By Victoria MerlinoThe federal government on Friday instituted a multibillion-dollar emergency spending package to fight the coronavirus, an agreement that includes a provision added by two Queens lawmakers to assist small businesses impacted by illness uncertainty.
U.S. Reps. Grace Meng and Nydia Velázquez, along with California Rep. Judy Chu, introduced legislation that would allow the federal government to provide loans to small businesses that are economically impacted by the outbreak.
The bill provides $20 million to allocate these loans, with the potential for the Small Business Administration to provide an estimated $7 billion in loans.
“Many small businesses, in particular Asian American-owned businesses such as restaurants and retailers, have experienced a significant drop in business due to misinformation and xenophobia about coronavirus,” Meng said in a statement.
“This includes many businesses in my district in Queens.”“Our hard-working small businesses drive our economy and enhance our communities.