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Businesses in the Bronx -Financing and Incentives

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For over 30 years, federal and private investment programs have focused on expanding the Bronx’s economic base and making this New York borough attractive to businesses large and small. For the most part, these programs have been successful, since according to the Center for Urban Culture, the Bronx comes out first in the list of New York boroughs in terms of business growth levels. It is estimated that this borough is currently home to more than 16,000 registered companies, and nearly 5,000 of those are small businesses.

Business growth in the borough continues to be promoted through a number of financial incentives and support programs, which are described below.

Financing and Incentives for businesses in the Bronx

The most popular loan programs available to those interested in setting up a business in the Bronx include:

Springboard mini loans, administered by the Springboard Mini Loan Fund in collaboration with the Bronx Overall Economic Development Corporation, available to local start-ups owned by women or those who belong to minority groups. Grants and loans are also available from Local Development Corporations, and are available to business owners who can commit to either creating jobs or attracting inward investment to the borough. For further information, please visit

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New York Labor Law and Minimum Wages in 2017

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Labor laws and the rights of individuals working in New York City are outlined in various laws at both state and city levels. New York State and New York City governments each have roles in defining rules that have an impact on employees. These rules include requirements related to how much a worker should earn and what benefits they are entitled to receive, including paid sick leave and overtime.

Minimum Wage

As part of the 2016-17 State Budget, Governor Cuomo signed legislation enacting a statewide $15 minimum wage plan that will lift the earnings of more than 2.1 million New Yorkers, in all industries across the state. The minimum wage may vary depending on the sector or industry. Regulations known as ‘Wage Orders’ establish industry-specific rates that differ from the general minimum wage rate.

General Minimum Wage Rate Schedule
Location 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 2021*
NYC – Big Employers (of 11 or more) $11.00 $13.00 $15.00
NYC – Small Employers (10 or less) $10.50 $12.00 $13.50 $15.00
Long Island & Westchester $10.00 $11.00 $12.00 $13.00 $14.00 $15.00
Remainder of New York State Workers $9.70 $10.40 $11.10 $11.80 $12.50 *

* Annual increases for the rest of the state will continue until the rate reaches $15 minimum wage (and $10 tipped wage). Starting 2021, the annual increases will be published by the Commissioner of Labor on or before October 1. They will be based on percentage increases determined by the Director of the Division of Budget, based on economic indices, including the Consumer Price Index.

*Tipped food service workers rate is unchanged at $7.50 until 12/31/2017.


Vacation and Sick Leave

Under the New York state law, employers are not required to pay workers for any time that is not actually worked or required. As a result, employees do not have a right to paid holidays, personal leave, sick days or vacation. It is up to each employer to establish a policy related to paid and unpaid vacation and sick leave, should they decide to do so. If there is a policy related to vacation and/or sick leave, the employer is free to attach any conditions.

In New York City, employers with five or more employees must provide paid sick leave to anyone working for more than 80 hours per calendar year. Employers with less than five employees must provide their workers with unpaid sick leave. Sick leave must also be given to domestic workers who have been employed for at least a year and worked for more than 80 hours in a calendar year. Some workers are not covered by this requirement, including employees subject to a collective bargaining agreement. More information about New York City’s sick leave requirements are available from NYC Consumer Affairs.

Work Hours and Over-time

There are no limits on the number of hours a person can work. Similarly, there are no limits on the number of hours someone can work in any given day except for children under the age of 18. There are also no limits on how early or how late an adult employee can work. Employees working in some occupations and industries must receive at least 24 hours rest in each week. This includes people working in factories, hotels (except resorts or seasonal hotels), restaurants (except small rural restaurants) and mercantile establishments. The requirement for 24 hour rest also applies to elevator operators, watchpersons, janitors and superintendents.

Overtime requirements in New York are based on hours your work in any given payroll week, although it is not mandatory simply because you are working outside of your eight hour work day or during the weekend. Live-in or residential employees are required to receive overtime if they work over 44 hours in a payroll week. Non-residential workers are required to receive overtime when they work over 40 hours in a payroll week. Covered workers must be paid at least one and one-half times their regular hour rate of pay when working outside of these weekly hours. Additional information about overtime pay is available from the U.S. Department of Labor.


More information about labor standards and employment laws in New York is available from the New York State Department, which also has helpful answers to frequently asked questions.

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Employee Tax Laws and Regulations in New York City

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As a business owner, it is important that you are aware of New York tax laws that may impact your business. For example, those who operate a restaurant may need to ensure that wait staff properly claim tips in their annual income taxes. Those who hire employees on a contractual basis may need to report these hires to the IRS. Here are some of the basic employee tax laws and regulations that every New York employer should understand.

Federal Unemployment Tax  

You may face the federal unemployment tax if you pay $1,500 or more in wages to an employee. Employers should take care to track the wages paid to employees to ensure that they do not forget to file Form 940.

Income Tax Withholding Laws

New York requires that employers withhold state income tax from the wages of employees. New York employers are required to provide these amounts to the Department of Taxation and Finance. If an employer fails to provide these amounts to the Department, then he or she may face charges of tax evasion or fraud.

Payment of Income Taxes

Individuals who reside in New York City will be required to pay several taxes at the local, state and federal level. The tax rate for those who live in New York City is 2.907 to 3.648 percent. An individual may face various taxation rates depending on his or her filing status. New York State also has various income tax percentages that are applicable for a person depending on his or her income level. These tax percentages range from four to eight percent. Those who earn under $16,450 will be required to pay a state tax of 4.5 percent. Those who earn approximately over $2 million a year will be required to pay a state tax of about 8 percent. One’s tax bracket may also vary depending on whether he or she is filing single or jointly within a marriage. New York State has a total of sixteen different tax brackets that may be applicable for a person. 

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