Nassau businesses hurt by Sandy get sales tax breaks

A destroyed section of the boardwalk in Long A destroyed section of the boardwalk in Long Beach. Businesses hurt by Sandy can apply for sales tax relief on purchases of tools and materials to rebuild. Nassau has given $434,000 in tax breaks so far. (Nov. 18, 2012) Photo Credit: Newsday / Thomas A. Ferrara

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Nineteen businesses damaged by superstorm Sandy have received $434,000 in sales tax breaks from Nassau County for buying equipment and building materials needed to reopen.

An aide to County Executive Edward Mangano said Wednesday the aid recipients are among more than 300 companies that have contacted a business recovery center established after the Oct. 29 storm. The center is run by the Nassau County Industrial Development Agency.

About 125 businesses so far have been directed to the U.S. Small Business Administration's disaster loan program, said Brian Nevin, senior policy adviser and communications director to Mangano.

The sales-tax exemption is part of the development agency's Local Enterprise Assistance and Development Service, or LEADS, which targets small businesses. LEADS began Oct. 12.

The $250 application fee and job-retention requirement have been waived for companies hurt by Sandy. More information can be found at nassaubackinbusiness.org or by calling 516-571-1745.

The Suffolk County Industrial Development Agency is offering similar sales tax breaks, though they are capped at a total of $800,625 for a maximum of 200 Sandy-ravaged small businesses.

In Nassau, Nevin said a 12-member "economic recovery task force" held an organizational meeting on Monday.

Six subcommittees were formed to tackle barriers to recovery such as government regulations and insurance and financing issues. They will report back to the task force next week, he said.

The task force also has recruited volunteers from JPMorganChase, TD Bank, Deloitte accountants and Hofstra University to counsel business owners as they navigate the storm-aid process.

Nevin said Chase volunteers are already working with 12 companies.

 

Information on state loan aid

Gov. Andrew M. Cuomo's economic development czar will be in Long Beach on Friday from 11 a.m. to 1 p.m. to help businesses impacted by superstorm Sandy.

Kenneth Adams, president of Empire State Development Corp., will join experts from the Small Business Development Center at Farmingdale State College to answer questions about a $10-million state loan fund created last week. They will be at Extreme Green/Go Green Inc., 176 West Park Ave.

Companies with fewer than 100 workers can receive loans of up to $25,000 for repairs and to replace equipment lost in the storm. No payment or interest is required for the first six months, followed by a 1 percent interest rate for two years.

More information can be found at esd.ny.gov or by calling 855-697-72639, a special 11-digit phone number.

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