Wednesday, November 25, 2015

Small businesses hurt by Hurricane Sandy to get help in new bill

New bill approved by Congress Monday could make it easier for small businesses hurt by Hurricane Sandy to apply for federal assistance.

Authored by Rep. Nydia M. Velázquez (D-NY), the bill allows many small firms in New York and throughout the country to seek emergency loans from the Small Business Association.

Given the SBA’s slow response following Sandy in 2012, the assistance is long overdue, Velázquez said.

“The fact is the SBA was caught flatfooted when Sandy came ashore and small businesses seeking relief suffered because of the agency's slow response," Velázquez said. "This new law will mean entrepreneurs in New York and up and down the East Coast will get another chance to apply and be made whole through the SBA's loan process."

According to a study done by Velázquez’s office, Sandy businessowners waited on average 46 days for SBA applications to be processed — three times as long as it took SBA to process applications for prior storms.

Velázquez’s bill will also streamline SBA’s lending procedures to give businessowners better information up front on what kind of help they are likely to get.

Read more at: Dailynews

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