Coronavirus relief: Morgan Stanley commits $2M to NYC street food vendors
New York in a ‘very fragile situation’: Home Depot co-founder
Home Depot co-founder Ken Langone is ‘very concerned about the future of New York City’ amid the mass exodus during the coronavirus pandemic.
What a lender for the vendors.
Continue Reading Below
Morgan Stanley is giving back in a big way to the street food vendors of New York City, pledging $2 million to keep folks in business as the coronavirus pandemic continues.
The bank announced the news on Thursday, revealing that the funding will give over 2,000 vendors upward of $1,000 a pop in cash assistance for rent, utilities and food. Partner Robin Hood is donating an additional $375,000 to the cause, coordinated with the Street Vendor Project.
Though food carts have slowly returned to the streets since June, meager foot traffic has devastated their bottom line. (iStock) TWITTER CEO JACK DORSEY DONATES $15M MORE TO UNIVERSAL BASIC INCOME PROGRAM “There are approximately 20,000 New Yorkers who sell food and merchandise from the streets and sidewalks of New York City, most of whom are women of color, military veterans and low-wage immigrant workers,” Morgan Stanley said in a press release. “And while street vendors contribute an estimated $293 million to the city’s economy, the informal nature of their work or immigration status has barred them from government disaster relief and unemployment insurance.” Morgan Stanley is giving back in a big way to the street food vendors of New York City, pledging $2 million to keep folks in business as the coronavirus pandemic continues. (iStock) Morgan Stanley Chairman and CEO James P. Gorman called street vendors “a central part of the cultural fabric” in NYC and pledged his company’s full support to lending them a helping hand during this trying time. “With our headquarters in Times Square, many of our employees rely on these vendors for their morning coffee or a quick lunch. Morgan Stanley is committed to supporting those in our community that support us on a daily basis as they face unprecedented economic hardship,” Gorman said in a statement. “We are proud to work with Robin Hood and the Street Vendor Project to provide economic relief to vendors during a critically difficult time and encourage others to join us in this important mission.” Christopher Heywood of NYC and Company recently told Fox 5 that tourism to the Big Apple brings in about $72 billion every year. Meanwhile, the city's official marketing and tourism group doesn't expect international visitors to return in large numbers until 2025. GET FOX BUSINESS ON THE GO BY CLICKING HERE Source: Read Full Article
Ticker Security Last Change Change % MS MORGAN STANLEY 64.07 -0.30 -0.47% 