From the office of Representative Antonio Delgado:
KINGSTON, NY—Starting today, the U.S. Small Business Administration (SBA) will offer low-interest federal disaster loans for working capital to all small business owners in New York suffering substantial economic injury as a result of the coronavirus (COVID-19). Now, small businesses across the State of New York will be able to access these loans, following a state-wide disaster designation from the SBA. U.S. Representative Antonio Delgado (NY-19), a member of the House Small Business Committee released the following statement on these loans:
“Small businesses are the backbone of our economy in upstate New York, and they are facing unprecedented economic challenges amidst the coronavirus pandemic,” said Rep. Delgado. “Our small businesses need and deserve the full support of the federal government, and with these loans, our small businesses – across all eleven counties in NY-19 – will have access to up to $2 million in emergency loans each, to keep them afloat during the imminent economic slowdown.
I will continue to work alongside our state and local partners as well as local chambers of commerce to ensure that the small businesses who need these funds are able to access them. This is one of many needed steps to support our small businesses and I will keep pushing every day to access more needed supports for businesses across our region.”
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance per small business and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
Small business owners can apply at https://disasterloan.sba.gov/ela. Before submitting an application, small business owners should contact the local SBA District Office at (315) 471-9393 or the Mid-Hudson Small Business Development Center (SBDC) at (845) 802-9150. Small business owners looking for additional assistance are encouraged to reach out to the Congressman’s office through the Congressman’s new phone appointment tool.
Earlier today, Rep. Antonio Delgado introduced the Small Business Repayment Relief Act of 2020 to assist small businesses currently in the process of repaying existing SBA loans. Rep. Delgado’s bill would provide six months of automatic payment relief on all qualified new and existing SBA loans—including principal, interest, and fees. More information about this legislation can be found here.