The ongoing COVID-19 pandemic presents unprecedented challenges for the small businesses in our district. I wanted to let you know that small businesses and self-employed owners in New York State can now qualify for these small business disaster loans through the Small Business Administration, due to a disaster declaration made earlier today.
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.
Upstate New York 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
or the Mid-Hudson Small Business Development Center (SBDC) at
Please reach out to my office for assistance or guidance throughout this application process. The success of your small business is critically important to me and we want to be a resource throughout this challenging time. My office has put together COVID-19-related small business resources and information, which you can find our webpage here.
In addition, earlier today, I introduced the Small Business Repayment Relief Act of 2020 to assist small businesses currently in the process of repaying existing SBA loans. This bill would provide six months of automatic payment relief on all qualified new and existing SBA loans—including principal, interest, and fees. Learn more about this important legislation on my website.