small businesses in a recovering New York State economy. This program is open to businesses that are currently operational with annual revenues between $5,000 and $1,000,000 that began operation on or after September 1, 2018, visit nyseedgrant.com for more information on further eligibility requirements and how to apply.
- The $250 million COVID-19 Capital Costs Tax Credit Program provides financial assistance to New York State small businesses burdened with a range of operational costs stemming from the COVID-19 pandemic, from structural changes and building upgrades to health-related supplies and materials. The Program offers qualifying businesses relief from the added economic burden by providing tax credits to help reduce the pandemic-related financial impact. Small businesses can receive a tax credit of 50 percent of qualifying expenses up to a maximum of $25,000 in tax credits based on qualifying expenses of $50,000.
New York State also supports a network of Entrepreneurship Assistance Centers (EAC) in communities throughout the state that provide instruction, training, technical assistance, and support services to individuals who are interested in starting or recently started their own business, or entrepreneurs seeking to expand or strengthen their early-stage business. To find an EAC near you, visit https://esd.ny.gov/entrepreneurship-assistance-centers.
The New York State Department of Labor offers a multitude of no-cost services for businesses of all sizes, including more than 220,000 job postings on the NYSDOL website, access to tens of thousands of qualified candidates in our talent pool, career fairs and customized recruitments, and Human Resources consultation services. Thousands of businesses each year work with NYSDOL to list their jobs, find the right candidates, access hiring and training incentives, obtain business tax credits and incentives, get help with one-on-one labor law and safety and health compliance services, and find layoff aversion resources. For more information, visit: https://www.labor.ny.gov/business. The Department will also launch a new PSAon social media, promoting New York State’s small businesses and encouraging New Yorkers to shop small this holiday season.
New York State offers dozens of tax credits and incentives to help small business owners and entrepreneurs make a beneficial impact in their local communities. Small businesses can access a variety of resources and programs anytime at the Tax Department’s dedicated Business incentives webpage, a one-stop shop for details about tax credits and incentives for a variety of enterprises in various industries–from farming and agriculture to research and development to manufacturing.
Businesses may also qualify for job credits and incentives for hiring and training local workers, or for tax credits and exemptions intended to encourage property improvements. The Tax Department’s website, www.tax.ny.gov, has information about available credits and incentives, as well as details about new income tax relief for many small businesses. The Online Services for businesses webpage provides efficient ways to make payments, view filing information, or otherwise interact with the Tax Department.
The New York State Department of Agriculture and Markets supports New York’s agricultural industry, which boasts over 33,000 farms, 700 farmers’ markets and farm stands, and thousands of small agribusinesses. The Department also administers the NYS Grown & Certified program, which markets local growers and producers participating in safe food handling and environmental sustainability programs, helping them better compete in the marketplace. Additionally, the Taste NY program showcases New York food and beverage businesses at large public events and at Taste NY stores, the State’s Welcome Centers, displays, and concessions at more than 70 locations across New York. This year, ShopTasteNY.com, Taste NY’s online marketplace, will be offering several holiday weekend deals, including offering 40% off sitewide on Black Friday, Buy-One-Get-One 50% off on Small Business Saturday and Sunday, and providing a $25 e-gift card when you purchase $50 or more on Cyber Monday. New Yorkers can also shop for the holidays at the Taste NY Welcome Centers, which will be showcasing local producers with gift baskets containing local foods, handmade items, and other unique products. Find more information at ShopTasteNY.com. The Department assists small agribusinesses and farmers with critical services that enhance their business and increase productivity, profitability, and competitiveness.