Scott Stringer wants more COVID stimulus funding to go to NYC businesses

Scott Stringer wants more COVID stimulus funding to go to NYC businesses

With
the
US
Treasury
kicking
off
a
new
round
of
$284
billion
in
COVID-19
funding
for
small
businesses
on
Wednesday,
City
Comptroller
Scott
Stringer
announced
a
plan
to
help
NYC
get
a
bigger
piece
of
the
pie.

The
NYC
mayoral
candidate
called
on
City
Hall
to
compile
“a
comprehensive
list”
of
financial
institutions
with
access
to
federal
Payroll
Protection
Program
funding
to
share
with
small
businesses.

He
also
called
on
workers
from
the
city’s
Small
Business
Service
agency
to
go
door-to-door
to
encourage
mom-and-pop
shop
owners
to
apply
for
the
funding,
as
well
as
more
bilingual
outreach
to
immigrant
communities.

“We
cannot
lay
back
and
think
that
people
are
just
going
to
get
this
funding,”
Stringer
said
at
an
event
in
Chinatown
on
Wednesday.
“It
didn’t
happen
last
time
and
it
won’t
happen
again
unless
this
city
government
mobilizes.”

Despite
being
located
in
the
epicenter
of
the
coronavirus
pandemic,
New
York
City’s
small
businesses
were
widely
reported
to
have
been

hosed
last
year

when
it
came
to
the
government’s
stimulus
spending.

According
to
Stringer,
just
12
percent
of
Gotham’s
1.1
million
eligible
businesses
received
funding
last
year
despite
the
fed’s
having
doled
out
$522
billion
to
help
small
businesses
survive
the
pandemic
and
keep
people
employed.
By
contrast,
24
percent
of
businesses
in
Nebraska
received
funding,
despite
the
fact
that
New
York
at
that
time
had
been
the
hardest-hit
state
in
the
union
by
the
pandemic.

“And
when
you
look
at
who
got
PPP
borough
by
borough,
we
saw
even
more
disparity,”
Stringer
said.
“When
I
ran
the
numbers
we
found
that
more
than
60,000
businesses
got
loans,
versus
less
than
10,000
in
the
Bronx.
Businesses
say
the
applications
were
complicated
and
restricted
them,
or
they
simply
didn’t
know
about
the
program.
This
is
unacceptable.”

But
as
The
Post
reported
last
year,
many
NYC-based
small-business
owners
who
applied
for
funding
last
year
complained
of

walking
away
empty-handed.

And
some
large
banks
were
even
accused
of
putting
their

wealthier
clients
first,

including
some
large
publicly
traded
companies
like
Shake
Shack
and Ruth’s
Chris
Steakhouse

Small
business
owner
Eileen
Guzzo
joined
Stringer
at
the
event
and
recounted
her
struggles
getting
a
PPP
loan
last
year
from
a
large
bank,
saying
that
things
turned
around
once
she
moved
her
application
to
New
York-based
community
bank
Ponce.

“They
were
fantastic,”
Guzzo
said
Wednesday.
“The
platform
that
they
used
for
you
to
apply
for
PPP
was
completely
transparent
and
easy
to
understand.”

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