COVID-19: NYC Quote of the Day 2020-05-24

Friday, May 22, 2020, NYS Gov. Cuomo - State Loans to Really Small Businesses

Small business is a priority. Federal government passed the small business assistance program, that is run out of money and small businesses are taking a real beating in this situation. They are 90% of New York’s businesses and they’re facing the toughest challenges. The economic projections vis-a-vis small business are actually frightening. More than 100,000 have shut permanently since the pandemic hit. Many small businesses just don’t have the staying power to continue to pay all the fixed costs, the lease, et cetera, when they have no income whatsoever.

Minority owned businesses face a far greater risk and have received less in federal relief. So New York State is starting its own small business relief program. Working with private banks, we have over $100 million available to make loans to small businesses. We’re going to focus on MWBs that did not receive federal assistance and focus on really small business. You know, the federal definition of small business has what many could consider large businesses, but we’re going to focus on true small businesses. 20 or fewer employees, less than $3 million in gross revenues. People who are interested in participating in this program can go to the website
Edited for redundancy, grammar, and emphasis
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