The federal government, including Congress, needs to step in and provide more crucial aid to help New Yorkers in their most dire time of need.
While the Payroll Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) included in the $2 trillion stimulus package were a good start, the funds have already dried up due to overwhelming demand. It doesn’t take an expert to figure out that small businesses would jump at the chance for forgivable loans.
The next iteration of emergency funding for small businesses, reported to be more than $400 billion, including $300 billion to expand PPP, should help. Banks, which are the main way businesses will apply for this program, should ensure they have enough capacity to handle another surge of applications.
Small businesses who missed out on the first round should prepare their paperwork as soon as possible, and take advantage of the program when the time comes.
Local lawmakers have also requested $100 billion from the federal government for emergency housing and rental assistance, with $10 billion specifically earmarked for New York. The funding would help keep New Yorkers at risk of losing the roofs over their heads.
The last thing New York City needs is an even worse homelessness crisis during the coronavirus pandemic.
Despite a sensible three-month moratorium on evictions, residential and commercial renters need more relief, especially when many are out of work and still have to put food on the table. What lawmakers are asking for is not only prudent, it’s the right thing to do.
We hope Congress and the Trump administration oblige.