This tip was provided by the IRS. See: “Small business advertising and marketing costs may be tax deductible.” IRS Tax Tip 2021-159, October 27, 2021

Advertising and marketing costs must be ordinary and necessary to be tax deductible.

• An ordinary expense is one that is common and accepted in the industry.
• A necessary expense is one that is helpful and appropriate for the trade or business. An expense does not have to be indispensable to be considered necessary.

Here are a few advertising expenses that are usually deductible:

• Reasonable advertising expenses that are directly related to the business activities.
• An expense for the cost of institutional or goodwill advertising to keep the business name before the public if it relates to a reasonable expectation to gain business in the future. For example, the cost of advertising that encourages people to contribute to the Red Cross or to participate in similar causes is usually deductible.
• The cost of providing meals, entertainment, or recreational facilities to the public as a means of advertising or promoting goodwill in the community.

But here are some expenses that are not deductible:

Generally, small businesses can’t deduct amounts they pay to influence legislation, which includes advertising in a convention program of a political party, or in any other publication if any of the proceeds from the publication are for, or intended for, the use of a political party or candidate.

More tax-deduction information provided by the IRS

Learn more about business expenses, visit these IRS online resources.

• Small Business and Self-Employed Tax Center
• About Publication 535, Business Expenses

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Small businesses can share the word with employees about the child tax credit

The IRS encourages employers to help get the word out about the advance payments of the child tax credit during Small Business Week. Employers have direct access to many who may receive this credit. IRS.gov has tools employers can use to deliver this information, including e-posters, drop-in articles for newsletters and social media posts to share.

IRS resources to help small business employers understand and meet their tax responsibilities

The IRS acknowledges that small business employers have unique tax responsibilities. The agency has a variety of information and resources to help employers understand and meet these unique tax responsibilities. Most of these resources are available anytime at IRS.gov.

Employers should choose their payroll service provider carefully

To meet payroll and employment tax responsibilities, many businesses hire a payroll and payroll tax company. Most of these businesses provide quality service, however, sometimes a payroll service provider doesn’t submit their client’s payroll taxes and closes abruptly. The client remains legally responsible for paying the taxes due even if they sent funds for deposits or payments to the payroll service provider. The IRS urges employers to choose carefully when selecting a payroll provider. The agency also encourages employers to enroll in the Electronic Federal Tax Payment System. It’s free and when deposits are made under their EIN, it lets them monitor that their payroll service provider is making their tax deposits.

Small business owners should see if they qualify for the home office deduction

Many Americans have been working from home due to the pandemic the home office deduction. This tip will help taxpayers understand the home office deduction and whether they can claim it.

Renewed work opportunity tax credit can help employers hire workers

Recent legislation extended the work opportunity tax credit through the end of 2025. With many businesses facing a tight job market, the IRS reminds employers to check out this valuable tax credit available to them for hiring long-term unemployment recipients and other groups of workers facing significant barriers to employment.

A version of this essay by SmallBusiness.com founder Rex Hammock first appeared on SmallBusiness.com on September 11, 2014.

In addition to the emotional responses we all experienced while watching the horror of 9/11/2001 unfold, I, like many small business owners, was overwhelmed with sympathy for the hundreds of small business owners and their employees whose companies, shops, and restaurants were inside and in the shadow of the Twin Towers.

Photos like the iconic one showing people fleeing the area — running by small shops and eateries — have stuck with me as vividly as the more graphic and horrid shots from that day.

For business purposes, I had been in the Twin Towers several times before 2001, but other than the towers and Wall Street, I was not familiar with the surrounding neighborhood.

For seven years after 9/11, I had a daughter who lived adjacent to the 9/11 Memorial Plaza. I’ve spent several days walking throughout the neighborhood that rose up from ashes to become an awe-inspiring tribute to those who died that day; and to the resilience of New York City, the region, and the nation.

The photo on the right was shot at about the same location as the 2001 photo (using Google Maps’ Street View). It captures the vibrancy you can feel today among the shops located in what is a far more trendy neighborhood than it was before 9/11. (Something true of neighborhoods throughout New York City.)

Small business owners and their employees helped revive the neighborhood before the trendy chains started moving into the area. Like in other areas of Manhattan, these small merchants are discovering that higher rents are making it harder and harder to survive.

To me, the men and women who returned first to the neighborhood are small business heroes. While others travel from around the world to shop at famous stores that now have locations in lower Manhattan, I always make it a point to support the shops that once existed in the shadow of the Twin Towers.

Now, there is a global pandemic that is going to test, once more, the resilience of small businesses and the marketplaces they serve.

It is testing the resilience of small businesses across the nation and around the world.

Let us continue to be inspired by the heroes of 9/11.

The Internal Revenue Service has released more of its “Dirty Dozen” tax scams with a warning for people to watch out for predators using tax-related schemes ranging from fake charities to scams targeting seniors and immigrants.

It continues to see a group of ruses by dishonest people who trick others into doing something illegal or which ultimately causes them harm. Predators encourage otherwise honest people to do things they don’t realize are illegal or prey on their goodwill to take something from them.

Several schemes involve fraudsters targeting groups like seniors or immigrants, posing as fake charities impersonating IRS authorities, charging excessive fees for Offers in Compromise, conducting unemployment insurance fraud, and unscrupulously preparing tax returns.

Here are some of this year’s “Dirty Dozen” scams

Fake charity scams

The IRS advises taxpayers to be on the lookout for scammers who set up fake organizations to take advantage of the public’s generosity. They especially take advantage of tragedies and disasters, such as the COVID-19 pandemic.

Scams requesting donations for disaster relief efforts are especially common on the phone. Taxpayers should always check out a charity before they donate, and they should not feel pressured to give immediately.

Taxpayers who give money or goods to a charity may be able to claim a deduction on their federal tax return by reducing the amount of their taxable income. But taxpayers should remember that to receive a deduction, taxpayers must donate to a qualified charity. To check the status of a charity, use the IRS Tax Exempt Organization Search tool. (It’s also important for taxpayers to remember that they can’t deduct gifts to individuals or to political organizations and candidates.)

Here are some tips to remember about fake charity scams:

• Individuals should never let any caller pressure them. A legitimate charity will be happy to get a donation at any time, so there’s no rush. Donors are encouraged to take time to do the research.
• Potential donors should ask the fundraiser for the charity’s exact name, web address and mailing address, so it can be confirmed later. Some dishonest telemarketers use names that sound like large well-known charities to confuse people.
• Be careful how a donation is paid. Donors should not work with charities that ask them to pay by giving numbers from a gift card or by wiring money. That’s how scammers ask people to pay. It’s safest to pay by credit card or check — and only after having done some research on the charity.

For more information about fake charities see the information on fake charity scams on the Federal Trade Commission web site.

Immigrant “senior fraud”

IRS impersonators and other scammers are known to target groups with limited English proficiency as well as senior citizens. These scams are often threatening in nature.

While it has diminished some recently, the IRS impersonation scam remains a common scam. This is where a taxpayer receives a telephone call threatening jail time, deportation, or revocation of a driver’s license from someone claiming to be with the IRS. Taxpayers who are recent immigrants often are the most vulnerable and should ignore these threats and not engage the scammers.

The IRS reminds taxpayers that the first contact with the IRS will usually be through mail, not over the phone. Legitimate IRS employees will not threaten to revoke licenses or have a person deported. These are scare tactics.

As phone scams pose a major threat to people with limited access to information, including individuals not entirely comfortable with the English language, the IRS has added new features to help those who are more comfortable in a language other than English. The Schedule LEP PDF allows a taxpayer to select in which language they wish to communicate. Once they complete and submit the schedule, they will receive future communications in that selected language preference.

Additionally, the IRS is providing tax information, forms and publications in many languages other than English. IRS Publication 17, Your Federal Income Tax, is now available in Spanish, Chinese (simplified and traditional), Vietnamese, Korean and Russian.

Seniors beware

Senior citizens and those who care about them need to be on alert for tax scams targeting older Americans. The IRS recognizes the pervasiveness of fraud targeting older Americans, along with the Department of Justice and FBI, the Federal Trade Commission and the Consumer Financial Protection Bureau (CFPB), among others.

In an effort to make filing taxes easier for seniors, the IRS reminds seniors born before Jan. 2, 1956 that the IRS has re-designed the Form 1040 and its instructions, and that they can use the Form 1040SR and related instructions.

The IRS reminds seniors that the best source for information about their federal taxes is the IRS website.

Offers in compromise “mills”

Offer in Compromise mills contort the IRS program into something it’s not – misleading people with no chance of meeting the requirements while charging excessive fees, often thousands of dollars.

“We’re increasingly concerned that people having trouble paying their taxes are being duped into misleading claims about settling their tax debts for ‘pennies on the dollar’,” said IRS Commissioner Chuck Rettig. “The IRS urges people to take a few minutes to review information on IRS.gov to see if they might be a good candidate for the program – and avoiding costly promoters who advertise on radio and television.”

The IRS reminds taxpayers to beware of promoters claiming their services are needed to settle with the IRS, that their tax debts can be settled for “pennies on the dollar” or that there is a limited window of time to resolve tax debts through the Offer in Compromise (OIC) program.

An “offer,” or OIC, is an agreement between a taxpayer and the IRS that resolves the taxpayer’s tax debt. The IRS has the authority to settle, or “compromise,” federal tax liabilities by accepting less than full payment under certain circumstances. However, some promoters are inappropriately advising indebted taxpayers to file an OIC application with the IRS, even though the promoters know the person won’t qualify. This costs honest taxpayers money and time.

Taxpayers should be especially wary of promoters who claim they can obtain larger offer settlements than others or who make misleading promises that the IRS will accept an offer for a small percentage. Companies advertising on TV or radio frequently can’t do anything for taxpayers that they can’t do for themselves by contacting the IRS directly.

Taxpayers can go to IRS.gov and review the Offer in Compromise Pre-Qualifier Tool to see if they qualify for an OIC. The IRS reminds taxpayers that under the First Time Penalty Abatement policy, taxpayers can go directly to the IRS for administrative relief from a penalty that would otherwise be added to their tax debt.

Unscrupulous tax return preparers

Although most tax preparers are ethical and trustworthy, taxpayers should be wary of preparers who won’t sign the tax returns they prepare, often referred to as ghost preparers. For e-filed returns, the “ghost” will prepare the return, but refuse to digitally sign as the paid preparer.

By law, anyone who is paid to prepare, or assists in preparing federal tax returns, must have a valid Preparer Tax Identification Number (PTIN). Paid preparers must sign and include their PTIN on the return. Not signing a return is a red flag that the paid preparer may be looking to make a quick profit by promising a big refund or charging fees based on the size of the refund.

Unscrupulous tax return preparers may also:

• Require payment in cash only and will not provide a receipt.
• Invent income to qualify their clients for tax credits.
• Claim fake deductions to boost the size of the refund.
• Direct refunds into their bank account, not the taxpayer’s account.

It’s important for taxpayers to choose their tax return preparer wisely. The Choosing a Tax Professional page on IRS.gov has information about tax preparer credentials and qualifications. The IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications can help identify many preparers by type of credential or qualification.

Taxpayers should also remember that they are legally responsible for what is on their tax return even if it is prepared by someone else. Consumers can help protect themselves by choosing a reputable tax preparer.

Unemployment insurance fraud

Unemployment fraud often involves individuals acting in coordination with or against employers and financial institutions to get state and local assistance to which they are not entitled. These scams can pose problems that can adversely affect taxpayers in the long run.

States, employers and financial institutions need to be aware of the following scams related to unemployment insurance:

• Identity-related fraud: Filers submit applications for unemployment payments using stolen or fake identification information to perpetrate an account takeover.
• Employer-employee collusion fraud: The employee receives unemployment insurance payments while the employer continues to pay the employee reduced, unreported wages.
• Misrepresentation of income fraud: An individual returns to work and fails to report the income to continue receiving unemployment insurance payments, or in an effort to receive higher unemployment payments, applicants claim higher wages than they actually earned.
• Fictitious employer-employee fraud: Filers falsely claim they work for a legitimate company, or create a fictitious company, and supply fictitious employee and wage records to apply for unemployment insurance payments.
• Insider fraud: State employees use credentials to inappropriately access or change unemployment claims, resulting in the approval of unqualified applications, improper payment amounts, or movement of unemployment funds to accounts that are not on the application.

Below is a short list of financial red flag indicators of unemployment fraud:

• Unemployment payments are coming from a state other than the state in which the customer reportedly resides or has previously worked.
• Multiple state unemployment payments are made within the same disbursement timeframe.
• Unemployment payments are made in the name of a person other than the account holder or in the names of multiple unemployment payment recipients.
• Numerous deposits or electronic funds transfers (EFTs) are made that indicate they are unemployment payments from one or more states to people other than the account holder(s).
• A higher amount of unemployment payments is seen in the same timeframe compared to similar customers and the amount they received.

2020 | The Dirty Dozen represents the worst of the worst tax scams.

Compiled annually, the “Dirty Dozen” lists a variety of common scams that taxpayers may encounter anytime but many of these schemes peak during filing season as people prepare their returns or hire someone to help with their taxes. Don’t fall prey.

For a detailed description of each scam, please refer to the list below:

• IR-2021-144, IRS wraps up its 2021 “Dirty Dozen” scams list with warning about promoted abusive arrangements
• IR-2021-141, IRS “Dirty Dozen” list warns people to watch out for tax-related scams involving fake charities, ghost preparers and other schemes 
• IR-2021-137, IRS urges caution with email, social media and phones as part of “Dirty Dozen” series
• IR-2021-135, IRS announces “Dirty Dozen” tax scams for 2021 

Prior years information on the IRS Dirty Dozen:

• 2020 — IRS unveils “Dirty Dozen” list of tax scams for 2020; Americans urged to be vigilant to these threats during the pandemic and its aftermath
• 2019 — IRS concludes “Dirty Dozen” list of tax scams for 2019: Agency encourages taxpayers to remain vigilant year-round 
• 2018 — IRS wraps up “Dirty Dozen” list of tax scams for 2018; Encourages taxpayers to remain vigilant
• 2017 — IRS Summarizes “Dirty Dozen” List of Tax Scams for 2017
• 2016 — IRS Wraps Up the “Dirty Dozen” List of Tax Scams for 2016
• 2015 — IRS Completes the “Dirty Dozen” Tax Scams for 2015
• 2014 — IRS Releases the “Dirty Dozen” Tax Scams for 2014

(A July 4th tradition, first published on SmallBusiness.com on July 3, 2014)

Founded in 1705, 71 years before the signing of the Declaration of Independence, The John Stevens Shop in Newport, RI, continues to design and hand-letter one-of-a-kind inscriptions in stone, practicing a craft and using methods and tools that date back to the Romans. Nicholas Waite Benson, 49, has been the owner and creative director of the business since 1993. A MacArthur Fellow (sometimes called, “the genius grant”), Nick began working at the shop at age 15 with his father, John Everett Benson. In turn, John Everett Benson learned stone carving from his father, John Howard Benson, at the age of 15. 

How to keep a business running for 309 years

The work of Nick Benson and his staff will be around for centuries. It seems only appropriate that the company creating that work has been around for centuries as well. After John Stevens founded the shop, it was maintained by six generations of Stevenses, until Nick’s grandfather, a printer, artist and stone carver, bought it in the 1920s. It is one of the oldest continuously-operated business in the U.S..

According to Nick, he wasn’t all that interested in the family business during his childhood. “I began carving lettering in 1979, but I didn’t give it much thought until I got to college, and that’s when I realized what an interesting place the shop was,” he said in a 2013 interview with American Spirit magazine. His family’s reputation helps his business secure major jobs like national memorials and famed architectural work. “My grandfather’s Iwo Jima Memorial designs helped my father get involved with the JFK Memorial in Arlington Cemetery, which is how I got involved with the World War II Memorial.”

“If you devote yourself to producing the highest standard of work, the business will follow. Never compromise on standards,” he told SmallBusiness.com.

The work of the John Stevens Shop

Some of the monuments and memorials where you can see the hand- lettering of the craftsmen of the John Stevens Shop:

• Iwo Jima Memorial, Arlington, Virginia
• The John F. Kennedy Memorial, Arlington National Cemetery, Arlington, Virginia
• The Civil Rights Memorial, Montgomery, Alabama
• The Franklin Delano Roosevelt Memorial, Roosevelt Island, New York, New York
• The Martin Luther King, Jr. Memorial,  Washington, DC
• Gravestones for Tennessee Williams, Lillian Hellman and George Balanchine
• The Boston Public Library, Boston, Massachusetts
• The National Gallery of Art, Washington, DC
• The Dallas Museum of Art, Dallas, Texas
• The Chicago Mercantile Exchange Center, Chicago, Illinois

Featured Photo: (L-R) John Benson and his son, Nicholas Benson. Photo via: JohnStevensShop.com)

But, soft! What light through yonder window breaks? It is the … sun, and that means another morning of opportunity to share some Shakespeare quotes that can be bent into great suggestions for those who own and run small businesses.

(Note: Like many things regarding Shakespeare, there is debate about precisely when he was born and died. We’re following the tradition of observing both his birth (1564) and death (1616) on April 23.)

See also on SmallBusiness.com | On The 400th Anniversary of Cervantes’ Death, The Top 35 Small Business Quotes From Don Quixote

1. To business that we love we rise betime, And go to’t with delight.

Antony and Cleopatra, Act 4, Scene 4

2. There is a tide in the affairs of men…

There is a tide in the affairs of men
Which, taken at the flood, leads on to fortune;
Omitted, all the voyage of their life
Is bound in shallows and in miseries.
On such a full sea are we now afloat,
And we must take the current when it serves,
Or lose our ventures.

Julius Caesar, Act 4, Scene 3

3. Screw your courage to the sticking place, and we’ll not fail.

Macbeth, Act 1, Scene 7

4. All things are ready if our minds be so.

Henry V, Act 4, Scene 3

5. Brevity is the soul of wit.

Hamlet, Act 2, Scene 2

6. Neither a borrower nor a lender be, For loan oft loses both itself and friend, And borrowing dulls the edge of husbandry.

Hamlet, Act 1, Scene 3

7. The first thing we do, let’s kill all the lawyers.

Henry VI, Part 2, Act 4, Scene 2

Also on SmallBusiness.com |  Monday Morning Small Business Motivational Mashup: Goethe & Star Wars

Featured Photo: By Shadowgate via Flickr | cc-by-2.0

Links to IRS.gov resources

The links below are for taxpayers who file Form 1040 or 1040-SR, Schedules C, E, F or Form 2106, and small businesses with assets under $10 million. Consider the links as a Table of Contents of information found on the IRS website. Updates can be found at the IRS Small Business and Self-Employed Tax Center. Direct questions there, also.

Trending

• Employer ID Numbers (EINs)
• Forms and Publications
• Self-Employment Taxes
• E-file Employment Taxes

Information For

• Self-Employed
• Independent Contractor or Employee
• Business Structure
• Businesses with Employees
• Industries/Professions

Help for Preparing Your Taxes

• Business Tax Credits
• Deducting Expenses
• Recordkeeping
• Employment Taxes

Filing and Paying Taxes

• Filing and Paying Your Business Taxes
• IRS Tax Calendar for Businesses and Self-Employed
• Filing Past Due Tax Returns
• Information Return Reporting
• Calculate Your Employment Taxes

Stages of Owning a Business

• Starting a Business
• Operating a Business
• Closing a Business
• Changing Address
• Changing Business Name

General Topics

• A-Z Index for Business
• Affordable Care Act (ACA)
• Gig Economy (Sharing Economy)
• Report of Foreign Bank and Financial Accounts (FBAR)
• Small Business Retirement Plan Resources
• Tax Reform Provisions that Affect Businesses

Online Learning

• IRS Video Portal
• Small Business Events
• Online Tools & Educational Products
• Small Business Taxes: The Virtual Workshop
• Subscribe to e-News
• Webinars for Small Businesses
• Tax Cuts and Jobs Act (TCJA) Training Materials

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Engaged in a battle over video game commissions, Apple yesterday announced that on January 1, it will start a new developer program for small businesses. Apple currently charges a 30% commission on paid apps and for sales made within apps running on iOS on iPhones and iPads. The new program will now charge a 15% commission up to $1 million. At the same time, Epic Games, the maker of Fortnite, is taking Apple to the Australian federal court over its practice of taking a share of up to 30% of revenue from apps after it was banned for using direct billing instead.

Apps have taken on new importance as businesses adapt to a virtual world during the pandemic. Many small businesses have grown their digital presence in order to continue to reach their customers and communities, according to Apple.

“Small businesses are the backbone of our global economy and the beating heart of innovation and opportunity in communities around the world. We’re launching this program to help small business owners write the next chapter of creativity and prosperity on the App Store, and to build the kind of quality apps our customers love. The App Store has been an engine of economic growth like none other, creating millions of new jobs and a pathway to entrepreneurship accessible to anyone with a great idea. Our new program carries that progress forward — helping developers fund their small businesses, take risks on new ideas, expand their teams, and continue to make apps that enrich people’s lives”

Tim Cook, CEO
Apple Inc.

The essentials of the program’s participation criteria:

• Existing developers who made up to $1 million in 2020 for all of their apps, as well as developers new to the App Store, can qualify for the program and the reduced commission. 
• If a participating developer surpasses the $1 million threshold, the standard commission rate will apply for the remainder of the year.
• If a developer’s business falls below the $1 million threshold in a future calendar year, they can requalify for the 15 percent commission the year after.

Apple said that developers of all sizes have built successful businesses while benefitting from the App Store’s global reach encompassing users of the

1.5 billion | Apple devices (global)
175 | Countries where devices can be found
40 | Languages
180 | Local payment methods
45 | Accepted currencies

$519 billion | (2019) | App Store ecosystem facilitated in commerce worldwide — with over 85 percent of that total accruing solely to third-party developers and businesses of all sizes.

Images | Apple, Inc.

WASHINGTON, D.C. (Nov. 10, 2020) | The NFIB Optimism Index remained at 104.0 in October, unchanged from September and a historically high reading. Four of the ten components of the index improved, five declined, and one was unchanged.

Although all of the data was collected prior to Election Day, a six-point increase in the NFIB Uncertainty Index to 98 was likely driven by the election and uncertain conditions in future months due to the COVID-19 pandemic and possible government-mandated shutdowns, said NFIB Chief Economist Bill Dunkelberg.

The uncertainty reading was the highest reading since November 2016.

“Leading up to the presidential election, small businesses continued to focus on stabilizing their businesses but were uncertain about the future economic conditions due to COVID-19 government regulations on all levels,” said Dunkelberg. “We see solid momentum going into the 4^th quarter, and another good quarter could get the GDP back to its 2019 closing levels.”

Other key findings:

• Earnings trends over the past three months improved nine points to a net negative 3% reporting higher earnings.
• Earnings trends have improved to pre-crisis levels, up 32 points since June.
• Inventory investment plans for the next three to six months increased 1 point to a net 12%, a record high.
• Real sales expectations in the next three months increased 3 points to a net 11% expecting gains.
• Owners expecting better business conditions over the next six months declined 5 points to a net 27%.

23% (seasonally adjusted) | Reported raising compensation and a net 18% plan to do so in the coming months, up 2 points.

8% | Survey respondents who cited labor costs as their top business problem (down 1 point)

22% | Said labor quality was their top business problem, exceeding taxes, regulations, and weak sales.

35% | Percentage of construction owners who report finding qualified workers as their top issue, slowing new home production.

53% | The percentage of owners who reported capital outlays in the last six months, unchanged from September. (Historically, this is a poor performance because it doesn’t boost current GDP and it impairs the future growth in worker productivity and pay, according to Dunkelberg.)

36% | Of those making expenditures, of owners reported spending on new equipment (down 2 points), 20% acquired vehicles (down 3 points)

16% | Improved or expanded facilities (unchanged)

5% | Acquired new buildings and land for expansion (up 1 point),

12% | Spent money for new fixtures and furniture (up 4 points).

27% | Plan capital outlays in the next few months, down 1 point from September.

Small businesses have continued to see improvements in foot traffic and sales

3% | Reported that all of their borrowing needs were not satisfied (up 1 point),

29% | Reported all credit needs were met (down 4 points),

56% | Said they were not interested in a loan (up 1 point).

3% | Reported their last loan was harder to get than in previous attempts (up 1 point).

1% | One percent of respondents reported that financing was their top business problem, unchanged from last month.

For full report, see NFIB.com.

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For more information or to sign up,
visit the NYC Small Business Resource Network

The launch of the public-private partnership is funded by a $2.8 million grant from the New York City-based Peter G. Peterson Foundation and supported by in-kind contributions from other partners.

Also participating are the New York City Economic Development Corporation (NYCEDC) in collaboration with New York City Department of Small Business Services, and the Chambers of Commerce of

• The Bronx
• Brooklyn
• Manhattan
• Queens
• Staten Island

Many of the city’s corporate, financial, and professional services sectors are participating, as well as universities, philanthropies and volunteers who are participating in a range of programs and services.

New York City Small Business

Statistics provided by the NYC Small Business Resource Network 

1.3 million | Number of people employed by the city’s small businesses

236,000 | Number of small businesses with fewer than 100 employees

90% | Percentage of the city’s small businesses that have fewer than 20 employees        

New York City has the highest proportion of minority-owned businesses of any major U.S. city. ·               

As of last May, the city’s unemployment rate reached 18.3% and is projected to average 9.8% in 2020 and 10.9% in 2021 ·        

Of the 236,000 city businesses with under 100 employees, over 87,000, or 37%, are either retail, professional services, or accommodation and food services businesses 

For more information or to sign up,
visit the NYC Small Business Resource Network