ROCHESTER, N.Y. (WROC) — Small business are struggling as many are forced to close or reduce, leaving many to turn to some county, city, and federal small business assistance programs for help.
Monroe County is being slammed with applications, after hundreds of small business rush to their assistance programs for help.
“We paused early on taking in applications because our staff is working around the clock, processing the applications doing their due diligence to see to look into qualifications,” said Ana Liss, acting director for the Monroe County Department of planning and development.
The program offers zero interest loans for qualifying businesses with 50 or fewer full time employees.
With 100 applications submitted the first day and 200 more this morning, employees with the county aren’t able to process the requests quick enough, they are hoping to expand the program.
“Do plan to go back to our board finding new avenues so we can support more and more of these small business as the came in,” said LIss.
The City of Rochester is also hoping to help business take care of the essentials, and launching a emergency retention grant of up to 2,000 dollars and a 90 day deferment grant.
Gary Kirkmire, with the city’s neighborhood and business development says they’ve approved loans in as fast as two days.
“This is again abut getting assistance that we can to our small business operators and we had i think 17 applicants yesterday,” said Gary Kirkmire, commissioner for neighbor and business development for the city of Rochester.
“Its bill that they have to keep paying, the bills not stop coming even though their stores aren’t open and operating,” said Kirkmire.
New federal funds will also help small business. The Coronavirus Aid, Relief, and Economic Security or CARES Act,offers small Business Administration loans up to 10 million dollars, and over 300 billion set aside for paycheck protection program loans.
Finical institution like local ESL federal credit union are gearing up for an influx of applications.
“Almost 350 billion of that for paycheck protection program loan. which is really forgivable loans for small business to pay their employees, maintain employee base and maintain employee salaries,” said Jeremy Newman, vice president and deputy general council
Leaders there have already seen a increase in calls and say many of the businesses are just trying to pay the bills.
Jeremy Newman, vice president and deputy general council.
“These are the business that are most immediately impacted by some of the stay at home orders when people can’t go out to a restaurant or go to a store, it’s the small business that feel the most immediate impact,” said Newman.
Leaders are expecting to start applications through the CARESACT on Friday.
Resources for small business through the City of Rochester can be found here.
Resources for small business through Monroe County can be found here.