By Grant Lancaster
Small business owners suffering from loss of revenue during the COVID-19 coronavirus state of emergency can now apply for disaster loans thanks to legislation supported by a U.S. representative from Queens.
The loans are provided by the federal Small Business Administration and can loan business owners up to $2 million to pay fixed debts, payroll, accounts payable or other bills that cannot be paid because of the COVID-19 outbreak, according to a Friday press release.
U.S. Rep. Grace Meng (D-Queens), a member of the House Appropriations Committee, helped include the provision for small businesses as part of the $8.3 billion federal spending package addressing coronavirus.
“The outbreak of COVID-19 has wreaked havoc on small businesses, and I’m thankful that establishments in Queens and across New York can now access the financial resources that they desperately need,” Meng said.
Small business owners can submit an application which will be approved within two to three weeks, according to the release. Payment on the loans can take up to five days.
Applicants looking for assistance with the process can contact the New York Small Business Development Center. Business owners in Queens can contact the Queens College Small Business Development Center, LaGuardia Community College SBDC or York College SBDC.