May, Small Business Month
It is well known that small businesses are the engine of our economy. Ninety-four percent of all private businesses in New York City are small businesses, 25,000 small businesses started in New York City between the 2020 - 2022 second quarter recovery period, and approximately 1 million people are employed by small businesses in New York City. That's why this May, New York City Mayor Eric Adams, and Small Business Services (SBS) Commissioner Kevin D. Kim kicked off "Small Business Month." This is an initiative that is being reported in other states, such as California and Texas.
New York City continues to experience a massive economic boom, with the city regaining 99.7% of pre-pandemic private sector jobs, a return that was once predicted until 2025 or later, according to the New York State Department of Labor (NYSDOL).
The new NYSDOL data also show that the city has recovered more than 91% of jobs in accommodation and food services, one of the industries hardest hit by the pandemic, being the fastest-growing private sector industry in the city this year.
At a press conference, the Mayor took the opportunity to highlight the NYC Business Express Service Team (BEST) initiative, a program that, since its launch, has helped more than 2,200 businesses in the five boroughs by providing personalized expert support to help business owners not only resolve or avoid fines and violations but also save time and money, navigate city government rules and regulations, as well as expedite permitting and licensing processes. According to the Mayor, this program has helped save New York City small businesses more than $22 million by avoiding fines and violations.
What is a small business?
Whether your business qualifies as a small business is determined by guidelines established by the Small Business Administration (SBA) and generally depends on the number of employees working there and the revenue earned in a year based on the industry in which you operate. While this varies typically, you may qualify if:
You employ fewer than or between 100 and 1,500 employees.
In addition, in a fiscal year, you earn less than or between $750,000 and $35,000,000 in sales.
Other requirements include:
Your business is owned and operated within the United States.
Your business must be for-profit and not owned by a parent corporation.
You must not have a significant market share in your industry.
The SBA defines the maximum number of employees and revenues based on your industry and sets this through the North American Industry Classification System (NAICS). These codes further divide specific industries into subclassifications that will apply to how your business qualifies. You can view the standards and find your NAICS code in this PDF provided by the SBA (PDF). The most recent update to the NAICS codes was in 2019.
For this Small Business Month, The City has scheduled a series of activities for this month, including seminars, workshops, and panel discussions on different topics that affect small businesses, where we highlight: workshops to obtain financing, finance courses, cybersecurity, marketing strategies, and more.
I am sharing with you the calendar of activities for Small Business Month: