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Velazquez Releases Small Business COVID-19 Relief Data for NY-7

Velázquez Releases Small Business COVID-19 Relief Data for NY-7
October 7, 2020
Press Release

Washington, D.C.— Today, Rep. Nydia M. Velázquez (D-NY), Chairwoman of the House Small Business Committee, released data showing that small businesses in NY-7 have received over $1.6 billion in federal aid since the onset of the COVID-19 crisis. District businesses obtained funding through the Paycheck Protection Program (PPP) and COVID-19 Economic Injury Disaster Loan (EIDL) program. Congress established both programs under the CARES Act to give small businesses the necessary capital to pay salaries and avoid closure. 

“Since the pandemic began, small businesses in New York and across the country have borne the brunt of the resulting economic crisis,” said Rep. Velázquez. “During this unprecedented time, I’ve worked in Congress to construct programs that deliver small businesses the relief they need to weather these hard times. These numbers show that federal programs have been effective in getting money to the small businesses that form the backbone of NY-7’s economy. Despite this success, entrepreneurs are still struggling, and I intend to keep working in Washington to ensure businesses in New York City aren’t left behind.”

 

 

SBA Loans in NY-7

 

PPP

(4/2/20-8/8/20)

EIDL

(3/21/20-6/30/20)

EIDL Advances

(4/7/20-6/30/20)

Number of Loans:

15,113

8,633

 

19,348

Total Amount of Loans:

$1,559,000,000

$18,300,000

 

$56,000,000

 

 

 

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