LI business owners hopeful to receive funds in second round of loans

The Senate has passed a $450 billion package in order to help small businesses stay afloat.

News 12 Staff

Apr 21, 2020, 9:10 PM

Updated 1,464 days ago

Share:

The Senate has passed a $450 billion package in order to help small businesses stay afloat.
Tom Lorch is among those who missed out on the first batch of federal loans. The owner of the Village Lanterne Restaurant in Lindenhurst hopes that this time, businesses his size get a fair shake.
"When you see some of the bigger companies getting a lot of money just because they have chains and fewer employees in a particular location, I don't think that's right," says Lorch.
The federal government considers any company with up to 500 employees a small business -- that's 99.9% of businesses on Long Island, which leaves millions nationwide going for the same pool of money.
Kevin Law, president of the Long Island Association, says the program needs to be administered differently this time to include protections for the smallest of businesses.
"What the president needs to direct the SBA to do, is make sure at least half of that money goes to smaller companies, like the ones we have here on Long Island," says Law.
Erica Chase Gregory, who runs a program out of Farmingdale State College that advises small businesses, offered some advice:
"Connect with a small business development center," says Gregory. "We can help you through these programs. My second piece of advice is to apply. Get your application. There will be more money put into these programs."
Small business owners who submitted an application for a loan in the first round but didn't receive one will still be able to use that application for the next round.
 


More from News 12
1:49
Human remains unearthed during drainage work in Putnam County

Human remains unearthed during drainage work in Putnam County

0:56
Sunny for the rest of the workweek ahead before possible wet weekend in Hudson Valley

Sunny for the rest of the workweek ahead before possible wet weekend in Hudson Valley

2:30
Biden campaign reports blockbuster fundraising hauls ahead of visit

Biden campaign reports blockbuster fundraising hauls ahead of visit

1:53
Shop Mother’s Day Gifts – Exclusive Offers Up to 75% OFF!

Shop Mother’s Day Gifts – Exclusive Offers Up to 75% OFF!

0:23
Westchester DA: Ex-Mamaroneck library employee stole over $40,000 from library

Westchester DA: Ex-Mamaroneck library employee stole over $40,000 from library

0:42
Yonkers Spano releases proposed budget for 2025

Yonkers Spano releases proposed budget for 2025

1:54
State budget excludes aid for Orange County storm victims, lawmakers criticize Gov. Hochul

State budget excludes aid for Orange County storm victims, lawmakers criticize Gov. Hochul

0:44
Carmel Board of Education expected to approve budget that cuts more than $5 million

Carmel Board of Education expected to approve budget that cuts more than $5 million

0:40
Hochul: $33 million allocated to mental health in the state budget to expand services for felons

Hochul: $33 million allocated to mental health in the state budget to expand services for felons

0:31
Yonkers official calls for protection of city’s war memorial from graffiti, vandalism

Yonkers official calls for protection of city’s war memorial from graffiti, vandalism

2:07
​Officials hope to implement noise cameras to combat loud noise from street racing in Greenburgh

​Officials hope to implement noise cameras to combat loud noise from street racing in Greenburgh

0:36
Police: Father pleads guilty to string of burglaries from 2022

Police: Father pleads guilty to string of burglaries from 2022

0:28
President Biden's visit prompts early dismissals in Westchester schools

President Biden's visit prompts early dismissals in Westchester schools

Vote 2024: Ask your questions for Congressional District 16 Democratic candidates

Vote 2024: Ask your questions for Congressional District 16 Democratic candidates

0:31
Mount St. Mary College welcomes new president

Mount St. Mary College welcomes new president

0:57
Airlines will now be required to give automatic cash refunds for canceled and delayed flights

Airlines will now be required to give automatic cash refunds for canceled and delayed flights

1:49
Proposal for Putnam County lithium-ion battery storage station raises concerns in Westchester

Proposal for Putnam County lithium-ion battery storage station raises concerns in Westchester

0:41
Fire destroys car, damages garage in Rhinebeck

Fire destroys car, damages garage in Rhinebeck

0:32
Repeat offender arrested on trespassing charge in Ulster County

Repeat offender arrested on trespassing charge in Ulster County

News 12 Westchester/Hudson Valley Daily Poll

News 12 Westchester/Hudson Valley Daily Poll