By Neil A. Carousso
NEW YORK (WCBS 880) — Applications for small business loans for payroll and other overhead costs will be made available on Friday.
The New York City small business loan program, which offers zero-interest loans up to $75,000, was made available last week.
WCBS Business Producer Neil A. Carousso spoke with New York City Small Business Services Commissioner Gregg Bishop about forgivable loans through the Small Business Administration, how to apply to the loan programs available, and what business owners should do if the coronavirus pandemic lasts several more months.
You can listen to the interview above.
For more information on the $349 billion in loans available through the SBA, including the time frame for receiving capital from a bank, listen and read this week’s WCBS Small Business Spotlight Podcast, focusing on small business survival, with WCBS’ Joe Connolly and Neil A. Carousso.
By Neil A. Carousso
NEW YORK (WCBS 880) — $349 billion in loans are available through the Small Business Administration as part of the newly enacted stimulus package to support businesses and their employees during the coronavirus pandemic.
On this week’s WCBS Small Business Spotlight Podcast focusing on small business survival, sponsored by BNB Bank, Joe Connolly speaks with Steve Bulger, SBA Atlantic Region II administrator, including New York and New Jersey, about the two small business loans available this week.
The Economic Injury Disaster Loan (EIDL) Program application is currently available on the SBA website. Eligible businesses can apply for up to $2 million to pay overhead costs, including salaries and rent with 30 years to pay back. EIDL payments are waived for the first year.
“I’m telling small businesses 2-3 weeks before you really end up with the money in your bank account,” Bulger told Connolly of the EIDL.
Any small business owners with 500 employees or less, including sole-proprietors, can apply for the Paycheck Protection Program on the SBA website starting this Friday, April 3.
“That program is going to start this Friday and is going to be able to provide loans, forgivable loans in most cases, to small businesses to try and get them through the next three months, keeping their people on payroll, paying some of your rent, utilities, mortgage bills and basically allowing you to get through this period,” Bulger said, adding, “We believe that money will go out quick.”
He said owners will receive Paycheck Protection Program loans in a “week or less or a little more” in some cases after applying.
Businesses are also eligible for tax credits if they retain employees on their payroll. Up to $10,000 of payroll and health benefits per employee can be redeemed for a 50 percent tax credit to businesses impacted by the coronavirus pandemic, including from the shutdown of non-essential businesses.
By Neil A. Carousso
NEW YORK (WCBS 880) — It’s supposed to be the day of new beginnings for baseball fans nationwide, but Major League Baseball’s Opening Day is delayed due to the coronavirus pandemic.
“I never imagined not only that it would come to this, but we don’t know what the end-game is,” said Howie Rose, the radio voice of the New York Mets on WCBS 880’s In Depth podcast.
Typically, millions of Americans who have renewed optimism funnel into stadiums nationwide to take in the sights of the freshly cut grass and painted team logo on the field, smell of hot dogs and rich ballpark food, enjoy the taste of a cold beer, embrace family, friends and fellow fans, and get goosebumps at the sounds of the pop of the glove, crack of the bat and Rose’s voice bellowing through the Citi Field public address system as he announces the Mets Opening Day lineup.
But, this is no typical year.
“This is something that a Michael Crichton novel might have been be able to forecast, but apart from that, it’s nothing that we ever could have prepared for,” Rose said regarding businesses, sports, restaurants and all group activities being shut down amid the national health crisis.
He has been taking the extra time to read at his home in Florida. A bit of a history buff, Rose is currently reading “Button Man,” a historical fiction novel written by Andrew Gross about a Jewish family brought together at the inception of the garment business in New York City in the 1930s.
“If anybody’s got any suggestions, throw ’em my way because, as we know, plenty of time to catch up on reading,” he said.
Rose recognizes baseball is not the priority for the country or the world battling a novel virus that has killed tens of thousands of people globally.
“Never mind the health risks and the primary concern being everybody’s physical condition, but how long is it going to be before we can return to any semblance of normalcy?” he pondered. “When does it mean that we have a baseball season, if we have a baseball season? My hope is that we will and my opinion is that any size or any length season is acceptable.”
Rose tells WCBS 880 his “fantasy” is that the COVID-19 pandemic will pass as quickly as it hit, and fans can come together as a nation on the country’s birthday, the 4th of July, to celebrate, and more than ever, reflect on the freedoms Americans are fortunate to have.
His famous call of Mike Piazza‘s home run in the first game back in New York after 9/11 has brought joy to Mets fans in helping the City heal. When asked if America’s Pastime can once again provide respite during a fearful time, Rose said, “I have never been so sure of anything in my life as I am of that.”
Listen to the full conversation with Howie Rose on the 880 In Depth podcast on the RADIO.COM app or wherever you get your podcasts.