US Senator Charles Schumer of New York is seeking to buy some more time for New York small businesses that have received COVID economic disaster loans to start making payments.
The Democrat says the latest wave of omicron coronavirus variants and rising costs due to global issues have impacted the recovery of small businesses, so he’s asking the Small Business Administration for another reimbursement extension.
Schumer says the relief from COVID EIDL has been a lifeline for hundreds of thousands of small businesses and nonprofits in New York State. The Senate Majority Leader said with loans due next month, many restaurants and mom-and-pop shops are struggling to stay afloat as they face new challenges with the rise in illnesses linked to it. to the omicron variant, supply chain delays and shortages and now soaring fuel prices and other unrest-related supply issues in Europe.
In the southern part, more than 4,500 businesses have more than $410 million in EIDL due to start repaying next month. Schumer says 4,900 businesses and nonprofits in central New York have taken out nearly $471 million in loans while in the Finger Lakes nearly 9,500 loans totaling $871,156,000 will come due.
Schumer says, “After two years in this pandemic, there is finally a light at the end of the tunnel, and another extension of loan repayments will help…small businesses and nonprofits…recover fully.
Supply chain workarounds and home hacks
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