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QUEENS WEEKLY, APRIL 19, 2020
Queens Congressional delegation guides small
businesses impacted by coronavirus pandemic
BY BILL PARRY
Nearly 300 small business
owners impacted by
the COVID-19 crisis joined
Congressman Tom Suozzi
in a conference call on April
8 to learn more about the
resources available to
them.
Suozzi spent much of his
time discussing the Paycheck
Protection Program
that had such a rocky launch
on April 9 with many major
banks and lending institutions
unprepared to accept
applications.
“It’s a major effort to
prop up small businesses
and keep those payroll
checks coming to the people
that need them most,”
Suozzi said. “With $359
billion available, is to get
two and a half times your
monthly payroll in a loan
from the Small Business
Administration, which will
be forgivable if you keep
your employees on. And for
anyone who was fired or
furloughed people already,
you can get the loan, and
bring people back on.”
Suozzi added that it was
a “gargantuan task” to get
the program up and running
in such a short period
of time and that the SBA had
already accepted 200,000 applications
for the loans.
“The magnitude of this
program is enormous,”
Suozzi said. “The financial
community is dedicated
to do this, to stand up this
very complex program at
this trying time.”
The program offers lowinterest,
no-fee loans of up to
$10,000 for small businesses
to help with cash flow to
retain employees and maintain
payroll. Suozzi also
discussed the merits of the
Economic Injury Disaster
Loans which offers a lowinterest
fixed-rate loan up
to $2 million.
Suozzi added that a comprehensive
manual on the
resources that are available
can be found on his website
here.
A day earlier, Suozzi
joined several of his Congressional
colleagues on a
video conference call hosted
by the Queens Chamber
of Commerce.
“All of the Queens delegation
wants to be able
to assist you in accessing
the dollars that were put
into the PPP, the payroll
protection program,” Congressman
Gregory Meeks
said. “There’s also a $10,000
grant program you can apply
for immediately.”
The Flushing small business
community has been
particularly impacted by
the COVID-19 crisis.
“I want to thank our
members and our business
community, who have been
incredible allies during
this time, especially here
in Queens. And this is not
just in helping us to get the
word out about loans and
grants that we have created,
but also helping with
equipment and supplies for
our local hospitals,” Congresswoman
Grace Meng
said. “Please utilize me as
a resource in continuing to
get this information to our
communities.”
Congresswoman Carolyn
Maloney pledged to help
small businesses connect
with the resources they
need to stay afloat during
the crisis.
“My office and I will
work with anybody that has
problems getting a loan,”
Maloney said. “If you are
in my district, call me, and
I will work with you, and
with the bank, to get things
rolling.”
The Queens Chamber of
Commerce is the oldest and
largest business association
in Queens, representing
more than 1,150 businesses
and more than 100,000 borough
based employees.
“Queens is so fortunate
to have strong leadership in
Congress who understands
that small businesses are
the backbone of our community,”
QCC President
and CEO Tom Grech said.
“We will continue to work
with them, and our elected
officials at all levels of government,
to give hope to
small businesses at this difficult
time.”
Photo via Getty Images