What to Know
- State and city officials have announced Thursday that relief will be provided to New York businesses that have been impacted by the looting and vandalism that has taken place throughout the state in recent days.
- The NYC Mayor’s Fund has secured $500,000 in initial funds thanks to SOMOS Community Care to support small businesses in the Bronx. The program will provide grants of up to $10,000 per business to help with recovery, including repairs security systems, locks and more
- Gov. Andrew Cuomo added that he has asked the Department of Financial Services (DFS), which regulates the insurance industry, "to direct insurers to expedite all claims for all looted businesses, free mediation services, to accept photos as proof."
State and city officials have announced Thursday that relief will be provided to New York businesses that have been impacted by the looting and vandalism that has taken place throughout the state in recent days.
"Those small business owners who scrapped and saved and built a small business, o many of them immigrants living the American dream. Today, we announce support for them," Mayor Bill de Blasio said regarding the city's Business Emergency Grant Program.
The NYC Mayor’s Fund secured $500,000 in initial funds thanks to SOMOS Community Care to support small businesses in the Bronx, de Blasio said.
The program will provide grants of up to $10,000 per business to help with recovery, including repairs security systems, locks and more.
"New Yorkers, immigrants, people who believe in helping others, they will work with us to help those business owners get back on their feet. I’ve met with those business owners, they are not going anywhere. They believe in the Bronx. The believe in New York City. They will be back."
The city will not only help with grants and direct cash assistance, according to mayor, but will also provide "legal help, help getting their insurance. Whatever help to get them back on their feet."
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Gov. Andrew Cuomo shared similar sentiments to de Blasio and also reiterated that the looters should not be confused with protesters who have been taking part in demonstrations and marches demanding racial justice and an end to police brutality.
"Many of the businesses they looted where mom and pop shops in distressed communities that were struggling in the first place. In New York City, Rochester, many of these businesses were essential businesses for the poorest communities in those locales. They looted mom and pop stores that don’t have the resources to rebuild and reopen," Cuomo said.
The governor added that he has asked the Department of Financial Services (DFS), which regulates the insurance industry, "to direct insurers to expedite all claims for all looted businesses, free mediation services, to accept photos as proof."
The emergency regulation to help businesses and consumers who suffered damage from looting and vandalism by requiring New York State-regulated insurance companies to expedite the resolution and payment of related insurance claims based on similar emergency relief applied in the aftermath of Super Storm Sandy.
Additional assistance will include allowing policyholders to make immediate repairs to damaged property if necessary to protect health or safety, and to submit claims with reasonable proof of loss, including photos, so businesses don't have to wait for police reports to file a claim.
The emergency regulation will also offer small businesses and consumers the ability to resolve disputes through an impartial mediation process paid for by the insurer.
Cuomo urged owners of looted business who may have issues with their insurance company, to go to the DFS website to get help.
