SBA extends loan deadline for Sandy-torn businesses
LINDENHURST - The deadline for small businesses to apply for low-interest government loans to help recover from Superstorm Sandy has been extended.
Struggling companies now have until Jan. 28 to submit their application. Rep. Steve Israel (D-N.Y.) and officials from the Small Business Administration (SBA) were in Bay Shore today in a show of support for businesses still struggling after Sandy.
Many businesses on Long Island are still trying to get back to work in the weeks following Hurricane Sandy. The storm left many firms with destroyed products and equipment.
The SBA is trying to get the word out that it is expediting loan approvals to get money into the hands of businesses in about 15 days. Since the storm hit, the SBA says 1,748 businesses statewide have applied for loans. Only 85 have been approved so far, totaling just over $8 million, and half of that money has gone to Long Island.
Many small businesses say that SBA and insurance money is not coming quickly enough to help them get back on their feet.