New York’s businesses need to champion reliable schools and childcare as well as support small companies if the city is to build resilience and recover from Covid-19, a new report has recommended.

The Committee for Economic Development of the Conference Board (CED) has made four recommendations that it says will position the city to move quickly following public health breakthroughs and the forthcoming vaccines.

The board said New York’s business leaders have the gravitas and expertise to help shape the region’s response. New York Governor Andrew Cuomo has been heavily criticised for the state’s response and accused of imposing social distancing measures too late.

Best practices

The report said businesses should come together with other civic agencies to promote public health best practices. These include the likes of wearing masks, maintaining social distancing and avoiding large gathering. They should also ensure their own workplaces are Covid secure.

They should also champion public investment in schools, childcare, universal broadband access and safe public transport. The pandemic has affected low- and middle-income citizens the most and the board said rebuilding public services would help ameliorate these problems.

Larger businesses should also support their smaller cousins by arguing for additional tax breaks and loan guarantees to help them make up for months of lost revenue, the report said. It said there was a risk of a domino effect of viable small businesses failing because of the sharp economic shock.

"In past crises facing the region, New York City’s business leaders have stepped forward to promote the city, commit to its future strength, and guide it to recovery and renewal"

Finally, the report said the private sector should argue for more flexible regulation to help businesses innovate, again helping mitigate future risks and operating safely.

CED President Lori Esposito Murray said: "In past crises facing the region, New York City’s business leaders have stepped forward to promote the city, commit to its future strength, and guide it to recovery and renewal. They must do so now, more than ever, to restore New York City as an economic engine – the nation’s commercial, entertainment, and cultural center – and a critical component of, and catalyst for, national competitiveness."

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