To assist small businesses and non-profits amidst the economic fallout of coronavirus, Assemblyman David Buchwald (D-Westchester) has introduced legislation to have New York State provide no-interest loans of up to $75,000. There will be no interest charged until at least 270 days after the coronavirus pandemic is over.
While Congress is making progress with its own plans on the federal side, New York State can move quickly in support of its small businesses and non-profits, a press release from Buchwald stressed, also noting “how time is of the essence.”
“It is necessary to provide additional financial resources to small businesses and not-for-profit organizations as quickly as possible to help them stay afloat during this pandemic,” Buchwald stated. “The cost to the state will be far less than letting businesses and non-profit organizations fail.”
Assembly Bill A.10208 – https://nyassembly.gov/leg/?default_fld=%0D%0A&leg_video=1&bn=A10208&term=2019&Summary=Y&Memo=Y
Buchwald is also a candidate for Congress, seeking to replace retiring Democratic Congresswoman Nita Lowey of District 17. There are about 15 people seeking the Democratic nomination, including eight who have submitted the necessary petitions for the primary.
This story is breaking and will be updated with developments.