Small-business owners have 60 days after a natural disaster to apply for low-interest loans to make repairs, purchase merchandise and pay for other work necessary to reopen. Interest rates on the loans start at 1.688 percent per year, and the term can be as long as 30 years.
Byrne, a former Bayville resident and New York City firefighter, told Newsday he was concerned that businesses hurt by Sandy haven't yet applied for aid. As of last week, SBA had received 361 loan applications from Long Island and awarded eight loans totaling $1.3 million, according to SBA data.
Byrne's comments at Newsday's Melville headquarters came as members of the congressional delegation publicly called for a deadline extension to May 1 during a news conference at New York City Hall. The nine members included Reps. Carolyn McCarthy (D-Mineola) and Peter King (R-Seaford).
McCarthy said, "Folks are just starting to get their properties and paperwork back in order, and they need more time to find out about and apply for these critical resources."
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