State sets up loan fund for small businesses struggling through pandemic

Gov. Andrew Cuomo's Friday coronavirus briefing

NEW YORK, N.Y. (WWNY) - New York state is stepping in with a loan fund to help struggling businesses survive through the coronavirus shutdown.

“Small businesses are taking a real beating in this situation,” Gov. Andrew Cuomo said at his coronavirus briefing in New York City on Friday.

The federal government’s program to help small businesses has run low on money, the governor said, so the state is helping fill the financial gap.

Ninety percent of the state’s businesses are small “and they’re facing the toughest challenges,” he said. He said economists estimate that 100,000 business have closed permanently since the coronavirus crisis began.

“Many businesses just don’t have the staying power to pay all the fixed costs,” he said, when they’re closed and not making money.

The governor said the state is working with private banks to make $100 million available for loans to businesses with 20 or fewer employees and less than $3 million in gross revenues.

The state will focus on minority-owned businesses that did not receive any federal help.

Business owners can find out more at esd.ny.gov/nyforwardloans.

The state numbers for hospitalization, intubation, and new cases continue to decline, the governor said, but the daily number of deaths has stayed fairly flat.

The governor said 109 people died from the disease on Thursday, up slightly from Wednesday’s 105.

The death toll was almost 800 a day at the height of the crisis.

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