ALBANY, N.Y. (NEWS10)- More than 400 individuals from local businesses, municipalities, and hospitals listened to Senator Charles Schumer talk about more economic relief coming to the state in a webinar hosted by the Capital Region Chamber of Commerce on Tuesday. Senator Schumer says the new phase of stimulus money will be voted on in Washington D.C. Tuesday afternoon.
If approved the COVID-19 3.5 stimulus package would include an additional $250 billion for the Paycheck Protection Program (PPP), which ran out of money earlier in April. It would also make $125 billion available for businesses that didn’t qualify for the PPP program, $60 billion in grants would be directly available to the smallest businesses through the Small Business Administration.
“As you know the small business money in the PPP program was running out, so we needed more money and the president asked for more and he’s right. But, only 30% of New York businesses which applied got it and the people who basically got it were people who had good relationships with a bank that had experience with this,” said Senator Schumer.
Slightly more than 81,000 N.Y. businesses have been approved for a PPP loan for a total of $20.3 billion dollars. N.Y. received the third-largest amount behind California ($33.4 billion) and Texas ($28.5 billion), based on reporting from the SBA. According to census.gov, there were slightly more than two million businesses, not including farms, in N.Y. in 2012. Using those numbers and the current amount of businesses approved for a PPP loan, it would mean four percent of businesses in the state were approved.
“Members have reported that they had issues with this loan process. In our recent survey of 267 respondents, 79% of them reported that they did apply for PPP,” said Capital Region Chamber of Commerce President and CEO, Mark Eagan. “However, we do have members that also successfully applied and received funding for PPP.” Eagan said among the top concerns of businesses is cash flow and being able to take care of employees.
Senator Schumer said the new phase of the stimulus package includes $75 billion for hospitals, money for local governments and money for a national testing program. He said $30B will be dedicated to education. It will be split 50/50 between K-12 and higher education.
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