Representative Kathleen Rice (NY-04) announced that the Paycheck Protection Program (PPP) has helped retain 159,674 jobs in New York’s Fourth congressional district, according to the latest available data from the U.S. Small Business Administration (SBA). Additionally, businesses in NY-04 also received $69.7 million in Economic Injury Disaster Loans (EIDL) and EIDL grant advances.
“The numbers are clear: federal relief programs like the PPP and EIDL program have been a critical lifeline for small businesses here on Long Island,” said Rep. Kathleen Rice. “However, thanks to months of inaction by the Senate, we still have not gotten a new relief deal signed into law, so the PPP and the EIDL grant advance programs are currently closed to new applications. It is time for Congress to put the partisan politics aside and do our jobs. This pandemic is far from over, and our small businesses are still struggling. We must pass a new relief bill and provide additional funding for these key small business programs.”
The PPP was created as part of the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, which Rice supported. The program provides small businesses, non-profit organizations, independent contractors, and other entities with zero-fee loans to retain employees and their salaries during the COVID-19 outbreak. In NY-04, 16,878 PPP loans have been issued at an average of $45,621 per loan. In total, $1.7 billion in PPP loan funding has been issued in NY-04 to date.
The EIDL program was also created by the CARES Act to provide economic relief to small businesses and non-profit organizations that are currently experiencing a temporary loss of revenue. The EIDL advance was a grant program offered together with the economic injury loan program that did not need to be repaid. In NY-04, 9,072 EIDL loans have been issued at an average of $2,198 per loan, and 16,369 EIDL advances have been issued at an average of $3,043 per grant. In total, $19.9 million in EIDL loans and $49.8 million in EIDL advances have been issued in NY-04 to date.
Currently, the EIDL program is accepting new applications, but both the PPP and EIDL advance programs are closed. Congress must allocate new funding for the EIDL advance program and reauthorize the PPP before small businesses can submit applications again.
To help small businesses in NY-04 with navigating the PPP, EIDL, and other relief programs, Rice has been hosting public conference calls with the SBA’s New York District Office. Small businesses can contact Rice’s office at NY04.SmallBusiness@mail.house.gov for further information or if they are in need of assistance.