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SBA disaster loans available for NY businesses

WASHINGTON – The U.S. Small Business Administration Thursday approved a disaster declaration for New York State in connection with the coronavirus crisis, making small businesses and nonprofits eligible for low-interest loans.

Rep. Brian Higgins, a Buffalo Democrat, announced the agency's move.

"Businesses and workers are hurting like never before," Higgins said. "This is just the very first step in what will be a long relief and recovery process.”

The first bill Congress passed regarding the pandemic, which became law March 4, authorizes approximately $7 billion in loans to small businesses and nonprofits that have suffered due to the pandemic.

But more aid for small businesses is likely on its way. Republican senators Thursday announced a $1 trillion coronavirus relief bill that expands aid to small businesses, and Senate Minority Leader Charles E. Schumer, a New York Democrat, said he wants to work with Republicans to ensure that small businesses as well as workers get more relief in that measure.

Additional information on the disaster loan program that Congress already approved, as well as applications, are available at SBA.gov/disaster.

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