LI business owners hopeful to receive funds in second round of loans
The Senate has passed a $450 billion package in order to help small businesses stay afloat.
Tom Lorch is among those who missed out on the first batch of federal loans. The owner of the Village Lanterne Restaurant in Lindenhurst hopes that this time, businesses his size get a fair shake.
"When you see some of the bigger companies getting a lot of money just because they have chains and fewer employees in a particular location, I don't think that's right," says Lorch.
The federal government considers any company with up to 500 employees a small business -- that's 99.9% of businesses on Long Island, which leaves millions nationwide going for the same pool of money.
Kevin Law, president of the Long Island Association, says the program needs to be administered differently this time to include protections for the smallest of businesses.
"What the president needs to direct the SBA to do, is make sure at least half of that money goes to smaller companies, like the ones we have here on Long Island," says Law.
Erica Chase Gregory, who runs a program out of Farmingdale State College that advises small businesses, offered some advice:
"Connect with a small business development center," says Gregory. "We can help you through these programs. My second piece of advice is to apply. Get your application. There will be more money put into these programs."
Small business owners who submitted an application for a loan in the first round but didn't receive one will still be able to use that application for the next round.