U.S. Senator Charles Schumer of New York is looking to buy a little more time for small businesses in New York that received COVID Economic Injury Disaster Loans to start making payments.
The Democrat says the latest coronavirus omicron variant wave and the rising costs due to global issues have impacted small business recovery so he is asking the Small Business Administration for another repayment extension.
Schumer says COVID EIDL relief has been a lifeline for hundreds of thousands of small businesses and non-profits in New York State.The Senate Majority Leader says, with the loans starting to come due next month, many restaurants and mom-and-pop shops are struggling to stay afloat as they faced new challenges with the surge in illness linked to the omicron variant, supply-chain delays and shortages and now soaring fuel prices and other supply issues linked to unrest in Europe.
Get our free mobile appIn the Southern Tier, over 4,500 businesses have over $410-million in EIDL due to begin repayment next month. Schumer says 4,900 businesses and non-profits in Central New York took out close to $471-million in the loans while in the Finger Lakes, close to 9,500 loans totaling $871,156,000 will be coming due.
Schumer says “After two years in this pandemic, there is finally a light at the end of the tunnel, and one more extension of the loan payments will help … small businesses and non-profits.. to fully recover.”