Local businesses hit hard by pandemic getting financial assistance to rebuild, reopen
Local businesses hard hit by the pandemic are getting some much-needed help in the form of federal loans, aimed at helping them rebuild and reopen.
Rep. Mondaire Jones took a walking tour of the Ossining business district Monday morning, dropping in on store owners who have been rescued by the loans through the American Rescue Plan.
"We know that it's more than just helping small business owners, it's putting residents of Westchester and Rockland county back into the workforce, allowing them to provide for their families and ultimately allowing us to reopen as a society and as an economy," said Jones.
The plan was recently expanded by Congress to $7 billion.
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Qualifying business owners who need financial help now have until May 31 to apply for the funds.
The funds are being offered by the Small Business Administration.
Kathryn Corena and her husband, from First Village Coffee, call the loan from the Paycheck Protection Program a lifesaver.
"For a lot of our staff, they were waiting for us to be able to bring them back and thats what we used the money for," says Corena.
The PPP offers loans to small business owners to keep their workers on payroll.
In order to qualify, borrowers must demonstrate at least a 25% reduction in gross receipts in any quarter in 2020 - relative to the same quarter in 2019. The businesses must employ fewer than 300 workers.