Small Business Aid Offered

City Councilmember Peter Vallone Jr. (l.) and Congressmember Anthony Weiner met outside a closed storefront on Steinway Street. City Councilmember Peter F. Vallone Jr. joined Congressmember Anthony Weiner outside a closed Astoria restaurant to remind small business owners to take advantage of a $730 million federal aid package. The new funding for small businesses comes at a time when many community stores are closing their doors. According to a new study conducted by Weiner's office, the recession is forcing businesses to close shop at an alarming rate.

Weiner and Vallone met at Pamela's Restaurant, 28-46 Steinway St., on March 16.

"I used to take my kids here [Pamela's] for pizza, I bought my cabinets at Isabella's, a few blocks down. Now both are closed," Vallone said.

Weiner said, "When the economy catches a cold, small businesses catch pneumonia. Too many community shops- the backbone of the city's economy- are hit hard by this downturn. The stimulus package will help jump-start our small businesses."

Weiner's office surveyed stores and worked with business improvement districts and local elected officials to review 5,991 stores in Brooklyn, The Bronx, Queens, and Staten Island.

The study showed that:

• Out of a total 5,991 stores surveyed, 726 stores are closed or in the process of closing

• On average, 12.1 percent of stores surveyed were vacant

• In Brooklyn, out of 2,458 stores that were surveyed, 347 were vacant (14.1 percent vacancy rate).

• In Queens, out of 1,730 stores surveyed, 211 were vacant (12.2 percent vacancy rate).

• In Staten Island, out of 647 stores surveyed, 63 were vacant (9.7 percent vacancy rate).

• In The Bronx, out of 1,156 stores surveyed, 105 were vacant (9.1 percent vacancy rate).

The small business stimulus package:

• Provides $730 million to improve existing SBA loan programs and to create new ones

• Doubles the write-off for equipment and property expenses to $250,000.

• Allocates $375 million to eliminate and reduce government fines and fees to borrowers and lenders who are part of existing loan programs.

• Makes it easier for small businesses to free up their funds for investment and job creation. The stimulus bill increases the carry back of net operating losses from two years to five years.

New York City has more than 200,000 small businesses, accounting for two-thirds of the city's private sector jobs. Of these, 96 percent have fewer than 50 employees.

"This is what stimulus money should be used for- helping small businesses, not bailing out giant companies that give out huge bonuses. We need to make sure small businesses are aware of this assistance," Vallone said. Shop owners with questions can call his district office at 718-274- 4500.